Flemyn LLP - LLP accounts 24.3

REGISTERED NUMBER: OC387125 (England and Wales)

MEMBERS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

FLEMYN LLP

Page

General Information

1

Members' Report

2

Chartered Accountants' Report

3

Statement of Comprehensive Income

4

Statement of Financial Position

5

Reconciliation of Members' Interests

7

Notes to the Financial Statements

9

DESIGNATED MEMBERS:

Mr L Gatti Bonati

Mr M C Valentine

REGISTERED OFFICE:

2nd Floor

17 Queen Street

London

W1J 5PH

REGISTERED NUMBER:

OC387125 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

Winchmore Hill

London

N21 3NA

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

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of providing investment and property management services.

DESIGNATED MEMBERS

The designated members during the year under review were:

L Gatti Bonati

M C Valentine

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £730,494 (2025 - £1,130,343 profit).

MEMBERS' INTERESTS

The members' subscription to capital is as determined by the members from time to time having regard to the short, medium and long term needs of the business. The level of capital contribution depends on the member's number of profit sharing units.

On retirement, capital is repaid to the members.

Members are remunerated from the profits of the LLP.Details of changes in members' capital in the year ended 31 March 2026 are set out in the financial statements Profits are allocated and divided between members as agreed by the members from time to time.

Members draw a proportion of their profit share 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.

Losses are shared among the members in accordance with the limited liability partnership agreement.

ON BEHALF OF THE MEMBERS:

Mr M C Valentine - Designated member

21 July 2026

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs 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 Flemyn LLP for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Flemyn LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Flemyn LLP and state those matters that we have agreed to state to the members of Flemyn LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flemyn LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Flemyn 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 Flemyn LLP. You consider that Flemyn 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 Flemyn 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.

AGK Partners

Chartered Accountants

1 Kings Avenue

Winchmore Hill

London

N21 3NA

21 July 2026

REVENUE

1,133,732

1,536,968

Administrative expenses

403,238

406,636

OPERATING PROFIT

730,494

1,130,332

Interest receivable and similar income

-

11

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

730,494

1,130,343

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

730,494

1,130,343

Members' remuneration charged as an
expense

4

(400,000

)

(400,000

)

PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS

330,494

730,343

FIXED ASSETS

Property, plant and equipment

5

7,190

9,586

CURRENT ASSETS

Debtors

6

139,072

116,934

Cash at bank

44,757

42,242

183,829

159,176

CREDITORS

Amounts falling due within one year

7

57,721

35,464

NET CURRENT ASSETS

126,108

123,712

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

133,298

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

MEMBERS' OTHER INTERESTS

Capital accounts

133,298

TOTAL MEMBERS' INTERESTS

Members' other interests

133,298

Amounts due from members

6

(89,831

)

(86,445

)

43,467

46,853

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 March 2026.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 21 July 2026 and were signed by:

Mr M C Valentine - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2025

133,298

-

133,298

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

-

Profit for the financial year available for discretionary
division among members

-

330,494

Members' interests after profit for the year

133,298

330,494

463,792

Other divisions of profit

-

(330,494

)

(330,494

)

Drawings on account and distributions of profit

-

Balance at 31 March 2026

133,298

-

133,298

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

(86,445

)

Balance at 1 April 2025

(86,445

)

46,853

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

400,000

Profit for the financial year available for discretionary
division among members

-

330,494

Members' interests after profit for the year

313,555

777,347

Other divisions of profit

330,494

-

Drawings on account and distributions of profit

(733,880

)

(733,880

)

Amount due to members

-

Amount due from members

(89,831

)

Balance at 31 March 2026

(89,831

)

43,467

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2024

133,298

-

133,298

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

-

Profit for the financial year available for discretionary
division among members

-

730,343

Members' interests after profit for the year

133,298

730,343

863,641

Other divisions of profit

-

(730,343

)

(730,343

)

Drawings on account and distributions of profit

-

Balance at 31 March 2025

133,298

-

133,298

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

18,338

Amount due from members

-

Balance at 1 April 2024

18,338

151,636

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

400,000

Profit for the financial year available for discretionary
division among members

-

730,343

Members' interests after profit for the year

418,338

1,281,979

Other divisions of profit

730,343

-

Drawings on account and distributions of profit

(1,235,126

)

(1,235,126

)

Amount due to members

-

Amount due from members

(86,445

)

Balance at 31 March 2025

(86,445

)

46,853

1.	STATUTORY INFORMATION

Flemyn LLP is a Limited Liability Partnership incorporated and domiciled in England and Wales, registered number 0C387125. The address of the registered office is given in the company information page to these financial statements.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Significant judgements and estimates

In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue, which is stated net of value added tax, is attributable to the supply of investment management services provided during the year to managed funds based in the UK and Europe and arising from continuing activities in the UK. Fees are recognised once receivable.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Office equipment - 25% reducing balance method

Impairment

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the LLP would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Non-financial assets

The carrying amounts of the company's non-financial assets reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Operating leases

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

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred.

Interest receivable and Interest payable

Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy).

Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the company's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

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.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Taxation

No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP which will be assessed on the individual members and not on the LLP.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2025 - 1 ) .

4.	INFORMATION IN RELATION TO MEMBERS

2026

2025

£

Members' remuneration charged as an expense

Members' remuneration recharge

400,000

2026

2025

The average number of members during the year was

2

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 April 2025

and 31 March 2026

49,353

DEPRECIATION

At 1 April 2025

39,767

Charge for year

2,396

At 31 March 2026

42,163

NET BOOK VALUE

At 31 March 2026

7,190

At 31 March 2025

9,586

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Amounts due from members

89,831

86,445

Other debtors

15,216

15,000

Prepayments

34,025

15,489

139,072

116,934

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

17,138

511

Taxation and social security

39,403

34,535

Other creditors

1,180

418

57,721

35,464

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L Gatti Bonati, a designated member.