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REGISTERED NUMBER: OC338899 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 July 2024

for

Forty Asset Management LLP

Forty Asset Management LLP (Registered number: OC338899)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

General Information 1

Report of the Members 2

Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


Forty Asset Management LLP

General Information
for the Year Ended 31 July 2024







DESIGNATED MEMBERS: Forty Group Ltd
Mr M E Shefras





REGISTERED OFFICE: Oyster Hill Forge Clay Lane
Headley
Epsom
Surrey
KT18 6JX





REGISTERED NUMBER: OC338899 (England and Wales)





ACCOUNTANTS: TC Group
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

Forty Asset Management LLP (Registered number: OC338899)

Report of the Members
for the Year Ended 31 July 2024

The members present their report with the financial statements of the LLP for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of asset management.

DESIGNATED MEMBERS
The designated members during the year under review were:

Forty Group Ltd
Mr M E Shefras

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £230,062 (2023 - £118,807 profit).

MEMBERS' INTERESTS
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

ON BEHALF OF THE MEMBERS:





Mr M E Shefras - Designated member


16 July 2025

Accountants' Report to the Members
on the Unaudited Financial Statements of
Forty Asset Management LLP


In accordance with the engagement letter, we have prepared for your approval the financial information of Forty Asset Management LLP for the year 31 July 2024 from the entity's accounting records and from information and explanations you have given us.

You have approved the financial information for the year 31 July 2024 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.

We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.

The financial information is provided exclusively to Forty Asset Management LLP for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.






TC Group
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX


16 July 2025

Forty Asset Management LLP (Registered number: OC338899)

Income Statement
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

REVENUE 528,077 484,316

Cost of sales (191,327 ) (293,422 )
GROSS PROFIT 336,750 190,894

Administrative expenses (107,674 ) (73,106 )
229,076 117,788

Other operating income 1,917 5,331
OPERATING PROFIT 4 230,993 123,119

Interest receivable and similar income 224 -
231,217 123,119

Interest payable and similar expenses (1,155 ) (4,312 )
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


230,062


118,807

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


230,062


118,807

Members' remuneration charged as an
expense

5

(235,000

)

(125,000

)
LOSS FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


(4,938


)


(6,193


)

Forty Asset Management LLP (Registered number: OC338899)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 6 260 347
Investments 7 1 1
261 348

CURRENT ASSETS
Debtors 8 126,652 139,706
Cash at bank 440 431
127,092 140,137
CREDITORS
Amounts falling due within one year 9 (348,643 ) (200,634 )
NET CURRENT LIABILITIES (221,551 ) (60,497 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(221,290

)

(60,149

)

CREDITORS
Amounts falling due after more than one
year

10

(40,573

)

(43,888

)
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

(261,863

)

(104,037

)

Forty Asset Management LLP (Registered number: OC338899)

Balance Sheet - continued
31 July 2024

31.7.24 31.7.23
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

2,338

-

MEMBERS' OTHER INTERESTS
Capital accounts (779,111 ) (626,223 )
Other reserves 514,910 522,186
(261,863 ) (104,037 )

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 2,338 -
Members' other interests (264,201 ) (104,037 )
(261,863 ) (104,037 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 July 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 16 July 2025 and were signed by:





Mr M E Shefras - Designated member

Forty Asset Management LLP (Registered number: OC338899)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Forty Asset Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the members are satisfied that the LLP will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings ar recognised at cost less impairment.

Forty Asset Management LLP (Registered number: OC338899)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Schedule 1A 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Equity instruments
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees, including members with contracts of employment, during the year was 1 (2023 - 1 ) .

Forty Asset Management LLP (Registered number: OC338899)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

31.7.24 31.7.23
£    £   
Depreciation - owned assets 87 115

5. INFORMATION IN RELATION TO MEMBERS
31.7.24 31.7.23
£    £   
Members' remuneration charged as an expense
Remuneration paid under an employment
contract

235,000

125,000

6. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 462
DEPRECIATION
At 1 August 2023 115
Charge for year 87
At 31 July 2024 202
NET BOOK VALUE
At 31 July 2024 260
At 31 July 2023 347

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 1
NET BOOK VALUE
At 31 July 2024 1
At 31 July 2023 1

Forty Asset Management LLP (Registered number: OC338899)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 120,816 72,394
Amounts owed by participating interests 5,836 46,456
Other debtors - 20,856
126,652 139,706

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 4,829 2,650
Trade creditors 89,644 21,550
Amounts owed to group undertakings 192,850 137,242
Taxation and social security 47,139 37,692
Other creditors 14,181 1,500
348,643 200,634

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 40,573 43,888

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loan and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up.