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Registered Number: OC309979
England and Wales

 

 

 


Annual Report and Unaudited Financial Statements

for the period ended 31 March 2025

for

FUTURE ASSET MANAGEMENT LLP

 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Tangible fixed assets 4 23,234    27,944 
23,234    27,944 
Current assets      
Debtors 5 22,670    20,174 
Cash at bank and in hand 62,881    72,133 
85,551    92,307 
Creditors: amount falling due within one year 6 (9,765)   (7,348)
Net current assets 75,786    84,959 
 
Total assets less current liabilities 99,020    112,903 
Net assets 99,020    112,903 
 

Represented by:
Loans and other debts due to members 99,020    112,903 
Members' other interest

99,020    112,903 
 

Total members' interests
Loans and other debts due to members 99,020    112,903 
Members' other interests  
99,020    112,903 
 


For the period ending 31 March 2025 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions applicable to LLPs subject to the small LLPs regime.The LLP has opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account under section 444(1) of the Companies Act 2006
These accounts were approved by the members and signed on their behalf by:


.............................................................................
Graham David Wingar
Designated Member
Date approved by the members: 09 May 2025
1
General Information
Future Asset Management LLP is a limited liability partnership, registered in England and Wales, registration number OC309979, registration address Number Three , Waterton Park, Bridgend, CF31 3PH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant 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.

General information and basis of accounting
The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnerships 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 Future Asset Management 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.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the LLP's activities. Turnover is shown net of discounts, rebates and other sales tax or duty.


The LLP recognises revenue when:

  • The amount of revenue can be reliably measured;
  • it is probable that future economic benefits will flow to the entity;
  • and specific criteria have been met for each of the LLP's activities.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
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.


Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and
those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 15%/25% reducing balance
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
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.
2.

Average number of employees

Average number of employees during the period was 2 (2024 : 2).
3.

Financial Commitments, Guarantees and Contingencies

Amounts not provided for in the balance sheet


The total amount of financial commitments not included in the balance sheet is £42,000 (2024 - £57,400).

4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 May 2024 162,683    162,683 
Additions 3,036    3,036 
Disposals (8,688)   (8,688)
At 31 March 2025 157,031    157,031 
Depreciation
At 01 May 2024 134,739    134,739 
Charge for period 6,166    6,166 
On disposals (7,108)   (7,108)
At 31 March 2025 133,797    133,797 
Net book values
Closing balance as at 31 March 2025 23,234    23,234 
Opening balance as at 01 May 2024 27,944    27,944 


5.

Debtors: amounts falling due within one year

2025
£
  2024
£
Trade Debtors 2,821    6,605 
Other Debtors 19,849    13,569 
22,670    20,174 

6.

Creditors: amount falling due within one year

2025
£
  2024
£
Taxation and Social Security 3,644    2,163 
Other Creditors 6,121    5,185 
9,765    7,348 

2