Butterworths Asset Management LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC432642

Butterworths Asset Management LLP

Filleted Unaudited Financial Statements

31 March 2026

Butterworths Asset Management LLP

Financial Statements

Year ended 31 March 2026

Contents	Page

Designated members and professional advisers	1

Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Butterworths Asset Management LLP

Designated Members and Professional Advisers

Designated members	Miss H Owen
	Ms K Owen Lockwood

Registered office	Rowley Copse
	Clawthrope
	Carnforth
	England
	LA6 1NX

Accountants	Riverside Accountancy Lancaster Limited
	Chartered accountants
	Suite 2, 2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

Butterworths Asset Management LLP

Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Butterworths Asset Management LLP

Year ended 31 March 2026

In order to assist you to fulfil your duties under 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, we have prepared for your approval the financial statements of Butterworths Asset Management LLP for the year ended 31 March 2026, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Butterworths Asset Management LLP, as a body, in accordance with the terms of our engagement letter dated 6 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Butterworths Asset Management LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Butterworths Asset Management LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Butterworths Asset Management LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Butterworths Asset Management LLP. You consider that Butterworths Asset Management LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Butterworths Asset Management LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Riverside Accountancy Lancaster Limited Chartered accountants

Suite 2, 2 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SU

25 June 2026

Butterworths Asset Management LLP

Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Intangible assets	5	37,820	45,140
Tangible assets	6	60,691	–
		--------	--------
		98,511	45,140

Current assets

Debtors	7	3,968	1,970
Cash at bank and in hand		115,552	92,216
		---------	--------
		119,520	94,186

Creditors: amounts falling due within one year	8	2,247	1,211
		---------	--------
Net current assets		117,273	92,975
		---------	---------
Total assets less current liabilities		215,784	138,115
		---------	---------
Net assets		215,784	138,115
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	9	215,784	138,115
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	215,784	138,115
	---------	---------

Total members' interests

Loans and other debts due to members	9	215,784	138,115
Members' other interests		–	–
		---------	---------
		215,784	138,115
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Butterworths Asset Management LLP

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 24 June 2026 , and are signed on their behalf by:

Miss H Owen

Designated Member

Registered number: OC432642

Butterworths Asset Management LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Rowley Copse, Clawthrope, Carnforth, LA6 1NX, England.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been rounded to the nearest £1.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	25% reducing balance
Motor vehicles	-	5% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2025: 2 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 April 2025 and 31 March 2026	73,200
	--------
Amortisation
At 1 April 2025	28,060
Charge for the year	7,320
	--------
At 31 March 2026	35,380
	--------
Carrying amount
At 31 March 2026	37,820
	--------
At 31 March 2025	45,140
	--------

6.	Tangible assets

	Short leasehold property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2025	–	–	–	–
Additions	3,396	60,000	399	63,795
	-------	--------	----	--------
At 31 March 2026	3,396	60,000	399	63,795
	-------	--------	----	--------
Depreciation
At 1 April 2025	–	–	–	–
Charge for the year	71	3,000	33	3,104
	-------	--------	----	--------
At 31 March 2026	71	3,000	33	3,104
	-------	--------	----	--------
Carrying amount
At 31 March 2026	3,325	57,000	366	60,691
	-------	--------	----	--------
At 31 March 2025	–	–	–	–
	-------	--------	----	--------

7.	Debtors

	2026	2025
	£	£
Other debtors	3,968	1,970
	-------	-------

8. Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	778	–
Other creditors	1,469	1,211
	-------	-------
	2,247	1,211
	-------	-------

9.	Loans and other debts due to members

	2026	2025
	£	£
Amounts owed to members in respect of profits	215,784	138,115
	---------	---------

10.	Controlling party

The ultimate controlling party is Miss H Owen.