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Praxis Alpha Partners LLP
























Members' report and financial statements



For the period from 28 May 2021 to 31 March 2022



Registered number: OC437668

 
Praxis Alpha Partners LLP


Information



Designated Members
Haris Papanikolaou
Roland Vetter


LLP registered number
OC437668

Registered office
130 Wood Street
London
EC2V 6DL

Independent auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL


 
Praxis Alpha Partners LLP


Contents



Page
Members' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Reconciliation of members' interests
 
9
Statement of cash flows
 
10
Notes to the financial statements
 
11 - 17


 
Praxis Alpha Partners LLP


Members' report
For the period ended 31 March 2022

The members present their annual report together with the audited financial statements of Praxis Alpha Partners LLP ('the LLP') for the period from 28 May 2021 to 31 March 2022

 

Principal activities
 
 
The LLP was incorporated on 28 May 2021 and commenced trading on 1 March 2022.
 
 
The principal object of the LLP is to provide asset management services.
 
 
Designated Members
 
 
The designated members of the LLP during the period were:

Haris Papanikolaou
Roland Vetter
 

 
Members' capital and interests
 
 
No member shall be entitled to interest on his capital contribution, unless otherwise determined by the LLP and no member may be required to contribute any further capital on the insolvency of the LLP.
No member shall have the right directly or indirectly to withdraw or receive back any part of the amount standing to the
credit of their capital account, except upon the winding-up of the LLP. The Executive Committee may from time to time
determine to return some or all of the amounts standing to the credit of their respective capital accounts to one or more
of the members (whether upon a member ceasing to be a member or otherwise), as the Executive Committee shall
determine in its sole and absolute discretion.
The Executive Committee shall only be permitted to exercise its discretion to return amounts standing to the credit of a
member's capital account to a member where either (i) an amount equal to the amount to be returned is first
contributed to the LLP as additional capital by one or more of the members; or (ii) the LLP has received prior written
approval from the Financial Conduct Authority that it may do so without one or more other members having first
contributed an amount of capital equal to the amount to be returned by the LLP.
 
 
Details of changes in members' capital in the ended 31 March 2022 are set out in the Reconciliation of members' interests.
Members are entitled to monthly drawings, in amounts determined by the Executive Committee at the start of each year.
This amount is determined with consideration to the expected profitability of the LLP in the coming year. Each member is
entitled to withdraw, with consent from the Executive Committee, any amount standing as a credit to their distribution account. In the event that any member has a deficit balance on their distribution account, this is repayable to the LLP at any time, at the discretion of the Executive Member.
As at the end of each Accounting Period of the LLP, the Executive Committee shall, by reference to the LLP Accounts for each Accounting Period, determine the allocation of Income Profits amongst the Members in accordance with the LLP
agreement.
 
 
Page 1

 
Praxis Alpha Partners LLP


Members' report (continued)
For the period ended 31 March 2022

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 judgements 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.
 

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.
 
This report was approved by the members on 27 July 2022 and signed on their behalf by:
 
 


Haris Papanikolaou
Designated member


Page 2

 
 
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Independent auditor's report to the members of Praxis Alpha Partners LLP
For the period ended 31 March 2022

Opinion
 

We have audited the financial statements of Praxis Alpha Partners LLP ('the LLP') for the period ended 31 March 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Reconciliation of members' interests, and the related notes, including a summary of significant accounting policiesThe 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 2022 and of its profit for the period 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 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.


Other information
 

The other information comprises the information included in the Members' Report other than the financial statements and our Auditor's report thereon. The members are responsible for the other information contained within the Members' ReportOur opinion on the financial statements does not cover the other information and 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.

Page 3

 
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Independent auditor's report to the members of Praxis Alpha Partners LLP (continued)
For the period ended 31 March 2022


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which 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
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, 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.


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud
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 Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing regulated investment management firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual and suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the LLP through discussions with the members and other management at the planning stage; 
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP including Companies Act 2006, employment legislation, The Financial Services and Markets Act 2000 and taxation legislation.
Page 4

 
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Independent auditor's report to the members of Praxis Alpha Partners LLP (continued)
For the period ended 31 March 2022

Auditors' responsibilities for the audit of the financial statements (continued)
 
We assessed the extent of compliance with laws and regulations identified above through:
 
making enquiries of management;
reviewing legal expenditure throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
 
identified and assessed the design effectiveness of the controls management has in place to prevent and detect fraud;
determined the susceptibility of the LLP to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process; 
reviewed journal entries throughout the period to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions;
identified and challenged assumptions and judgements made by management in its significant accounting estimates; and 
carried out substantive testing, including random samples, to check the occurrence and cut-off of income and expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or
collusion. 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.


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 Auditor's report.


Page 5

 
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Independent auditor's report to the members of Praxis Alpha Partners LLP (continued)
For the period ended 31 March 2022

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, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Katherine White (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

27 July 2022
Page 6

 
Praxis Alpha Partners LLP


Statement of comprehensive income
For the period ended 31 March 2022

Period from 28 May 2021 to 31 March 2022
Note
£

  

Revenue
 4 
218,990

Gross profit
  
 
218,990

Administrative expenses
  
(209,179)

Other operating income
 5 
27,326

Operating profit
  
 
37,137

Profit for the period before members' remuneration and profit shares
  
 
37,137

Profit for the period before members' remuneration and profit shares
  
37,137

Members' remuneration charged as an expense
  
(33,333)

Profit for the financial period available for discretionary division among members
  
 
3,804

Other comprehensive income for the period
  

  

Total comprehensive income for the period
  
3,804

All amounts relate to continuing operations. 
There was no other comprehensive income for 2022.
The notes on pages 11 to 17 form part of these financial statements.

Page 7

 
Praxis Alpha Partners LLP - Registered number: OC437668

Statement of financial position
As at 31 March 2022

2022
Note
£

Fixed assets
  

Tangible assets
 9 
1,686

  
1,686

Current assets
  

Debtors
 10 
327,621

Cash at bank and in hand
 11 
124,424

  
452,045

Current liabilities
  

Creditors: amounts falling due within one year
 12 
(156,774)

Net current assets
  
 
 
295,271

Total assets less current liabilities
  
296,957

  

Net assets attributable to members
  
296,957


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
76,957

Members' other interests classified as equity
  

Members' capital
  
220,000

  
 
220,000

  
296,957


Total members' interests
  

Loans and other debts due to members
  
76,957

Members' other interests
  
220,000

  
296,957


The financial statements were approved and authorised for issue by the members on 27 July 2022 and were signed on their behalf by:



Haris Papanikolaou
Designated member

The notes on pages 11 to 17 form part of these financial statements.

Page 8

 
Praxis Alpha Partners LLP


Reconciliation of members' interests
For the period ended 31 March 2022







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
Total

£
£
£
£
£
£

Balance at 28 May 2021
-
-
-
-
-
-

Members' remuneration charged as an expense
-
-
-
33,333
33,333
33,333

Profit for the period available for discretionary division among members
 
-
3,804
3,804
-
-
3,804

Members' interests after profit for the period
-
3,804
3,804
33,333
33,333
37,137

Other division of profits
-
(3,804)
(3,804)
3,804
3,804
-

Amounts introduced by members
220,000
-
220,000
73,153
73,153
293,153

Drawings
 
-
-
-
(33,333)
(33,333)
(33,333)

Amounts due to members
 



76,957
76,957


Balance at 31 March 2022 
220,000
-
220,000
76,957
76,957
296,957

The members are only permitted to reduce the amount of 'Members' other interests' at the LLP's sole discretion.
The notes on pages 11 to 17 form part of these financial statements.

Page 9

 
Praxis Alpha Partners LLP


Statement of cash flows
For the period ended 31 March 2022

2022
£

Cash flows from operating activities

Profit for the financial period
3,804

Adjustments for:

Members' remuneration charged as an expense
33,333

Depreciation of tangible assets
742

Increase in debtors
(300,295)

Increase in creditors
129,448

Net cash used in operating activities before transactions with members

(132,968)

Remuneration paid to members
(33,333)

Net cash generated from operating activities
(166,301)

Cash flows from investing activities

Purchase of tangible fixed assets
(2,428)

Net cash from investing activities

(2,428)

Cash flows from financing activities

Members' capital contributed
220,000

Other amounts introduced by members
73,153

Net cash from financing activities
293,153

Net increase in cash and cash equivalents
124,424

Cash and cash equivalents at the end of period
124,424


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
124,424

124,424


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
Praxis Alpha Partners LLP

 
Notes to the financial statements
For the period ended 31 March 2022

1.


General information

Praxis Alpha Partners LLP is a limited liability partnership that was incorporated in England and Wales with registered number is OC437668. Its registered office is 130 Wood Street, London, EC2V 6DL and principal place of business is The Foundry, Smiths Square, London, W6 8AF, London, W14 8UD.

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 ('FRS 102') 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 judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents Management fees earned from providing investment management services during the year.
Management Fees
Represent fees receivable for investment management services, exclusive of Value Added Tax, which are recognised on an accrual basis.

Management fees are recognised when the LLP obtains the right for consideration in exchange for its investment management services.

  
2.3

Other income

Other income relates to amounts accrued from the Research Payment Account for research expenses incurred during the period.

 
2.4

Pensions

Defined contribution pension plan

The LLP operates 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.

Page 11

 
Praxis Alpha Partners LLP

Notes to the financial statements
For the period ended 31 March 2022

2.Accounting policies (continued)

 
2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 12

 
Praxis Alpha Partners LLP

Notes to the financial statements
For the period ended 31 March 2022

2.Accounting policies (continued)

 
2.9

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The members do not consider there to have been any significant judgements in applying the LLP's accounting policies or key sources of estimation uncertainty. 


4.


Revenue

The whole of the revenue is attributable to the LLP's principal activity, the supply of investment management and
advisory services.
All revenue arose within the United Kingdom.


5.


Other operating income

Period from 28 May 2021 to 31 March 2022
£

Other operating income
27,326

27,326


Other income relates to amounts accrued from the Research Payment Account for research expenses incurred
during the period.

Page 13

 
Praxis Alpha Partners LLP

 
Notes to the financial statements
For the period ended 31 March 2022

6.


Auditor's remuneration

Period from 28 May 2021 to 31 March 2022
£



Fees payable to the LLP's auditor and its associates for the audit of the LLP's annual financial statements
7,500


Fees payable to the LLP's auditor and its associates in respect of:


Audit-related assurance services
2,000

Taxation compliance services
3,350

All other services
4,560

9,910


7.


Staff costs and average number of employees

Staff costs were as follows:


2022
£

Wages and salaries
31,324

Social security costs
3,814

Cost of defined contribution scheme
1,253

36,391


The average number of employees during the period was 1.


8.


Information in relation to members

2022
Number


The average number of members during the period was
4









Page 14

 
Praxis Alpha Partners LLP

 
Notes to the financial statements
For the period ended 31 March 2022

9.


Tangible fixed assets





Computer equipment

£



Cost


Additions
2,428



At 31 March 2022

2,428



Depreciation


Charge for the period
742



At 31 March 2022

742



Net book value



At 31 March 2022
1,686

Page 15

 
Praxis Alpha Partners LLP

 
Notes to the financial statements
For the period ended 31 March 2022

10.


Debtors

2022
£


Other debtors
25,456

Prepayments and accrued income
302,165

327,621



11.


Cash and cash equivalents

2022
£

Cash at bank and in hand
124,424

124,424



12.


Creditors: amounts falling due within one year

2022
£

Trade creditors
45,173

Other taxation and social security
10,507

Other creditors
22,512

Accruals and deferred income
78,582

156,774



13.

Loans and other debts due to members

2022
        £
Other amounts due to members

(76,957)


(76,957)


Loans and other debts due to members will be paid after all debts due to ordinary creditors in the event of a winding up.

Page 16

 
Praxis Alpha Partners LLP

 
Notes to the financial statements
For the period ended 31 March 2022

14.


Analysis of changes in net debt

An analysis of changes in net debt has not been presented as all of the entity’s cash flows relate to movements in
cash, and the entity has no items to include in such an analysis other than the cash flows in the Statement of cash
flows.


15.


Contingent liabilities

There were no contingent liabilities at 31 March 2022.


16.


Capital commitments

The LLP had no capital commitments at 31 March 2022.



17.


Pension commitments

The LLP operated a defined contributions 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 £1,253. £1,253 of contributions were payable to the fund at 31 March 2022. 
 

18.


Commitments under operating leases

At 31 March 2022 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
£


Not later than 1 year
59,919

Later than 1 year and not later than 5 years
11,136

71,055


19.


Related party transactions

During the period, a member loaned the LLP £29,000. At 31 March 2021, the LLP owed the member £29,000
Key management personnel compensation
During the year, key management personnel compensation totalled £47,821.


20.


Controlling party

The ultimate controlling party of the LLP was Mr R Vetter.

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