IRIS Accounts Production v26.1.10.61 OC302614 designated member 1.4.25 31.3.26 31.3.26 false true true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh OC302614 2025-03-31 OC302614 2026-03-31 OC302614 2025-04-01 2026-03-31 OC302614 2024-03-31 OC302614 2024-04-01 2025-03-31 OC302614 2025-03-31 OC302614 ns15:EnglandWales 2025-04-01 2026-03-31 OC302614 ns14:PoundSterling 2025-04-01 2026-03-31 OC302614 ns10:PartnerLLP1 2025-04-01 2026-03-31 OC302614 ns10:LimitedLiabilityPartnershipLLP 2025-04-01 2026-03-31 OC302614 ns10:MediumEntities 2025-04-01 2026-03-31 OC302614 ns10:Audited 2025-04-01 2026-03-31 OC302614 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-04-01 2026-03-31 OC302614 ns10:LimitedLiabilityPartnershipsSORP 2025-04-01 2026-03-31 OC302614 ns10:FullAccounts 2025-04-01 2026-03-31 OC302614 ns10:PartnerLLP3 2025-04-01 2026-03-31 OC302614 ns10:RegisteredOffice 2025-04-01 2026-03-31 OC302614 ns5:CurrentFinancialInstruments 2026-03-31 OC302614 ns5:CurrentFinancialInstruments 2025-03-31 OC302614 ns15:UnitedKingdom 2025-04-01 2026-03-31 OC302614 ns15:UnitedKingdom 2024-04-01 2025-03-31 OC302614 ns15:Europe 2025-04-01 2026-03-31 OC302614 ns15:Europe 2024-04-01 2025-03-31 OC302614 ns15:Asia 2025-04-01 2026-03-31 OC302614 ns15:Asia 2024-04-01 2025-03-31 OC302614 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2025-04-01 2026-03-31 OC302614 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-04-01 2025-03-31 OC302614 ns5:OwnedAssets 2025-04-01 2026-03-31 OC302614 ns5:OwnedAssets 2024-04-01 2025-03-31 OC302614 ns5:FurnitureFittings 2025-03-31 OC302614 ns5:ComputerEquipment 2025-03-31 OC302614 ns5:FurnitureFittings 2025-04-01 2026-03-31 OC302614 ns5:ComputerEquipment 2025-04-01 2026-03-31 OC302614 ns5:FurnitureFittings 2026-03-31 OC302614 ns5:ComputerEquipment 2026-03-31 OC302614 ns5:FurnitureFittings 2025-03-31 OC302614 ns5:ComputerEquipment 2025-03-31 OC302614 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2026-03-31 OC302614 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 OC302614 ns5:WithinOneYear 2026-03-31 OC302614 ns5:WithinOneYear 2025-03-31 OC302614 ns5:BetweenOneFiveYears 2026-03-31 OC302614 ns5:BetweenOneFiveYears 2025-03-31 OC302614 ns5:AllPeriods 2026-03-31 OC302614 ns5:AllPeriods 2025-03-31

REGISTERED NUMBER: OC302614 (England and Wales)

| Report of the Members and |

| Financial Statements |

| for the Year Ended 31 March 2026 |

| for |

| Zennor Asset Management LLP |

| Zennor Asset Management LLP (Registered number: OC302614) |

Contents of the Financial Statements

for the Year Ended 31 March 2026

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 |

| Zennor Asset Management LLP |

General Information

for the Year Ended 31 March 2026

| DESIGNATED MEMBERS: | Zennor Capital Holdings Ltd

| Zennor Services Limited

| REGISTERED OFFICE: | The Gaumont

| Level 2A

| 204 King's Road

| London

| SW3 5XP

| REGISTERED NUMBER: | OC302614 (England and Wales)

| AUDITOR: | Saffery LLP

| Statutory Auditors

| Level 4

| 9 Haymarket Square

| Edinburgh

| EH3 8RY

| Zennor Asset Management LLP (Registered number: OC302614) |

Report of the Members

for the Year Ended 31 March 2026

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

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

DESIGNATED MEMBERS

The designated members during the year under review were:

Zennor Capital Holdings Ltd

Spring Capital Partners Limited - resigned 1.4.25

Zennor Services Limited - appointed 1.4.25

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £856,817 (2025 - £583,536 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 The Gaumont, Level 2a, 204 King's Road, London, SW3 5XP 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.

| Zennor Asset Management LLP (Registered number: OC302614) |

Report of the Members

for the Year Ended 31 March 2026

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

1 July 2026

Report of the Independent Auditor to the Members of

Zennor Asset Management LLP

Opinion

We have audited the financial statements of Zennor Management LLP (the 'limited liability partnership') for the year ended 31 March 2026 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 2026 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.

Report of the Independent Auditor to the Members of

Zennor Asset Management LLP

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. As such, the Senior Statutory Auditor reviewed the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities, which included the use of specialists where appropriate. Additionally, 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

1 July 2026

| Zennor Asset Management LLP (Registered number: OC302614) |

Statement of Comprehensive

Income

for the Year Ended 31 March 2026

| 31.3.26 |  | 31.3.25

| Notes | £ | £ |

TURNOVER | 3 | 7,123,214 |  | 4,225,742 |  |

Cost of sales | (2,532,073 | ) | (1,491,993 | ) |

GROSS PROFIT | 4,591,141 |  | 2,733,749 |  |

Administrative expenses | (3,741,455 | ) | (2,158,392 | ) |

OPERATING PROFIT | 5 | 849,686 |  | 575,357 |  |

Interest receivable and similar income | 7,131 |  | 8,179 |  |

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | 856,817 |  | 583,536 |  |

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | 856,817 |  | 583,536 |  |

Members' remuneration charged as an expense | 6 | (856,817 | ) | (583,536 | ) |

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | - |  | - |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - |  | - |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Balance Sheet

31 March 2026

| 31.3.26 | 31.3.25 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 47,658 |  | 13,253 |  |

CURRENT ASSETS

Debtors | 8 | 946,130 |  | 566,799 |  |

Cash at bank | 1,018,960 |  | 546,111 |  |

1,965,090 |  | 1,112,910 |  |

CREDITORS

Amounts falling due within one year | 9 | 1,031,035 |  | 711,490 |  |

NET CURRENT ASSETS | 934,055 |  | 401,420 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | 981,713 |  | 414,673 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 11 | 580,402 |  | 49,807 |  |

MEMBERS' OTHER INTERESTS

Capital accounts | 401,311 |  | 364,866 |  |

981,713 |  | 414,673 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 11 | 580,402 |  | 49,807 |  |

Members' other interests | 401,311 |  | 364,866 |  |

Amounts due from members | 8 | - |  | (66,415 | ) |

981,713 |  | 348,258 |  |

The financial statements were approved by the members of the LLP and authorised for issue on 1 July 2026 and were signed by:

Zennor Capital Holdings Ltd - Designated member

| Zennor Asset Management LLP (Registered number: OC302614) |

Reconciliation of Members' Interests

for the Year Ended 31 March 2026

| EQUITY

| Members' other interests

| Members' |

| capital |

| (classified |

| as |  | Other |

| equity) |  | reserves |  | Total

£ | £ | £ |

Balance at 1 April 2025 | 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 |  |

Introduced/(withdrawn) | 36,445 |  | - |  | 36,445 |  |

Drawings on account and distributions of profit | - |  | - |  | - |  |

Balance at 31 March 2026 | 401,311 |  | - |  | 401,311 |  |

| 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 | 49,807 |  |

Amount due from members | (66,415 | ) |

Balance at 1 April 2025 | (16,608 | ) | 348,258 |  |

Members' remuneration charged as an expense, including employment and retirement benefit costs | 856,817 |  | 856,817 |  |

Profit for the financial year available for discretionary division among members | - |  | - |  |

Members' interests after profit for the year | 840,209 |  | 1,205,075 |  |

Introduced/(withdrawn) | (49,807 | ) | (13,362 | ) |

Drawings on account and distributions of profit | (210,000 | ) | (210,000 | ) |

Amount due to members | 580,402 |  |

Amount due from members | - |  |

Balance at 31 March 2026 | 580,402 |  | 981,713 |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Reconciliation of Members' Interests

for the Year Ended 31 March 2026

| 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 |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Cash Flow Statement

for the Year Ended 31 March 2026

| 31.3.26 |  | 31.3.25

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 2 | 734,127 |  | 573,925 |  |

Net cash from operating activities | 734,127 |  | 573,925 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (45,046 | ) | (10,428 | ) |

Interest received | 7,130 |  | 8,179 |  |

Net cash from investing activities | (37,916 | ) | (2,249 | ) |

Cash flows from financing activities

Transactions with members and former members |

Payments to members | (210,000 | ) | (542,750 | ) |

Contributions by members | (13,362 | ) | - |  |

Net cash from financing activities | (223,362 | ) | (542,750 | ) |

Increase in cash and cash equivalents | 472,849 |  | 28,926 |  |

Cash and cash equivalents at beginning of year | 3 | 546,111 |  | 517,185 |  |

Cash and cash equivalents at end of year | 3 | 1,018,960 |  | 546,111 |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2026

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

| 31.3.26 |  | 31.3.25

£ | £ |

| Profit for the financial year available for discretionary division among members | - |  | - |  |

| Members' remuneration charged as an expense | 856,817 |  | 583,536 |  |

| Depreciation charges | 10,642 |  | 7,245 |  |

| Finance income | (7,131 | ) | (8,179 | ) |

860,328 |  | 582,602 |  |

| Increase in trade and other debtors | (445,746 | ) | (114,101 | ) |

| Increase in trade and other creditors | 319,545 |  | 105,424 |  |

| Cash generated from operations | 734,127 |  | 573,925 |  |

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 2026

| 31.3.26 |  | 1.4.25

£ | £ |

| Cash and cash equivalents | 1,018,960 |  | 546,111 |  |

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 546,111 |  | 517,185 |  |

4. | ANALYSIS OF CHANGES IN NET FUNDS

| Other |

| non-cash |

| At 1.4.25 | Cash flow | changes | At 31.3.26

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 546,111 |  | 472,849 |  | 1,018,960 |  |

546,111 |  | 472,849 |  | 1,018,960 |  |

| Net funds (before

| members' debt) | 546,111 |  | 472,849 |  | - |  | 1,018,960 |  |

| Loans and other debts

| due to members

| Other amounts

| due to members | (49,807 | ) | 259,807 |  | (790,402 | ) | (580,402 | ) |

| Net funds | 496,304 |  | 732,656 |  | (790,402 | ) | 438,558 |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

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.

| Zennor Asset Management LLP (Registered number: OC302614) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

2. | ACCOUNTING POLICIES - continued

| 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:

| 31.3.26 |  | 31.3.25

£ | £ |

| United Kingdom | 676,300 |  | 270,095 |  |

| Europe | 6,023,344 |  | 3,822,651 |  |

| Asia | 423,570 |  | 132,996 |  |

7,123,214 |  | 4,225,742 |  |

4. | EMPLOYEE INFORMATION

| 31.3.26 |  | 31.3.25

£ | £ |

| Wages and salaries | 2,373,351 |  | 1,510,593 |  |

| Social security costs | 338,607 |  | 196,492 |  |

| Other pension costs | 2,532 |  | 1,321 |  |

2,714,490 |  | 1,708,406 |  |

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

| 31.3.26 |  | 31.3.25

8 |  | 5 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.3.26 |  | 31.3.25

£ | £ |

| Other operating leases | 29,584 |  | - |  |

| Depreciation - owned assets | 10,641 |  | 7,245 |  |

| Auditors' remuneration | 21,540 |  | 22,090 |  |

| Foreign exchange differences | 23,809 |  | 4,880 |  |

6. | INFORMATION IN RELATION TO MEMBERS

| 31.3.26 |  | 31.3.25

£ | £ |

| Members' remuneration charged as an expense |

| Partners' salaries | 856,817 |  | 583,536 |  |

| 31.3.26 |  | 31.3.25

£ | £ |

| The amount of profit attributable to the member with the largest entitlement was | 856,817 |  | 525,766 |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

6. | INFORMATION IN RELATION TO MEMBERS - continued

| 31.3.26 |  | 31.3.25

| The average number of members during the year was | 2 |  | 2 |  |

7. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2025 | 19,080 |  | 31,791 |  | 50,871 |  |

| Additions | 28,121 |  | 16,925 |  | 45,046 |  |

| At 31 March 2026 | 47,201 |  | 48,716 |  | 95,917 |  |

| DEPRECIATION

| At 1 April 2025 | 18,957 |  | 18,661 |  | 37,618 |  |

| Charge for year | 934 |  | 9,707 |  | 10,641 |  |

| At 31 March 2026 | 19,891 |  | 28,368 |  | 48,259 |  |

| NET BOOK VALUE

| At 31 March 2026 | 27,310 |  | 20,348 |  | 47,658 |  |

| At 31 March 2025 | 123 |  | 13,130 |  | 13,253 |  |

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.26 |  | 31.3.25

£ | £ |

| Trade debtors | 7,944 |  | - |  |

| Amounts due from members | - |  | 66,415 |  |

| Other debtors | 108,051 |  | 16,524 |  |

| Accrued Income | 734,148 |  | 408,484 |  |

| Prepayments | 95,987 |  | 75,376 |  |

946,130 |  | 566,799 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.26 |  | 31.3.25

£ | £ |

| Trade creditors | 67,119 |  | 153,227 |  |

| Social security and other taxes | 397,708 |  | 265,630 |  |

| Other creditors | 58,347 |  | 22,112 |  |

| Accrued expenses | 507,861 |  | 270,521 |  |

1,031,035 |  | 711,490 |  |

10. | LEASING AGREEMENTS

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

| 31.3.26 |  | 31.3.25

£ | £ |

| Within one year | 416,838 |  | 80,522 |  |

| Between one and five years | 1,482,834 |  | 49,408 |  |

1,899,672 |  | 129,930 |  |

| Zennor Asset Management LLP (Registered number: OC302614) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2026

11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| 31.3.26 |  | 31.3.25

£ | £ |

| Amounts owed to members in respect of profits | 580,402 |  | 49,807 |  |

| Falling due within one year | 580,402 |  | 49,807 |  |

12. | RELATED PARTY DISCLOSURES

| Salaries paid to directors of the ultimate controlling party, Zennor Capital Holdings Ltd total £2,218,080 (2025: £1,556,424).

| Related Party |  | Transaction Type |  | Transaction in period to 31.3.26 |  | Balance receivable from/(payable to) related party at 31.3.26 |  | Balance receivable from/(payable to) related party at 31.3.25 |  |

|  | £ |  | £ |  | £ |  |

| Spring Capital Partners Limited |  | Sales |  | Nil (2025: 6,500) |  | - |  | - |  |

|  | Purchases |  | (1,187,971) (2025: (660,381)) |  | (152,550) |  | (170,035) |  |

| Zennor Capital Holdings Limited |  | Recharged expenses |  | Nil (2025: Nil) |  | - |  | (167) |  |

|  | Rent deposit |  | - |  | (16,524) |  | (16,524) |  |

| Spring Capital Partners Limited was a member of Zennor Asset Management LLP. They are also a shareholder of Zennor Capital Holdings Limited.

| Zennor Capital Holdings Limited are members of Zennor Asset Management LLP.

13. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Zennor Capital Holdings Ltd .

14. | GOING CONCERN

| The members have at the time of approving the financial statements, a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members have adopted the going concern basis of accounting for the preparation of the financial statements on the basis of continued support by Members and the financial resources available to the business at the time of approving the financial statements.