Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity119truetrue OC380171 2022-01-01 2022-12-31 OC380171 2021-01-01 2021-12-31 OC380171 2022-12-31 OC380171 2021-12-31 OC380171 2021-01-01 OC380171 c:OfficeEquipment 2022-01-01 2022-12-31 OC380171 c:OfficeEquipment 2022-12-31 OC380171 c:OfficeEquipment 2021-12-31 OC380171 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 OC380171 c:ComputerEquipment 2022-01-01 2022-12-31 OC380171 c:ComputerEquipment 2022-12-31 OC380171 c:ComputerEquipment 2021-12-31 OC380171 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 OC380171 c:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 OC380171 c:OtherPropertyPlantEquipment 2022-12-31 OC380171 c:OtherPropertyPlantEquipment 2021-12-31 OC380171 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 OC380171 c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 OC380171 c:CurrentFinancialInstruments 2022-12-31 OC380171 c:CurrentFinancialInstruments 2021-12-31 OC380171 c:CurrentFinancialInstruments 2 2022-12-31 OC380171 c:CurrentFinancialInstruments 2 2021-12-31 OC380171 c:Non-currentFinancialInstruments 2022-12-31 OC380171 c:Non-currentFinancialInstruments 2021-12-31 OC380171 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC380171 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 OC380171 c:OtherMiscellaneousReserve 2022-01-01 2022-12-31 OC380171 c:OtherMiscellaneousReserve 2022-12-31 OC380171 c:OtherMiscellaneousReserve 2021-12-31 OC380171 c:OtherMiscellaneousReserve 2021-01-01 OC380171 e:FRS102 2022-01-01 2022-12-31 OC380171 e:Audited 2022-01-01 2022-12-31 OC380171 e:FullAccounts 2022-01-01 2022-12-31 OC380171 e:LimitedLiabilityPartnershipLLP 2022-01-01 2022-12-31 OC380171 e:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 OC380171 2 2022-01-01 2022-12-31 OC380171 e:PartnerLLP1 2022-01-01 2022-12-31 OC380171 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-01-01 2022-12-31 OC380171 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC380171 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-12-31 OC380171 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-01-01 OC380171 c:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 OC380171 c:FurtherSpecificReserve1ComponentTotalEquity 2021-12-31 OC380171 c:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 OC380171 c:FurtherSpecificReserve2ComponentTotalEquity 2021-12-31 iso4217:GBP xbrli:pure

Registered number: OC380171










MANZANITA CAPITAL UK LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MANZANITA CAPITAL UK LLP
REGISTERED NUMBER: OC380171

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
157,133
31,409

Current assets
  

Debtor amounts falling due within a year
 6 
1,786,273
2,143,420

Debtor amounts falling due after a year
 6 
-
192

Cash at bank and in hand
  
3,085,428
1,830,193

  
4,871,701
3,973,805

Creditors amounts falling due within one year
 7 
(1,190,991)
(555,067)

Net current assets
  
 
 
3,680,710
 
 
3,418,738

Total assets less current liabilities
  
3,837,843
3,450,147

  

Net assets
  
3,837,843
3,450,147


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
 9 
502,739
402,739

Other reserves classified as equity
 9 
1,137,964
989,675

Other reserves classified as equity
 9 
2,197,140
2,057,733

  
 
3,837,843
 
3,450,147


Total members' interests
  

Amounts due from members
 9 
(918,630)
(1,480,677)

Loans and other debts due to members
 9 
1,137,964
989,675

Members' other interests
 9 
2,699,879
2,460,472

  
2,919,213
1,969,470


Page 1

 
MANZANITA CAPITAL UK LLP
REGISTERED NUMBER: OC380171
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

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




................................................
A Szirtes
Designated member

Date: 28 September 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
MANZANITA CAPITAL UK LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Members' capital
Other reserves
Total

£
£
£


At 1 January 2021
402,739
1,328,559
1,731,298



Profit and total comprehensive income for the year
-
2,057,733
2,057,733

Allocated profit
-
(1,328,559)
(1,328,559)



At 1 January 2022
402,739
2,057,733
2,460,472



Profit and total comprehensive income for the year
-
2,197,140
2,197,140

Allocated profit
-
(2,057,733)
(2,057,733)

Capital introduced by members
100,000
-
100,000


At 31 December 2022
502,739
2,197,140
2,699,879

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Manzanita Capital UK LLP is a limited liability partnership incorporated in England and Wales. The registered office is 43 Great Malborough Street, 3rd Floor, London, England, W1F 7JL. 
The limited liability partnerships' principal activities are disclosed in the Members' Report.

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 Section 1A of 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 judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Members' have considered the future prospects and cash flows of the LLP and remain satisfied that the LLP will have adequate resources to continue to meet its ongoing liabilities as and when they fall due and, accordingly, are satisfied that it is appropriate for these financial statements to be prepared on a going concern basis.

 
2.3

Turnover

Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred, but excludes VAT.

Page 4

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.4

Members' participating interests

Members' participation rights are the rights of a member against the limited liability partnership 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 limited liability partnership are analysed between those that are, from the limited liability partnership's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation right including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the limited liability partnership 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, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Unallocated amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.
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.

 
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.
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

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:

Fixtures, fittings & equipment
-
Over 5 years at 20% on straight line basis
Computer equipment
-
Over 3 years at 33.33% on straight line basis
Leasehold improvements
-
Over 3 years at 33.33% on straight line basis

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.

Page 5

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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.

 
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.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to the statement of total comprehensive income on a straight-line basis over the lease term.

 
2.11

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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.

 
2.12

Pensions

The LLP contributes to the personal pension plans of certain employees. Contributions are charged to the statement of total comprehensive income in the period they are payable.

Page 6

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

 
2.15

Taxation

The taxation payable on the limited liability partnership profits is solely the personal liability of the individual members, or consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

  
2.16

Members' remuneration and equity

A member's share in the profit or loss for the year is accounted for when profits are allocated. Unallocated profits and losses are included within other reserves. The treatment of members' remuneration in the statement of total comprehensive income is determined by reference to the nature of the participation rights that give rise to the remuneration. If the members' remuneration gives rise to a liability it is charged as an expense. Amounts subscribed or otherwise contributed by members are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity capital. Equity capital is any capital that is repayable to the member only at the discretion of the limited liability partnership.

Page 7

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The members do not consider there to be any critical judgements in applying the accounting policies. The members make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
• 
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the tangible assets and note 2.5 for the useful economic lives for each class of assets.
• 
Impairment of debtors
The members make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the members consider factors including the current credit rating of the debtor, the ageing profit of debtors and historical experience. See note 7 for the net carrying amount of the debtors. No provision for impairment has been recognised.


4.


Employees

The average monthly number of employees, including members, during the year was 11 (2021 - 9).

Page 8

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Office furniture
Computer equipment
Leasehold improvement
Total

£
£
£
£



Cost


At 1 January 2022
145,334
107,646
-
252,980


Additions
98,787
26,238
29,765
154,790


Disposals
(17,624)
(2,426)
-
(20,050)



At 31 December 2022

226,497
131,458
29,765
387,720



Depreciation


At 1 January 2022
128,923
92,648
-
221,571


Charge for the year on owned assets
5,100
9,060
1,743
15,903


Disposals
(4,461)
(2,426)
-
(6,887)



At 31 December 2022

129,562
99,282
1,743
230,587



Net book value



At 31 December 2022
96,935
32,176
28,022
157,133



At 31 December 2021
16,411
14,998
-
31,409

Page 9

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors


2022
2021
£
£

Due after more than one year

Other debtors
-
192

Due within one year

Trade debtors
624,187
504,275

Amounts owed by group undertakings
4,382
25,005

Other debtors
138,836
7,949

Prepayments and accrued income
100,236
125,513

Amounts due from members
918,630
1,480,677

1,786,271
2,143,611


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
165,905
66,480

Amounts owed to group undertakings
519,458
141,384

Tax due to HMRC
30,077
31,879

Other creditors
10,856
8,546

Accruals and deferred income
464,695
306,778

1,190,991
555,067


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


8.


Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

Page 10

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Reconciliation of members' interests 







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

£
£
£
£
£
£

Amounts due to members 
655,015
655,015


Amounts due from members 

(727,039)
(727,039)


Balance at 1 January 2021 
402,739
1,328,559
1,731,298
(72,024)
(72,024)
1,659,274

Profit for the year available for discretionary division among members
 
-
2,057,733
2,057,733
-
-
2,057,733

Members' interests after profit for the year
402,739
3,386,292
3,789,031
(72,024)
(72,024)
3,717,007

Other division of profits
-
(1,328,559)
(1,328,559)
1,328,559
1,328,559
-

Drawings
-
-
-
(1,485,748)
(1,485,748)
(1,485,748)

Other movements
-
-
-
(261,789)
(261,789)
(261,789)

Amounts due to members
989,675
989,675

Amounts due from members
 



(1,480,677)
(1,480,677)


Balance at 31 December 2021
402,739
2,057,733
2,460,472
(491,002)
(491,002)
1,969,470

Profit for the year available for discretionary division among members
 
-
2,197,140
2,197,140
-
-
2,197,140

Members' interests after profit for the year
402,739
4,254,873
4,657,612
(491,002)
(491,002)
4,166,610

Other division of profits
-
(2,057,733)
(2,057,733)
2,057,733
2,057,733
-

Amounts introduced by members
100,000
-
100,000
-
-
100,000

Drawings
-
-
-
(1,492,645)
(1,492,645)
(1,492,645)

Other movements
-
-
-
145,248
145,248
145,248

Amounts due to members
1,137,964
1,137,964

Amounts due from members
 



(918,630)
(918,630)


Balance at 31 December 2022 
502,739
2,197,140
2,699,879
219,334
219,334
2,919,213

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 11

 
MANZANITA CAPITAL UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Related party transactions

During the year ended 31 December 2022, one of the LLP members was loaned £100,000 in return for a capital contribution of £100,000 on becoming a member of the LLP. At the year end, the amount owed to the LLP was £100,000. This loan is interest free and repayable from a future distribution to the member.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 28 September 2023 by Simon Wilks (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 12