The members present their annual report and financial statements for the 6 months ended 30 September 2025.
The principal activity of the limited liability partnership (LLP) is to provide investment management services. The LLP is regulated and authorised by The Financial Conduct Authority.
As outlined in note 16 - Events after the reporting date, Green Ash Partners LLP was dissolved and its business transferred to a new limited company on 1st October 2025. All of the assets and liabilities of Green Ash Partners LLP were transferred to Green Ash Partners Investment Management Limited (Company Registered No.14963372 in England & Wales). The potential effects of this on these financial statements is outlined in note 1.2 - Going Concern.
The members' drawings, subscriptions and repayment of members' capital are governed by the LLP Agreement dated 22 April 2010, and subsequently revised on 16 October 2012, 2 April 2013, 18 June 2014, 1 April 2017 and 1 April 2020
Members' capital and drawings are determined by the regulatory requirements of the FCA and any trading needs of the LLP. Members capital is not repayable except where allowed under the FCA rules.
The designated members who held office during the 6 months and up to the date of signature of the financial statements were as follows:
The LLP has documented disclosures required by the FCA under MIFIDPRU 8. The Pillar III risk management and capital resources disclosures required by the FCA are included as an unaudited appendix to the report and accounts.
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. 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 limited liability partnership and of the profit or loss of the limited liability partnership 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 limited liability partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Green Ash Partners LLP for the 6 months ended 30 September 2025 set out on pages 4 to 19 from the limited liability partnership’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the limited liability partnership's members of Green Ash Partners LLP, as a body, in accordance with the terms of our engagement letter dated 24 September 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Green Ash Partners LLP and state those matters that we have agreed to state to the limited liability partnership's members of Green Ash Partners LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Green Ash Partners LLP and its members as a body, for our work or for this report.
It is your duty to ensure that Green Ash Partners 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 Green Ash Partners LLP. You consider that Green Ash Partners LLP is exempt from the statutory audit requirement for the 6 months.
We have not been instructed to carry out an audit or a review of the financial statements of Green Ash Partners 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.
The Income Statement has been prepared on the basis that all operations are continuing operations.
There were no other items of comprehensive income for the current period.
Other than FCA capital requirements, there are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of member's other interests.
Other than FCA capital requirements, there are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of member's other interests.
Green Ash Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 11 Albemarle Street, London, W1S 4HH.
The limited liability partnership's principal activities are disclosed in the Members' Report.
The LLP transferred all its business activities to Green Ash Partners Investment Management Limited (Company Registered No.14963372 in England & Wales) on 1st October 2025. The LLP ceased trading on 30th September 2025 and these financial statements report on the 6 months to that date. It is important to consider that the comparative figures cover the period of a whole year to 31st March 2025.
These financial statements have been prepared in accordance with the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Transfer of business
As outlined in note 16 - Green Ash Partners LLP ceased trading on 30th September 2025 and its business transferred to a new limited company on 1st October 2025. All of the assets and liabilities of Green Ash Partners LLP were transferred to Green Ash Partners Investment Management Limited (Company Registered No.14963372 in England & Wales). Consequently the limited liability partnership is not a going concern, and the members consider that it is appropriate to prepare the financial statements on a basis other than going concern.
The members have considered any adjustments that may be necessary to these financial statements. Such adjustments would include writing down assets to net realisable value, reclassifying long term liabilities as current liabilities, making provisions in respect of contracts that become onerous and also providing for any costs associated with terminating the business.
All assets and liabilities have been transferred to the new company at net book value. There are no long term liabilities, and to the knowledge of the members, no contracts that become onerous and no material costs associated with dissolving the business.
There are no further significant changes to the accounting policies which were previously adopted under the going concern assumption and which are outlined below.
Turnover, which is stated net of value added tax, is attributable to the supply of investment advisory and management services provided during the period to a range of globally based clients, and arising from continuing activities in the United Kingdom. Fees are recognisable once receivable.
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and are charged to the Statement of Comprehensive Income within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown on the Statement of Financial Position within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.
The members’ agreement limits the amount of losses that can be allocated to and recovered from members to the pro-rata amount of undrawn profits remaining in the LLP. Losses are therefore only allocated, in the profit sharing ratios, to the extent that they would not create or increase a debtor balance for any member. Where losses are in excess of undrawn profits these are retained in equity until such time as a decision is made to allocate them in accordance with the members agreement.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.
The members’ participation rights that are classified as liabilities are repayable upon demand or at short notice (eg upon termination of membership), and as such whilst they are financing transactions, the effect of discounting is considered immaterial and so they are not discounted to present value.
Where members do not provide any substantive services, to the extent that profits are liabilities, the automatic right to a share of the LLP’s profits is treated as a return on capital which is the right to share in the future profits of the LLP. The capital contributed by such members is initially recognised at fair value, with the fair value being equal to the amount subscribed. Subsequently, the capital contribution is measured at fair value and remeasured at each period end.
The LLP agreement does not provide the LLP with any rights to recover amounts paid to members, and amounts paid are treated as distributions rather than drawings on account. The LLP considers whether the corresponding distribution forms part of members’ remuneration charged as an expense or represents a discretionary division of profit made during the period. Where the LLP could have chosen never to divide the associated profits, the distribution is accounted for as a discretionary division of profit, and not reported in profit or loss. Conversely, where the distribution is of profits that are subject to automatic division then a liability in respect of those profits will already have been recognised, with the corresponding expense forming part of members’ remuneration charged as an expense, and the distribution will reduce that liability.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. 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.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
Future gains from forward foreign exchange contracts dated after the balance sheet date but contracted for in the period are included in the profit and loss account. The associated liability and debtor for such contracts are included as a net figure in current assets.
Members' remuneration
The limited liability partnership agreement provides that, after members remuneration and any amounts allocated at the discretion of the key persons named in the agreement, any remaining profit is divided amongst the members in proportions set out in the limited liability partnership agreement.
A member's discretionary share in the profit or loss from the period is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves". Minimum guaranteed allocations of profits to members and other payments arising from contractual obligations are included as an expense in the profit and loss account as members' remuneration.
In the application of the limited liability partnership’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 considered to be relevant. Actual results may differ from these estimates.
The members have not been required to make any critical judgements in applying the accounting policies.
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.
An analysis of the limited liability partnership's turnover is as follows:
The average number of persons (excluding members) employed by the partnership during the
Their aggregate remuneration comprised:
The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
Green Ash Partners LLP rented its business premises at 11 Albemarle Street, London. On 1 October 2025, the lease agreement was transferred to Green Ash Partners Investment Management Limited.
At the reporting end date the limited liability partnership had no outstanding commitments for lease payments under operating leases (31/3/2026 - £101,250)
The members dissolved the limited liability partnership on 1st October 2025 and transferred all of its business activities, assets and liabilities to a new limited company, Green Ash Partners Investment Management Limited (Company Registered No.14963372 in England & Wales).
The business activity was transferred as a going concern. These financial statements have been prepared on the basis set out in note 1.2.
On 2nd June 2025, £300,000 member capital was transferred to Green Ash Partners Investments Management Limited as share capital.
During the 6 months to 30 September 2025, fund management fee rebates amounting to £16,981 (Year ended 31/3/2025 - £87,577) were invoiced by Woodman Asset Management AG, a group company registered in Switzerland. The LLP's net income is included in turnover.
As at 30 September 2025, the outstanding amount due to Woodman Asset Management AG was £6,651 (31/3/2025 - £13,458).
Key management personnel
The key management personnel are considered to be the members of the LLP. See note 6 for disclosure of members' remuneration.