Bramdean Asset Management LLP - LLP accounts 24.3

REGISTERED NUMBER: OC309481 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BRAMDEAN ASSET MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Reconciliation of Members' Interests

9

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DESIGNATED MEMBERS:

Mrs N K C Horlick

Ms L E Jones

REGISTERED OFFICE:

58 Glentham Road

Barnes

London

SW13 9JJ

BUSINESS ADDRESS:

6 Grove Mews

Hammersmith

London

W6 7HS

REGISTERED NUMBER:

OC309481 (England and Wales)

AUDITORS:

Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

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 the provision of discretionary fund management services and management consultancy.

The LLP is authorised and regulated by the Financial Conduct Authority.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mrs N K C Horlick

Ms L E Jones

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £256,131 (2024 - £362,024 profit).

MEMBERS' INTERESTS

The members may only contribute to the Partnership's capital in accordance with the terms of the LLP agreement. No member is entitled to interest on their capital unless otherwise agreed between the Member and the Designated Members.

Any profits are shared among the members as governed by the LLP agreement dated 1 August 2019. Members are remunerated solely out of the profits of the Partnership and the final allocation of profits to members is made in accordance with the LLP agreement.

No drawings or other payments can be made to or on behalf of any members, other than by distribution of profits, without the unanimous consent of the members. The Partnership will reserve, out of profits before distribution, sufficient funds to provide the working capital requirements of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The members are responsible for determining the level of risk acceptable to the Partnership. This is subject to regular review.

The members seek to mitigate these risks through the application of strict controls, a monitoring process at operational level and the usage of insurance policies where appropriate.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	state whether applicable 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 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 auditors are unaware, and each member has taken all the steps that she ought to have taken as a member in order to make herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Mrs N K C Horlick - Designated member

4 June 2026

Opinion

We have audited the financial statements of Bramdean Asset Management LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 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 LLPs 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 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 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.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors 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 statements, 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 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 where the Companies Act 2006 as applied to LLPs 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 pages two and three, 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess 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 considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non -compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing minutes of meetings of those charged with governance, reviewing internal reports and reviewing correspondence with HMRC, and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our 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 a Report of the Auditors 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.

Jonathan Askew (Senior Statutory Auditor)

for and on behalf of Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

5 June 2026

TURNOVER

301,933

422,156

Administrative expenses

45,813

60,295

OPERATING PROFIT

4

256,120

361,861

Interest receivable and similar income

11

163

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

256,131

362,024

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

256,131

362,024

Members' remuneration charged as an
expense

5

(256,131

)

(362,024

)

PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

-

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

-

FIXED ASSETS

Tangible assets

6

1

CURRENT ASSETS

Debtors

7

422,164

266,788

Cash at bank

2

365

422,166

267,153

CREDITORS

Amounts falling due within one year

8

52,074

50,740

NET CURRENT ASSETS

370,092

216,413

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

370,093

216,414

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

370,093

216,414

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

370,093

216,414

Amounts due from members

7

(309,470

)

(173,098

)

60,623

43,316

The financial statements were approved by the members of the LLP and authorised for issue on 4 June 2026 and were signed by:

Mrs N K C Horlick - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

216,414

Amount due from members

(173,098

)

Balance at 1 April 2024

-

43,316

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

-

256,131

Profit for the financial year available
for discretionary division among
members

-

Members' interests after profit for
the year

-

299,447

Drawings on account and
distributions of profit

-

(238,824

)

(238,824

)

Amount due to members

370,093

Amount due from members

(309,470

)

Balance at 31 March 2025

-

60,623

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

200,783

Amount due from members

(149,466

)

Balance at 1 April 2023

-

51,317

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

-

362,024

Profit for the financial year available
for discretionary division among
members

-

Members' interests after profit for
the year

-

413,341

Introduced by members

-

(17,969

)

(17,969

)

Drawings on account and
distributions of profit

-

(352,056

)

(352,056

)

Amount due to members

216,414

Amount due from members

(173,098

)

Balance at 31 March 2024

-

43,316

Cash flows from operating activities

Cash generated from operations

2

238,743

346,248

Net cash from operating activities

238,743

346,248

Cash flows from investing activities

Interest received

11

163

Net cash from investing activities

11

163

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(238,824

)

(352,056

)

Contributions by members

-

(17,969

)

Net cash from financing activities

(238,824

)

(370,025

)

Decrease in cash and cash equivalents

(70

)

(23,614

)

Cash and cash equivalents at beginning
of year

3

72

23,686

Cash and cash equivalents at end of
year

3

2

72

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

The LLP classifies the share of profit in the cash flow statements within cash generated from operations, and this is classified consistently from period to period.

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

2025

2024

£

Profit for the financial year available for discretionary division among
members

-

Members' remuneration charged as an expense

256,131

362,024

Finance income

(11

)

(163

)

256,120

361,861

Increase in trade and other debtors

(19,004

)

(34,128

)

Increase in trade and other creditors

1,627

18,515

Cash generated from operations

238,743

346,248

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

2

365

Bank overdrafts

-

(293

)

2

72

Year ended 31 March 2024

31/3/24

1/4/23

£

Cash and cash equivalents

365

23,968

Bank overdrafts

(293

)

(282

)

72

23,686

4.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

Net cash

Cash at bank

365

(363

)

2

Bank overdrafts

(293

)

293

-

72

(70

)

2

Net funds (before

members' debt)

72

(70

)

-

2

Loans and other debts

due to members

Other amounts

due to members

(216,414

)

238,824

(392,503

)

(370,093

)

Net debt

(216,342

)

238,754

(392,503

)

(370,091

)

1.	STATUTORY INFORMATION

Bramdean 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.

Going concern

Due to the ongoing support of the partnership's members, the members believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the partnership will continue in operational existence for the forseeable future.

If the partnership were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Fee income

Fee income represents the invoiced value of services provided net of value added tax. Management and incentive fees are recognised in accordance with the relevant investment management agreement.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

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.

3.	EMPLOYEE INFORMATION

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

The average number of employees during the year was NIL (2024 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

Auditors' remuneration

4,950

1,250

Auditors' remuneration for non audit work

1,250

-

Taxation compliance services

100

1,150

Other non-audit services

500

3,336

Foreign exchange differences

-

(48

)

5.	INFORMATION IN RELATION TO MEMBERS

2025

2024

£

Members' remuneration charged as an expense

Automatic division of profit

256,131

362,024

2025

2024

£

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

153,679

192,413

2025

2024

The average number of members during the year was

3

Initial profit shares charged as an expense are calculated based on pre determined allocation and distribution criterion set out in the Limited Liability Partnership Agreement and individual member Accession Agreements.

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

and 31 March 2025

321

DEPRECIATION

At 1 April 2024

and 31 March 2025

320

NET BOOK VALUE

At 31 March 2025

1

At 31 March 2024

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

10,000

14,800

Amounts due from members

309,470

173,098

Other debtors

102,694

74,770

Prepayments

-

4,120

422,164

266,788

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts (see note 9)

-

293

Trade creditors

431

5,375

VAT

19,006

16,524

Other creditors

20,637

23,348

Accrued expenses

12,000

5,200

52,074

50,740

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

293

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

-

24,720

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

Amounts owed to members in respect of profits

370,093

216,414

Falling due within one year

370,093

216,414

In the event of a winding up, the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

12.	ULTIMATE PARENT COMPANY

Suisse Capital Limited is regarded by the members as being the LLP's ultimate parent company.

The LLP's immediate parent is NFG Capital Limited, incorporated in England.

13.	RELATED PARTY DISCLOSURES

During the year Bramdean Asset Management LLP charged £277,213 (2024: £344,206) for consultancy fees to a company in which a designated member is also a director. At the balance sheet date £5,000 (2023: £nil) was outstanding in respect of these commission charges.

During the year Bramdean Asset Management LLP recharged £24,720 (2024: £47,200) for rent to a company in which a designated member is also a director. At the balance sheet date £4,800 (2022: £nil) was outstanding in respect of these rent recharges.