For the financial year ended 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Lorenzo Codogno Macro Advisors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chevender Cottage, Prince Imperial Road, Chislehurst, Kent, England, BR7 5LX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value, in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for consultancy and advisory services provided during the year, excluding VAT.

Revenue is recognised when the company has provided the related services and the amount of income can be measured reliably. Where services are provided over a period of time, income is recognised by reference to the stage of completion of the work performed at the balance sheet date.

Amounts invoiced in advance of services being provided are deferred and recognised as income in the period in which the services are performed.

Tangible fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is recognised so as to write off the cost of assets, less their residual values, over their estimated useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company holds investments in marketable securities and investment funds for investment return and capital growth. Investments are recognised initially when the company becomes party to the contractual terms of the investment.

Investments are initially measured at fair value, normally the transaction price. Where an investment is subsequently measured at fair value through profit or loss, directly attributable transaction costs are charged to profit or loss as incurred and are not added to the carrying value of the investment.

After initial recognition, investments for which a reliable market value is available are measured at fair value at the balance sheet date. Fair value is determined by reference to quoted market prices, fund statements, broker valuations or other observable market data available at the reporting date.

Changes in fair value are recognised in profit or loss in the period in which they arise. Income from investments, including dividends and distributions, is recognised in profit or loss when the company’s right to receive payment is established.

On disposal, the difference between the net disposal proceeds and the carrying value of the investment at the date of disposal is recognised in profit or loss as a gain or loss on disposal.

At each reporting period end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated.

Where the carrying amount of an asset exceeds its recoverable amount, the asset is written down to its recoverable amount. Any impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, including trade and other debtors and cash at bank, are initially recognised at transaction price and subsequently measured at amortised cost, less any provision for impairment.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price and subsequently measured at amortised cost.

Investments in marketable securities and investment funds are accounted for in accordance with the investments accounting policy.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The key source of estimation uncertainty relates to the fair value of investments. The directors determine fair value by reference to quoted market prices, fund statements, broker valuations or other observable market data available at the reporting date.

The average monthly number of persons (including directors) employed by the company during the year was: