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Registered number: OC432112 ALMACE ASSET MANAGEMENT LLP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
ALMACE ASSET MANAGEMENT LLP
INFORMATION
Designated Members C J Webb
M A George
LLP registered number OC432112
Registered office 2nd Floor Connaught House 1-3 Mount Street London W1K 3NB
Independent auditors Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
ALMACE ASSET MANAGEMENT LLP
CONTENTS
| Page
Members' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8 - 9
Reconciliation of Members' Interests | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 - 19
ALMACE ASSET MANAGEMENT LLP
MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The members present their annual report together with the audited financial statements of Almace Asset Management LLP (the "LLP") for the period ended 31 March 2026. Principal activities The LLP is regulated and authorised by the Financial Conduct Authority (the "FCA"). The principal object of the LLP is to provide investment management services. Designated Members C J Webb and M A George were designated members of the LLP throughout the period. Members' capital and interests Each member's subscription to the capital of the LLP is determined by the LLP agreement dated 13 June 2020 and is repayable following retirement from the LLP. Details of changes in members' capital in the ended 31 March 2026 are set out in the Reconciliation of Members' Interests. Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided in accordance with the proportion of capital contributed by each member after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. Members' responsibilities statement The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), 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 company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK 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. Page 1
ALMACE ASSET MANAGEMENT LLP
MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 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 to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the 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. Disclosure of information to auditors Each of the persons who are members at the time when this Members' Report is approved has confirmed that: ∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and ∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. Auditors The auditors, Sopher + Co LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members. This report was approved by the members on 21 July 2026 and signed on their behalf by:
C J Webb Designated member |
Page 2
ALMACE ASSET MANAGEMENT LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP
Opinion
We have audited the financial statements of Almace Asset Management LLP (the 'LLP') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and the related notes, 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 2026 and of its loss 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.
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 United Kingdom, including the Financial Reporting Council'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. Page 3
ALMACE ASSET MANAGEMENT LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP (CONTINUED)
Other information
The members are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Members' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Members' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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 ∙certain disclosures of members' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the Members' Responsibilities Statement set out on page , 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 is 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. Page 4
ALMACE ASSET MANAGEMENT LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP (CONTINUED)
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 an Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, FCA regulations, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 5
ALMACE ASSET MANAGEMENT LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMACE ASSET MANAGEMENT LLP (CONTINUED) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 Auditors' Report.
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. Our audit work has been undertaken so that we might state to the LLP's member those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Martyn Atkinson FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 21 July 2026 Page 6
ALMACE ASSET MANAGEMENT LLP
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2024
Note | £ | £
Turnover | 4 | 457,381 | 636,618
Cost of sales |  | - | (2,863)
Gross profit |  | 457,381 | 633,755
Administrative expenses |  | (468,233) | (578,972)
Operating (loss)/profit | 5 | (10,852) | 54,783
(Loss)/profit for the year before members' remuneration and profit shares available for discretionary division among members |  | (10,852) | 54,783
There was no other comprehensive income for 2026(2025:£NIL).
The notes on pages 12 to 19 form part of these financial statements.
Page 7
ALMACE ASSET MANAGEMENT LLP REGISTERED NUMBER:OC432112
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 4,999 |  | 5,562
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 173,223 |  | 193,756 |
Bank and cash balances |  | 96,490 |  | 118,021 |
|  | 269,713 |  | 311,777 |
Current liabilities |  |  |  |  |
Creditors: Amounts Falling Due Within One Year | 11 | (44,684) |  | (22,556) |
Net current assets |  |  | 225,029 |  | 289,221
Net assets |  |  | 230,028 |  | 294,783
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 12 |  | 880 |  | -
Members' other interests |  |  |  |  |
Members' capital classified as equity |  |  | 240,000 |  | 240,000
Other Reserves |  |  | (10,852) |  | 54,783
|  |  | 230,028 |  | 294,783
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 10 |  | (99,047) |  | (98,324)
Loans and other debts due to members | 12 |  | 880 |  | -
Members' other interests |  |  | 229,148 |  | 294,783
|  |  | 130,981 |  | 196,459
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 21 July 2026.
C J Webb
Designated member
The notes on pages 12 to 19 form part of these financial statements. Page 8
ALMACE ASSET MANAGEMENT LLP REGISTERED NUMBER:OC432112
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026 Page 9
ALMACE ASSET MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2026
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total
| £ | £ | £ | £ | £
At incorporation | - | - | - | - | -
Profit for the year available for discretionary division among members | - | 54,783 | 54,783 | - | 54,783
Members' interests after profit for the year | 240,000 | 202,300 | 442,300 | (248,075) | 194,225
Other division of profits | - | (147,517) | (147,517) | 147,517 | -
Drawings on account and distribution of profit | - | - | - | (11,797) | (11,797)
Amounts due from members |  |  |  | (112,355) |
Balance at 31 March 2025 | 240,000 | 54,783 | 294,783 | (112,355) | 182,428
Loss for the year available for discretionary division among members | - | (10,852) | (10,852) | - | (10,852)
Members' interests after profit for the year | 240,000 | 43,931 | 283,931 | (112,355) | 171,576
Other division of profits | - | (54,783) | (54,783) | 54,783 | -
Drawings on account | - | - | - | (40,595) | (40,595)
Amounts due to members |  |  |  | 880 |
Amounts due from members |  |  |  | (99,047) |
Balance at 31 March 2026 | 240,000 | (10,852) | 229,148 | (98,167) | 130,981
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 10
ALMACE ASSET MANAGEMENT LLP
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (10,852) | 54,783
Adjustments for: |  |
Depreciation of tangible assets | 3,262 | 2,710
Decrease in debtors | 7,224 | 19,823
Increase/(decrease) in creditors | 22,128 | (25,542)
Net cash generated from operating activities before transactions with members | 21,762 | 51,774
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (2,698) | (5,093)
Net cash from investing activities | (2,698) | (5,093)
Cash flows from financing activities |  |
Distribution paid to members | (40,595) | (11,797)
Net cash used in financing activities | (40,595) | (11,797)
Net (decrease)/increase in cash and cash equivalents | (21,531) | 34,884
Cash and cash equivalents at beginning of year | 118,021 | 83,137
Cash and cash equivalents at the end of year | 96,490 | 118,021
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 96,490 | 118,021
| 96,490 | 118,021
The notes on pages 12 to 19 form part of these financial statements.
Page 11
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Almace Asset Management LLP is a Limited Liability Partnership (LLP) incorporated and domiciled in England & Wales, with its registered office adress at 2nd Floor, Connaught House, 1-3 Mount Street, London, W1K 3NB and its principal place of business address at 77-81 Borough Road, London SE1 1DN. The principal activity of the LLP is the provision of investment management services. The LLP is regulated by the Financial Conduct Authority (the "FCA"). 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The LLP's functional and presentational currency is £ sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover comprises revenue recognised by the LLP in respect of investment management advisory services provided during the year. Turnover is recognised in the period the service is provided. Page 12
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | Operating leases: the LLP as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Pensions
The LLP contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
| 2.6 | Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making. The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable. In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically. The LLP classifies distributions of profits as operating cash flows in the Statement of Cash Flows.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 13
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis: The estimated useful lives range as follows:
|  |  |  | Computer equipment | - | 3 | years straight line
Page 14
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.8 | Basic financial instruments
The LLP only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents and loans with related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
There are no critical accounting estimates and judgments that materially affect the accounts.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Management, performance and advisory fees receivable | 457,381 | 636,618
| All turnover arose within the United Kingdom.
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Exchange differences | 3,019 | 1,755
| Other operating lease rentals | 48,320 | 108,145
Page 15
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | Auditors' remuneration
| During the year, the LLP obtained the following services from the LLP's auditors:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 9,550 | 9,095
| All other services | 7,491 | 7,233
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 90,000 | 92,000
| Social security costs | 2,249 | 6,441
| Cost of defined contribution scheme | 1,321 | 1,321
|  | 93,570 | 99,762
| The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Employees | 1 | 1
8. | Information in relation to members
|  |  |  |  | 2026 | 2025
|  |  |  |  | Number | Number
| The average number of members during the year was | 2 | 2
Page 16
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost |
| At 1 April 2025 | 11,200
| Additions | 2,698
| At 31 March 2026 | 13,898
| Depreciation |
| At 1 April 2025 | 5,638
| Charge for the year on owned assets | 3,261
| At 31 March 2026 | 8,899
| Net book value |
| At 31 March 2026 | 4,999
| At 31 March 2025 | 5,562
10. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | - | 9,897
| Other debtors | 13,757 | 32,249
| Prepayments and accrued income | 60,419 | 39,255
| Amounts due from members | 99,047 | 112,355
|  | 173,223 | 193,756
Page 17
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 3,866 | 6,042
| Other taxation and social security | 2,965 | -
| Other creditors | 257 | -
| Accruals and deferred income | 37,596 | 16,514
|  | 44,684 | 22,556
12. | Loans and other debts due to members
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other amounts due to members | 880 | -
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Falling due within one year | 880 | -
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Page 18
ALMACE ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
| 13. | Analysis of net debt
|  |  | At 1 April 2025 | Arising from cash flows | Other non-cash changes | At 31 March 2026
|  |  | £ | £ | £ | £
| Cash at bank and in hand | 118,021 | (21,531) | - | 96,490
|  | - | - | - | -
| Other amounts due to members | - | - | (880) | (880)
| Net debt | 118,021 | (21,531) | (880) | 95,610
14. | Pension commitments
The LLP contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £1,321 (2025: £1,321). Contributions totalling £257 (2025 - £nil) were payable to the fund at the reporting date and are included in creditors.
15. | Commitments under operating leases
| At 31 March 2026 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 40,200 | 28,800
16. | Key management personnel
| The key management personnel in the year comprised only of the LLP members, who received no remuneration other than the division of the LLP's profits.
17. | Controlling party
C J Webb is considered to be the controlling party.
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