| REGISTERED NUMBER: |
| Report of the Members and |
| Unaudited Financial Statements for the Year Ended 31 July 2024 |
| for |
| Forty Asset Management LLP |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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: |
| 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: |
| 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. |
| First Floor |
| Spitalfields House |
| Stirling Way |
| Borehamwood |
| Hertfordshire |
| WD6 2FX |
| Forty Asset Management LLP (Registered number: OC338899) |
| Income Statement |
| for the Year Ended 31 July 2024 |
| 31.7.24 | 31.7.23 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 229,076 | 117,788 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 231,217 | 123,119 |
| Interest payable and similar expenses | ( |
) | ( |
) |
| 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 |
( |
) |
( |
) |
| 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 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| 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 |
| (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 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 were approved by the members of the LLP and authorised for issue on |
| 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 |
| 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 |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 August 2023 |
| Charge for year |
| At 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 August 2023 |
| and 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| 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 |
| Amounts owed by participating interests | 5,836 | 46,456 |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.24 | 31.7.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.7.24 | 31.7.23 |
| £ | £ |
| Bank loans |
| 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. |