REGISTERED NUMBER: OC302614 (England and Wales)

Report of the Members and

Financial Statements

for the Year Ended 31 March 2025

for

Zennor Asset Management LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditor

4

Statement of Comprehensive Income

6

Balance Sheet

7

Reconciliation of Members' Interests

8

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DESIGNATED MEMBERS:

Zennor Capital Holdings Ltd

Spring Capital Partners Limited

REGISTERED OFFICE:

86 Duke of York Square

London

SW3 4LY

REGISTERED NUMBER:

OC302614 (England and Wales)

AUDITOR:

Saffery LLP

Statutory Auditors

Level 4

9 Haymarket Square

Edinburgh

EH3 8RY

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of fund management.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DESIGNATED MEMBERS

The designated members during the year under review were:

Zennor Capital Holdings Ltd

Spring Capital Partners Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £583,536 (2024 - £315,657 profit).

MEMBERS' INTERESTS

Members share profits and losses in accordance with profit sharing agreements. Members are permitted to make drawings in anticipation of profits which will be allocated to them. Members' capital is not repayable except where allowed under FCA rules. The amount of capital and drawings is determined by the regulatory capital requirements of the FCA and any trading needs of the LLP.

PRINCIPAL RISKS AND UNCERTAINTIES

The risk management policy reflects the FCA requirement to manage a number of different categories of risk including credit risk, market risk, business risk, operational risk and liquidity risk. These risks are managed by the LLP by close and careful monitoring by senior management. The LLP is not exposed to any material levels of risk under these headings and the members are content with the risk management policies in place.

MIFIDPRU DISCLOSURES

The LLP has documented the disclosures required by the FCA under MIFIDPRU 8. These are available from 86 Duke of York Square, London, SW3 4LY and on its website.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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;

-	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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditor is unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.

AUDITOR

The auditor, Saffery LLP, will be proposed for re-appointment by the partners.

ON BEHALF OF THE MEMBERS:

Zennor Capital Holdings Ltd - Designated member

23 July 2025

Opinion

We have audited the financial statements of Zennor Management LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the cashflow statement and notes to the financial statements, including significant accounting policies. The 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 affairs of the limited liability partnership as at 31 March 2025 and 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.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 limited liability partnership'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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The members are responsible for the other information. 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. 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 I am required to report by exception

We have nothing to report in respect of the following matters where 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 Statement of Members' Responsibilities set out on page two, 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 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.

Auditor's 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 auditor's 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the limited liability partnership's financial statements to material misstatement and how fraud might occur, including through discussions with the members, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the limited liability partnership by discussions with members and updating our understanding of the sector in which the limited liability partnership operates.

Laws and regulations of direct significance in the context of the limited liability partnership include The Companies Act 2006 as applied to limited liability partnerships and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the limited liability partnership's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the limited liability partnership's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

The LLP is regulated by the FCA. We discussed the LLP's authorisation and permitted activities with the SMF16 and obtained evidence of this from the FCA register. We obtained additional evidence about compliance by discussing any breaches with the SMF16 and SMF17 and reviewing correspondence with the FCA.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of my report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's 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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kenneth McDowell (Senior Statutory Auditor)

for and on behalf of Saffery LLP

Statutory Auditors

Level 4

9 Haymarket Square

Edinburgh

EH3 8RY

23 July 2025

TURNOVER

3

4,225,742

2,461,724

Cost of sales

(1,491,993

)

(921,739

)

GROSS PROFIT

2,733,749

1,539,985

Administrative expenses

(2,158,392

)

(1,231,838

)

OPERATING PROFIT

5

575,357

308,147

Interest receivable and similar income

8,179

7,949

583,536

316,096

Interest payable and similar expenses

6

-

(439

)

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

583,536

315,657

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

583,536

315,657

Members' remuneration charged as an expense

7

(583,536

)

(315,657

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

FIXED ASSETS

Tangible assets

8

13,253

10,070

CURRENT ASSETS

Debtors

9

566,799

443,677

Cash at bank

546,111

517,185

1,112,910

960,862

CREDITORS

Amounts falling due within one year

10

711,490

606,066

NET CURRENT ASSETS

401,420

354,796

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

414,673

364,866

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

49,807

-

MEMBERS' OTHER INTERESTS

Capital accounts

364,866

364,866

414,673

364,866

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

49,807

-

Members' other interests

364,866

364,866

Amounts due from members

9

(66,415

)

(57,394

)

348,258

307,472

The financial statements were approved by the members of the LLP and authorised for issue on 23 July 2025 and were signed by:

Zennor Capital Holdings Ltd - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2024

364,866

-

364,866

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

364,866

-

364,866

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2025

364,866

-

364,866

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

-

Amount due from members

(57,394

)

Balance at 1 April 2024

(57,394

)

307,472

Members' remuneration charged as an expense, including employment and retirement benefit costs

583,536

583,536

Profit for the financial year available for discretionary division among members

-

-

Members' interests after profit for the year

526,142

891,008

Drawings on account and distributions of profit

(542,750

)

(542,750

)

Amount due to members

49,807

Amount due from members

(66,415

)

Balance at 31 March 2025

(16,608

)

348,258

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2023

364,866

-

364,866

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

364,866

-

364,866

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2024

364,866

-

364,866

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

-

Amount due from members

(219,301

)

Balance at 1 April 2023

(219,301

)

145,565

Members' remuneration charged as an expense, including employment and retirement benefit costs

315,657

315,657

Profit for the financial year available for discretionary division among members

-

-

Members' interests after profit for the year

96,356

461,222

Drawings on account and distributions of profit

(153,750

)

(153,750

)

Amount due to members

-

Amount due from members

(57,394

)

Balance at 31 March 2024

(57,394

)

307,472

Cash flows from operating activities

Cash generated from operations

2

573,925

422,419

Interest paid

-

(439

)

Net cash from operating activities

573,925

421,980

Cash flows from investing activities

Purchase of tangible fixed assets

(10,428

)

(10,370

)

Interest received

8,179

7,949

Net cash from investing activities

(2,249

)

(2,421

)

Cash flows from financing activities

Transactions with members and former members

Payments to members

(542,750

)

(153,750

)

Net cash from financing activities

(542,750

)

(153,750

)

Increase in cash and cash equivalents

28,926

265,809

Cash and cash equivalents at beginning of year

3

517,185

251,376

Cash and cash equivalents at end of year

3

546,111

517,185

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

The distributions of profits has been classified as a financing cash flow.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit for the financial year available for discretionary division among members

-

-

Members' remuneration charged as an expense

583,536

315,657

Depreciation charges

7,245

5,471

Finance costs

-

439

Finance income

(8,179

)

(7,949

)

582,602

313,618

Increase in trade and other debtors

(114,101

)

(209,800

)

Increase in trade and other creditors

105,424

318,601

Cash generated from operations

573,925

422,419

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

546,111

517,185

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

517,185

251,376

4.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

517,185

28,926

546,111

517,185

28,926

546,111

Net funds (before

members' debt)

517,185

28,926

-

546,111

Loans and other debts

due to members

Other amounts

due to members

-

542,750

(592,557

)

(49,807

)

Net funds

517,185

571,676

(592,557

)

496,304

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment

-

33.33% per annum

Fixtures and fittings

-

33.33% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

270,095

97,533

Europe

3,822,651

2,364,191

Asia

132,996

-

4,225,742

2,461,724

4.	EMPLOYEE INFORMATION

31.3.25

31.3.24

£

£

Wages and salaries

1,510,593

741,608

Social security costs

196,492

92,665

Other pension costs

1,321

1,153

1,708,406

835,426

The average number of employees during the year was as follows:

31.3.25

31.3.24

5

4

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

7,245

5,471

Auditors' remuneration

22,090

15,000

Foreign exchange differences

4,880

3,544

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Interest paid

-

439

7.	INFORMATION IN RELATION TO MEMBERS

31.3.25

31.3.24

£

£

Members' remuneration charged as an expense

Partners' salaries

583,536

315,657

31.3.25

31.3.24

£

£

The amount of profit attributable to the member with the largest entitlement was

525,766

284,407

31.3.25

31.3.24

The average number of members during the year was

2

2

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

19,035

21,408

40,443

Additions

45

10,383

10,428

At 31 March 2025

19,080

31,791

50,871

DEPRECIATION

At 1 April 2024

18,884

11,489

30,373

Charge for year

73

7,172

7,245

At 31 March 2025

18,957

18,661

37,618

NET BOOK VALUE

At 31 March 2025

123

13,130

13,253

At 31 March 2024

151

9,919

10,070

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Amounts due from members

66,415

57,394

Other debtors

16,524

16,524

VAT

-

7

Accrued Income

408,484

309,576

Prepayments

75,376

60,176

566,799

443,677

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

153,227

186,154

Social security and other taxes

265,630

206,149

Other creditors

22,112

17,648

Accrued expenses

270,521

196,115

711,490

606,066