Watling Street Advisors LLP

(Registration number: OC396632)
Balance Sheet as at 31 December 2025

The financial statements of Watling Street Advisors LLP (registered number OC396632) were approved by the Members and authorised for issue on 18 August 2026. They were signed on behalf of the limited liability partnership by:

Malone Park Limited Designated member

Ennismore Consultants Limited Designated member

J E Carley Designated member

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006, and in accordance with the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in May 2024.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Watling Street Advisors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation or related deferred taxation are accounted for in these financial statements.

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost.

Fixed asset investments

Fixed asset investments are initially measured at historic cost with revaluations made at the balance sheet date for movements in fair value. Fair value adjustments are reported in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2024 - 0).

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

3	Investments held as fixed assets

	2025  £	2024  £
Other investments	43,513	55,668

Other investments

	Other investments £	Total £
Cost
At 1 January 2025	55,669	55,669
Revaluation	23,584	23,584
Distributions	(35,740)	(35,740)
At 31 December 2025	43,513	43,513
Net book value
At 31 December 2025	43,513	43,513
At 31 December 2024	55,669	55,669

4	Creditors: Amounts falling due within one year

	2025  £	2024  £
Amounts due to members	73,985	53,217
Accruals and deferred income	1,500	1,500
	75,485	54,717

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.