Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-31false2024-04-01falseprovision of investment management services12falsefalse OC432112 2024-04-01 2025-03-31 OC432112 2023-04-01 2024-03-31 OC432112 2025-03-31 OC432112 2024-03-31 OC432112 2023-04-01 OC432112 10 2024-04-01 2025-03-31 OC432112 10 2023-04-01 2024-03-31 OC432112 d:ComputerEquipment 2024-04-01 2025-03-31 OC432112 d:ComputerEquipment 2025-03-31 OC432112 d:ComputerEquipment 2024-03-31 OC432112 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC432112 d:CurrentFinancialInstruments 2025-03-31 OC432112 d:CurrentFinancialInstruments 2024-03-31 OC432112 d:CurrentFinancialInstruments 2 2025-03-31 OC432112 d:CurrentFinancialInstruments 2 2024-03-31 OC432112 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 OC432112 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC432112 d:ReportableOperatingSegment1 2024-04-01 2025-03-31 OC432112 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 OC432112 e:FRS102 2024-04-01 2025-03-31 OC432112 e:Audited 2024-04-01 2025-03-31 OC432112 e:FullAccounts 2024-04-01 2025-03-31 OC432112 e:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC432112 d:WithinOneYear 2025-03-31 OC432112 d:WithinOneYear 2024-03-31 OC432112 e:PartnerLLP1 2024-04-01 2025-03-31 OC432112 e:PartnerLLP2 2024-04-01 2025-03-31 OC432112 d:OtherCapitalInstrumentsClassifiedAsEquity 2025-03-31 OC432112 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC432112 d:FurtherSpecificReserve2ComponentTotalEquity 2025-03-31 OC432112 d:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC432112 f:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure
Registered number: OC432112














ALMACE ASSET MANAGEMENT LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2025

 
ALMACE ASSET MANAGEMENT LLP
 

INFORMATION




Designated Members

C J Webb
M A George

LLP registered number

OC432112

Registered office

2nd Floor Connaught House
1-3 Mount Street
London
W1K 3NB

Independent auditors

Sopher + Co LLP
Chartered Accountants
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD


 
ALMACE ASSET MANAGEMENT LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Reconciliation of Members' Interests
 
9
Statement of Cash Flows
 
10
Notes to the Financial Statements
 
11 - 17


 
ALMACE ASSET MANAGEMENT LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The members present their annual report together with the audited financial statements of Almace Asset Management LLP (the "LLP") for the period ended 31 March 2025
 

Principal activities
 
 
The LLP is regulated and authorised by the Financial Conduct Authority (the "FCA"). The principal object of the LLP is to provide investment management services.
 
 
Designated Members
 
 
C J Webb and M A George were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by the LLP agreement dated 13 June 2020 and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 March 2025 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided in accordance with the proportion of capital contributed by each member after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. 
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 



 
Page 1

 
ALMACE ASSET MANAGEMENT LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
 
 
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
The auditors, Sopher + Co LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
 

This report was approved by the members on 21 July 2025 and signed on their behalf by:
 
 

C J Webb
Designated member

Page 2

 
ALMACE ASSET MANAGEMENT LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP
 

Opinion


We have audited the financial statements of Almace Asset Management LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

 
ALMACE ASSET MANAGEMENT LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP (CONTINUED)

Other information


The members are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Members' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Members' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of members' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page , the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
ALMACE ASSET MANAGEMENT LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, FCA regulations, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 
Page 5

 
ALMACE ASSET MANAGEMENT LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the LLP's member those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

21 July 2025
Page 6

 
ALMACE ASSET MANAGEMENT LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
636,618
957,182

Cost of sales
  
(2,863)
(62,797)

Gross profit
  
 
633,755
 
894,385

Administrative expenses
  
(578,972)
(746,868)

Operating profit
 5 
 
54,783
 
147,517

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
54,783
 
147,517

There was no other comprehensive income for 2025(2024:£NIL).

The notes on pages 11 to 17 form part of these financial statements.

Page 7

 
ALMACE ASSET MANAGEMENT LLP
REGISTERED NUMBER:OC432112

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 9 
5,562
3,180

Current assets
  

Debtors: amounts falling due within one year
 10 
193,756
349,298

Bank and cash balances
  
118,021
83,137

  
311,777
432,435

Current liabilities
  

Creditors: Amounts Falling Due Within One Year
 11 
(22,556)
(48,098)

Net current assets
  
 
 
289,221
 
 
384,337

  

Net assets
  
294,783
387,517


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
240,000
240,000

Other Reserves
  
54,783
147,517

  
294,783
387,517


Total members' interests
  

Amounts due from members (included in debtors)
 10 
(112,355)
(248,075)

Members' other interests
  
294,783
387,517

  
182,428
139,442


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 21 July 2025.




C J Webb
Designated member

The notes on pages 11 to 17 form part of these financial statements. 

Page 8

 
ALMACE ASSET MANAGEMENT LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total

£
£
£
£
£

At incorporation
-
-
-
-
-

Profit for the year available for discretionary division among members
 
-
147,517
147,517
-
147,517

Members' interests after profit for the year
240,000
246,775
486,775
(181,192)
305,583

Other division of profits
-
(99,258)
(99,258)
99,258
-

Drawings on account and distribution of profit
-
-
-
(166,141)
(166,141)

Amounts due from members
 



(248,075)


Balance at 31 March 2024
240,000
147,517
387,517
(248,075)
139,442

Profit for the year available for discretionary division among members
 
-
54,783
54,783
-
54,783

Members' interests after profit for the year
240,000
202,300
442,300
(248,075)
194,225

Other division of profits
-
(147,517)
(147,517)
147,517
-

Drawings on account
-
-
-
(11,797)
(11,797)

Amounts due from members
 



(112,355)


Balance at 31 March 2025 
240,000
54,783
294,783
(112,355)
182,428

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.

Page 9

 
ALMACE ASSET MANAGEMENT LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
54,783
147,517

Adjustments for:

Depreciation of tangible assets
2,710
1,757

Decrease in debtors
19,823
32,018

(Decrease) in creditors
(25,542)
(55,429)

Net cash generated from operating activities before transactions with members

51,774
125,863


Cash flows from investing activities

Purchase of tangible fixed assets
(5,093)
(2,362)

Net cash from investing activities

(5,093)
(2,362)

Cash flows from financing activities

Distribution paid to members
(11,797)
(166,141)

Net cash used in financing activities
(11,797)
(166,141)

Net increase/(decrease) in cash and cash equivalents
34,884
(42,640)

Cash and cash equivalents at beginning of year
83,137
125,777

Cash and cash equivalents at the end of year
118,021
83,137


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
118,021
83,137

118,021
83,137


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Almace Asset Management LLP is a Limited Liability Partnership (LLP) incorporated and domiciled in England & Wales, with its registered office adress at 2nd Floor, Connaught House, 1-3 Mount Street, London, W1K 3NB and its principal place of business address at 77-81 Borough Road, London SE1 1DN.
The principal activity of the LLP is the provision of investment management services.
The LLP is regulated by the Financial Conduct Authority (the "FCA").

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the LLP in respect of investment management advisory services provided during the year. Turnover is recognised in the period the service is provided. 

Page 11

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Pensions

The LLP contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

The LLP classifies distributions of profits as operating cash flows in the Statement of Cash Flows.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

The estimated useful lives range as follows:

Computer equipment
-
3
years straight line

Page 12

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

Basic financial instruments


The LLP only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents and loans with related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no critical accounting estimates and judgments that materially affect the accounts.


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Management and performance fees receivable
636,618
957,182


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
1,755
1,781

Other operating lease rentals
108,145
98,224

Page 13

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2025
2024
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
9,095
8,875


All other services
7,233
7,033

7.


Employees

Staff costs were as follows:


2025
2024
£
£

Wages and salaries
92,000
160,788

Social security costs
6,441
14,783

Cost of defined contribution scheme
1,321
2,446

99,762
178,017


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2025
        2024
            No.
            No.







Employees
1
2


8.


Information in relation to members

2025
2024
Number
Number


The average number of members during the year was
2
2









Page 14

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Tangible fixed assets





Computer equipment

£



Cost


At 1 April 2024
6,107


Additions
5,093



At 31 March 2025

11,200



Depreciation


At 1 April 2024
2,927


Charge for the year on owned assets
2,711



At 31 March 2025

5,638



Net book value



At 31 March 2025
5,562



At 31 March 2024
3,180

Page 15

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

10.


Debtors

2025
2024
£
£


Trade debtors
9,897
-

Other debtors
32,249
26,352

Prepayments and accrued income
39,255
74,872

Amounts due from members
112,355
248,075

193,756
349,299



11.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
6,042
10,713

Accruals and deferred income
16,514
37,385

22,556
48,098



12.


Analysis of net debt




At 1 April 2024
Arising from cash flows
At 31 March 2025
£

£

£

Cash at bank and in hand

83,137

34,884

118,021

Net debt


83,137
34,884
118,021


13.


Pension commitments

The LLP contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £1,321 (2024: £2,446).

Page 16

 
ALMACE ASSET MANAGEMENT LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Commitments under operating leases

At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
28,800
30,890


15.


Key management personnel

The key management personnel in the year comprised only of the LLP members, who received no remuneration other than the division of the LLP's profits.


16.


Controlling party

C J Webb is considered to be the controlling party.

 
Page 17