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Company No: OC384034 (England and Wales)

FROGNAL ASSET MANAGEMENT LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FROGNAL ASSET MANAGEMENT LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FROGNAL ASSET MANAGEMENT LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FROGNAL ASSET MANAGEMENT LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Debtors 3 1,090 133,686
Cash at bank and in hand 2,600 97
3,690 133,783
Creditors: amounts falling due within one year 4 ( 4,080) ( 157,605)
Net current liabilities (390) (23,822)
Total assets less current liabilities (390) (23,822)
Net liabilities attributable to members ( 390) ( 23,822)
Represented by
Loans and other debts due to members within one year
Other amounts 25,904 0
25,904 0
Members' other interests
Other reserves (26,294) (23,822)
(26,294) (23,822)
(390) (23,822)
Total members' interests
Amounts due from members (included in debtors) (1,090) (133,686)
Loans and other debts due to members 6 25,904 0
Members' other interests (26,294) (23,822)
(1,480) (157,508)

For the financial year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Frognal Asset Management LLP (registered number: OC384034) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

M P Jacobs
Designated member
FROGNAL ASSET MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
FROGNAL ASSET MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves Other amounts Total
£ £ £
Amounts due from members (133,686)
Balance at 01 April 2022 (20,846) (133,686) (154,532)
Loss for the financial year available for discretionary division among members (2,976) 0 (2,976)
Members' interest after loss for the financial year (23,822) (133,686) (157,508)
Amounts due from members (133,686)
Balance at 31 March 2023 (23,822) (133,686) (157,508)
Loss for the financial year available for discretionary division among members (2,472) 0 (2,472)
Members' interest after loss for the financial year (26,294) (133,686) (159,980)
Introduced by members 0 158,500 158,500
Amounts due to members 25,904
Amounts due from members (1,090)
Balance at 31 March 2024 (26,294) 24,814 (1,480)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

FROGNAL ASSET MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FROGNAL ASSET MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frognal Asset Management LLP ("the LLP") has ceased trading. The LLP is a private limited liability partnership and is incorporated in England and Wales. The registered office of the LLP is 35 Ballards Lane, London N3 1XW.

Going concern

The members do not consider the LLP to be a going concern because the LLP is no longer trading and have therefore prepared the financial statements on a basis other than going concern. There has been no financial impairment of the company's assets as a result of this basis of valuation.

The LLP made a loss for the year ended 31 March 2024 of £2,472 and as at this date had net liabilities of £390. Included within other creditors was a loan from a related entity controlled by the members amounting to £153,195 which was repaid in the year. The LLP is also dependent on the support of its members and they have confirmed that they will continue to provide this support to enable the LLP to pay expenses and to meet liabilities as they fall due.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other creditors and amounts owed to and from members.

Financial assets
Basic financial assets, including amounts owed by members, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and amounts owed to related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Debtors

2024 2023
£ £
Amounts owed by members 1,090 133,686

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 480 2,430
Accruals 3,600 1,980
Other creditors 0 153,195
4,080 157,605

5. Related party transactions

All of the members are considered to be key management and collective transactions with these members during the year and balances at the year-end are disclosed within the Reconciliation of Members Interests.

Included within creditors due within one year is an amount of £Nil (2023: 153,195) owed to entities controlled by the designated members. This amount was repaid during the year.

6. Loans and other debts due to members

2024 2023
£ £
Other amounts due to members 25,904 0

Loans and other debts due to members may be further analysed as follows:

2024 2023
£ £
Falling due within one year 25,904 0

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.