REGISTERED NUMBER: OC333962 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

NCTM LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

M Gallanti

P Montironi

V Noseda

F Pizzoccheri

REGISTERED OFFICE:

40 Bruton Street

London

W1J 6QZ

REGISTERED NUMBER:

OC333962 (England and Wales)

ACCOUNTANTS:

Vera Group Ltd

60 Grosvenor Street

London

W1K 3HZ

FIXED ASSETS

Tangible assets

4

156,993

191,686

CURRENT ASSETS

Debtors

5

1,448,991

1,257,848

Cash at bank and in hand

1,026,036

484,363

2,475,027

1,742,211

CREDITORS

Amounts falling due within one year

6

1,874,230

1,282,843

NET CURRENT ASSETS

600,797

459,368

TOTAL ASSETS LESS CURRENT LIABILITIES

757,790

651,054

CREDITORS

Amounts falling due after more than one year

7

-

4,534

NET ASSETS ATTRIBUTABLE TO MEMBERS

757,790

646,520

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

-

156

MEMBERS' OTHER INTERESTS

Other reserves

757,790

646,364

757,790

646,520

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

-

156

Members' other interests

757,790

646,364

Amounts due from members

5

(263,133

)

(232,210

)

494,657

414,310

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 June 2026 and were signed by:

M Gallanti - Designated member

1.	STATUTORY INFORMATION

NCTM 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" including the provisions of Section 1A "Small Entities" 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings - Straight line over 10 years

Fixtures and fittings - Straight line over 5 years and Straight line over 10 years

Equipment - Straight line over 5 years

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.

Hire purchase and leasing commitments

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

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.

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 Income Statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the 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 Income Statement 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 Income Statement 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'.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

237,044

19,767

79,329

336,140

Additions

-

-

1,146

1,146

At 31 December 2025

237,044

19,767

80,475

337,286

DEPRECIATION

At 1 January 2025

67,827

10,728

65,899

144,454

Charge for year

23,704

3,953

8,182

35,839

At 31 December 2025

91,531

14,681

74,081

180,293

NET BOOK VALUE

At 31 December 2025

145,513

5,086

6,394

156,993

At 31 December 2024

169,217

9,039

13,430

191,686

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

71,307

23,378

Amounts due from members

263,133

232,210

Other debtors

210,705

210,705

VAT

-

22,133

Prepayments and accrued income

753,968

632,833

Prepayments

149,878

136,589

1,448,991

1,257,848

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

4,474

6,710

Trade creditors

48,355

49,424

Social security and other taxes

19,988

6,376

VAT

10,411

-

Other creditors

967,596

964,491

Accrued expenses

823,406

255,842

1,874,230

1,282,843

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

4,534

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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 Income Statement 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'.