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Registered number: OC344828









S & T ASSET MANAGEMENT LLP








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
S & T ASSET MANAGEMENT LLP
 

INFORMATION




Designated Members

David Kennard LLP
James McLellan LLP
Simon Chatterton LLP
Luke Bagshaw LLP

Members

Christopher Saunders LLP
Luke Bagshaw (resigned 31 March 2025)
Kathryn Edwards
Estate of Bruce Nicholson
Richard Peskin
Nicola Strosnider

LLP registered number

OC344828

Registered office

Aston HouseCornwall AvenueLondonN3 1LF

Trading address

43-45 Market Street
Marple
Stockport
Cheshire
England
SK6 7AA

Independent auditors

Adler Shine LLPAston HouseCornwall AvenueLondonN3 1LF


 
S & T ASSET MANAGEMENT LLP
 

CONTENTS



Page
Members' Report
 
1 - 4
Independent Auditors' Report
 
5 - 8
Profit and Loss Account
 
9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11 - 12
Statement of Changes in Equity
 
13
Statement of Cash Flows
 
14 - 15
Notes to the Financial Statements
 
16 - 26


 
S & T ASSET MANAGEMENT LLP
 
  
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT
FOR THE YEAR ENDED 31 MARCH 2025

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

Principal activities
 
 
The principal activity of the LLP continued to be that of investment management. The LLP is authorised and regulated by the Financial Conduct Authority.
                                                                                                       
The LLP's main business is provision of investment services to high net worth individuals. The LLP has a diverse range of clients and is not reliant upon any one client or related group of clients for its success. The LLP intends to grow organically over the coming year and has more than sufficient capital resources to support those growth plans. 
The results for the year and the financial position at the year-end were considered satisfactory by the members who expect growth in the foreseeable future.
 
 
Designated Members
 
 
Christopher Saunders LLP, James McLellan LLP, Simon Chatterton LLP,David Kernerd LLP and Luke Bagshaw LLP were designated members of the LLP throughout the period.
 

Members


Luke Bagshaw, Kathryn Edwards, Estate of Bruce Nicholson, Richard Peskin and Nicola Strosnider were members of the LLP throughout the period. Luke Bagshaw resigned as member on 31 March 2025. Christopher Saunders LLP resigned as a designated member on 31 May 2025 and became a member from that date.
 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP, which is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 March 2025 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits, with the exception of salaried members whose pensions and other benefits are paid for by the LLP. Profits are allocated and divided between members 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.
 

Energy and carbon report
 
 
The LLP has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.


Public disclosure
 
 
The LLP is authorised and regulated by the Financial Conduct Authority ("FCA").  The LLP's Public disclosure can be found on the LLP's website.  

 
 
Page 1

 
S & T ASSET MANAGEMENT LLP
 
 
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
 
 
 
Market Risk
 
 
Market risk is the risk that the value of, or income arising from, the LLP's assets and liabilities varies as a result of changes in the market price of financial assets, changes in exchange rates or changes in interest rates. The LLP acts as a broker or advisor and does not take proprietary trading risk. The only market risk that the LLP faces is currency risk in that a small element of its income and expenditure are denominated in currencies other than sterling.
 
 
Credit risk
 
 
Credit risk refers to the potential risk that customers fail to meet their obligations as they fall due. The LLP is exposed to credit risk of its bankers and the Model 'B' clearers, Pershing. 
The LLP assesses those risks on a continuous basis but does not believe they are significant. 
Before the LLP transacts for a customer, the customer will usually pre-fund the transaction and therefore the LLP is not exposed to any credit risk. In the very rare occurrence where this does not occur, an individual credit assessment is made by the LLP and the Model B clearers before the transaction is undertaken.
 
 
Liquidity risk
 
 
The LLP's liquidity policy is to maintain sufficient liquid resources to cover fluctuations in income received. The LLP maintains cash balances at its bankers to cover liquidity risk.
 
Operational risk
 
 
Operational risk is the risk of loss arising from failed or inadequate internal processes or systems, human, error or other factors. The risk is managed by the members who have responsibility for putting in place appropriate controls for the business.
 
Business risk
 
 
Business risk is the risk that the LLP may not be able to carry out its business plan and could therefore suffer losses if its income falls. This is a risk that all businesses face. 
The members continuously monitor income and expenditure levels and adjust their plans accordingly.
 
Concentration risk
 
 
Concentration risk is the risk that the LLP is overly dependent upon any one customer or any one group of connected customers either in terms of income dependency or in terms of credit risk. The Members receive a management information report on a regular basis which enables them to review the concentration risk.  The LLP is not dependent for its income on any one customer or group of connected customers. 










Page 2

 
S & T ASSET MANAGEMENT LLP
 
 
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
 
 

Section 172 statement

This section serves as the members' section 172 statement which requires designated members to take into
consideration the interests of stakeholders in their decision making.

The designated members continue to have regard to the interests of the LLP's employees and other
stakeholders, including the impact of its activities on the community, suppliers, customers, the environment and
the LLP's reputation, when making decisions. Acting in good faith and fairly between members, the designated
members consider what is most likely to promote the success of the LLP in the long term, including:
 
The designated members continue to have regard to the interests of the LLP's employees and other
stakeholders, including the impact of its activities on the community, suppliers, customers, the environment and
the LLP's reputation, when making decisions. Acting in good faith and fairly between members, the designated
members consider what is most likely to promote the success of the LLP in the long term, including:
 
The designated members consider the interest of employees and deems employment a primary factor in the success of the LLP. The LLP aims to be a responsible employer and that includes temporary employees and consultants. Matters including heath and safety are primary considerations when making decisions. 
As an LLP regulated by the FCA, investor interests and the interest of others, such as suppliers, are also important to the designated members.
When making decisions on the LLP's strategies and operations, the designated members also consider the impact of these decisions on the community environment.
As the LLP grows the designated members are aware of the importance of its reputation and ensure that management operates the LLP in a reasonable manner with integrity. The designated members seek to ensure that this culture is understood and shared across the LLP.
 
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 judgements 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.
 

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
Page 3

 
S & T ASSET MANAGEMENT LLP
 
 
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
 
 
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.
 
The members are responsible for the maintenance and integrity of the LLP and financial information included on the LLP's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report, incorporating the Energy and Carbon 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 auditorsAdler Shine LLPhave indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
Going concern
Having reviewed the LLP’s results for the period, its financial forecasts and expected future cash flows, the members are of the opinion the LLP has adequate resources available to it to continue in operational existence for the foreseeable future. Accordingly, the members continue to adopt the going concern basis in preparing the financial statements for the period ended 31 March 2025. 
 
 

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



James McLellan LLP
Designated member

Date: 22 July 2025
Page 4

 
S & T ASSET MANAGEMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S & T ASSET MANAGEMENT LLP
 

Opinion
 

We have audited the financial statements of S & T Asset Management LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 5

 
S & T ASSET MANAGEMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S & T ASSET MANAGEMENT LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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
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 1, 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 6

 
S & T ASSET MANAGEMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S & T 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we have: 
• considered the nature of the industry and sectors, control environment and business performance; 
• made enquires of management about their own identification and assessment of the risk of irregularities; 
•  performed audit work over the risk of management override of controls, including testing of journal entries 
   and other adjustments for appropriateness and reviewing accounting estimates for bias; 
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions; 
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any 
instances of non-compliance. The key laws and regulations we considered in this context included UK 
Companies Act, data protection, anti-bribery, employment law, health and safety, Money Laundering Act 
and FCA regulations.
• discussed matters among the audit engagement team regarding how and where fraud might occur in the 
financial statements and potential indicators of fraud. 
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation. 


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.


Page 7

 
S & T ASSET MANAGEMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S & T ASSET MANAGEMENT LLP (CONTINUED)


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 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members 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.





Christopher Taylor FCA (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

22 July 2025
Page 8

 
S & T ASSET MANAGEMENT LLP
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

  

Turnover
 4 
2,185,485
2,034,305

Cost of sales
  
(449,824)
(369,440)

Gross profit
  
1,735,661
1,664,865

Administrative expenses
  
(948,883)
(747,371)

Operating profit
 5 
786,778
917,494

Fair value adjustment of investments
  
11,792
-

Interest receivable and similar income
 9 
7,289
10,613

Profit before tax
  
805,859
928,107

Profit for the year before members' remuneration and profit shares
  
805,859
928,107

  

Profit for the year before members' remuneration and profit shares
  
805,859
928,107

Members' remuneration charged as an expense
  
(82,217)
(115,514)

Profit for the financial year available for discretionary division among members
  
723,642
812,593

The notes on pages 16 to 26 form part of these financial statements.

Page 9

 
S & T ASSET MANAGEMENT LLP
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£


Profit for the financial year

  

723,642
812,596

Other comprehensive income
  

Total comprehensive income for the year
  
723,642
812,596

The notes on pages 16 to 26 form part of these financial statements.

Page 10

 
S & T ASSET MANAGEMENT LLP
REGISTERED NUMBER: OC344828

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 10 
11,150
33,530

  
11,150
33,530

Current assets
  

Debtors: amounts falling due within one year
 11 
984,594
1,008,160

Current asset investments
 12 
243,127
149,473

Cash at bank and in hand
 13 
148,671
231,701

  
1,376,392
1,389,334

Creditors: Amounts Falling Due Within One Year
 14 
(279,766)
(226,136)

Net current assets
  
 
 
1,096,626
 
 
1,163,198

Total assets less current liabilities
  
1,107,776
1,196,728

  

Net assets
  
1,107,776
1,196,728


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
384,135
384,135

Other reserves classified as equity
  
723,641
812,593

  
 
1,107,776
 
1,196,728

  
1,107,776
1,196,728


Total members' interests
  

Amounts due from members (included in debtors)
 11 
(783,157)
(770,141)

Members' other interests
  
1,107,776
1,196,728

  
324,619
426,587


Page 11

 
S & T ASSET MANAGEMENT LLP
REGISTERED NUMBER: OC344828
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




James McLellan LLP
David Kennard LLP
Designated member
Designated member


Date: 22 July 2025
Date:22 July 2025

The notes on pages 16 to 26 form part of these financial statements.

Page 12

 
S & T ASSET MANAGEMENT LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Members capital (classified as equity)
Other reserves
Total equity

£
£
£


At 1 April 2023
384,135
877,198
1,261,333


Comprehensive income for the year

Profit for year for discretionary division among members

-
812,593
812,593

Allocated profit
-
(877,198)
(877,198)


Other comprehensive income for the year
-
(877,198)
(877,198)


Total comprehensive income for the year
-
(64,605)
(64,605)


Total transactions with members
-
-
-



At 1 April 2024
384,135
812,593
1,196,728


Comprehensive income for the year

Profit for year for discretionary division among members

-
723,642
723,642

Allocated profit
-
(812,593)
(812,593)


Other comprehensive income for the year
-
(812,593)
(812,593)


Total comprehensive income for the year
-
(88,951)
(88,951)


Total transactions with members
-
-
-


At 31 March 2025
384,135
723,642
1,107,777

The notes on pages 16 to 26 form part of these financial statements.

Page 13

 
S & T 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
723,642
812,593

Adjustments for:

Members' remuneration charged as an expense
82,217
115,514

Depreciation of tangible assets
22,379
41,812

Impairments of fixed assets
-
32

Interest received
(7,289)
(5,747)

Taxation charge
-
42,646

Decrease in debtors
36,585
-

Increase/(decrease) in creditors
53,629
(37,191)

Net cash generated from operating activities before transactions with members

911,163
969,659


Members' remuneration charged as an expense
(82,217)
(115,514)

Net cash generated from operating activities
828,946
854,145

Cash flows from investing activities

Purchase of tangible fixed assets
-
(3,176)

Sale of tangible fixed assets
-
(4,864)

Purchase of short-term listed investments
(93,654)
(246,625)

Sale of short-term listed investments
-
102,019

Interest received
7,289
-

HP interest paid
-
5,747

Net cash from investing activities

(86,365)
(146,899)
Page 14

 
S & T ASSET MANAGEMENT LLP
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


2025
2024

£
£



Cash flows from financing activities

Distribution paid to members
(825,611)
(818,294)

Net cash used in financing activities
(825,611)
(818,294)

Net (decrease) in cash and cash equivalents
(83,030)
(111,048)

Cash and cash equivalents at beginning of year
231,701
342,749

Cash and cash equivalents at the end of year
148,671
231,701


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
148,671
231,701

148,671
231,701


The notes on pages 16 to 26 form part of these financial statements.

Page 15

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

S&T Asset Management LLP is a limited liability partnership incorporated in the United Kingdom. The address of the registered office is Aston House, Cornwall Avenue, London, N3 1LF. The trading address is 43-45 Market Street, Marple, Stockport, Cheshire, SK6 7AA. The principal activity of the limited liability partnership ("LLP") continued to be that of investment management services. The LLP is authorised and regulated by the Financial Conduct Authority ("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 judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
 
 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The LLP operates 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 Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 17

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

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

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the lease term
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.12

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 19

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 20

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The key judgement relates to estimating accrued income. The members have concluded that no provision is required against accrued income.
Judgement and estimation is also applied to the useful economic life of tangible assets acquired by the business. The members consider the depreciation rates applied are consistent with the economic use of the asset.


4.


Turnover

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


2025
2024
£
£

Investment Management Services
2,112,989
1,959,462

Other fee income
72,496
74,842

2,185,485
2,034,304


2025
2024
£
£

United Kingdom
2,185,485
2,034,305

2,185,485
2,034,305


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
1,469
580

Other operating lease rentals
55,110
55,860

Page 21

 
S & T 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 and their associates:


2025
2024
£
£

Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements
17,850
16,500

7.


Employees

Staff costs were as follows:


2025
2024
£
£

Wages and salaries
317,593
230,888

Social security costs
24,354
13,667

Cost of defined contribution scheme
23,420
26,232

365,367
270,787


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


        2025
        2024
            No.
            No.







Administration
11
11


8.


Information in relation to members

2025
2024
Number
Number


The average number of members during the year was
9
9









The amount of profit attributable to the member with the largest entitlement was £204,859, (2024:
£220,330). The profit for the year ended 31 March 2024 has not yet been allocated.

Page 22

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Interest receivable

2025
2024
£
£


Other interest receivable
7,289
10,613

7,289
10,613


10.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2024
335,967
58,577
44,920
439,464



At 31 March 2025

335,967
58,577
44,920
439,464



Depreciation


At 1 April 2024
317,305
54,596
34,035
405,936


Charge for the year on owned assets
18,662
995
2,721
22,378



At 31 March 2025

335,967
55,591
36,756
428,314



Net book value



At 31 March 2025
-
2,986
8,164
11,150



At 31 March 2024
18,663
3,981
10,886
33,530




The net book value of land and buildings may be further analysed as follows:


2025
2024
£
£

Short leasehold
-
18,665

-
18,665


Page 23

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Debtors

2025
2024
£
£


Trade debtors
80,785
64,898

Other debtors
50,000
58,067

Prepayments and accrued income
70,652
115,057

Amounts due from members
783,157
770,138

984,594
1,008,160



12.


Current asset investments

2025
2024
£
£

Listed investments
243,127
149,473

243,127
149,473



13.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
148,671
231,701

148,671
231,701



14.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
114,857
109,463

Other taxation and social security
65,612
64,423

Other creditors
18
-

Accruals and deferred income
99,279
52,250

279,766
226,136


Page 24

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

15.


Reconciliation of members' interests 







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
Total

£
£
£
£
£
£

Amounts due from members
 



(770,138)
(770,138)


Profit for the year available for discretionary division among members
 
-
723,641
723,641
-
-
723,641

Members' interests after profit for the year
384,135
1,536,234
1,920,369
(770,141)
(770,141)
1,150,228

Other division of profits
-
(812,593)
(812,593)
821,953
821,953
9,360

Drawings on account and interest charged
-
-
-
(834,969)
(834,969)
(834,969)

Amounts due from members
 



(783,157)
(783,157)


Balance at 31 March 2025 
384,135
723,641
1,107,776
(783,157)
(783,157)
324,619

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 25

 
S & T ASSET MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


16.


Pension commitments

The LLP operates a defined contribution pension scheme. The amount recognised as an expense in the statement of comprehensive income in respect of defined contribution plans was £23,420 (2024: £26,232).


17.


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
16,778
39,804

Later than 1 year and not later than 5 years
-
13,846

16,778
53,650


18.


Related party transactions

As at 31 March 2025 the following members owed amounts to the LLP: 
- Christopher Saunders LLP: £213,665 (2024: £201,666) 
- R Peskin: £Nil (2024: £Nil)
- Estate of B Nicholson: £4,817 (2024: £4,817)
- Simon Chatterton LLP: £114,576 (2024: £117,076)
- David Kennard LLP: £134,912 (2024: £140,912)
- James McLellan LLP: £119,648 (2024: £125,648)
- L Bagshaw: £181,952 (2024: £168,638)
- K Edwards: £6,293 (2024: £5,992)
- N Strosnider: £7,294 (2024: £5,992)
The profit for the year remains to be allocated to the members after the year end and will be credited to their respective current accounts at the time of allocation.
During the year the LLP rented office space from member David Kennard LLP for £5,750 (2024: £6,500)
Office space was leased for £28,000 (2024: £28,000) during the year from SIPPs. The SIPPs are administered by independent Trustees for the benefit of the members of S&T Asset Management LLP.
During the year the LLP paid professional fees of £20,000 (2024: £20,000) to R Peskin for consultancy services.
During the year, the LLP received consultancy fees of £35,000 (2024: £35,000)  from John Wainwright & Co. Limited, a company in which C Saunders is a Director. The LLP paid professional fees of £35,000 (2024: £35,000)  to Christopher Saunders LLP for consultancy services.
 

 
Page 26