Limited Liability Partnership registration number OC339335 (England and Wales)
CHARCOT CAPITAL (UK) LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CHARCOT CAPITAL (UK) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr J B Terrasse
Mr M Van Den Berg
LLP registration number
OC339335
Registered office
1 Parkshot
Richmond
Surrey
TW9 2RD
Auditor
PK Audit LLP
1 Parkshot
Richmond
Surrey
TW9 2RD
CHARCOT CAPITAL (UK) LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
12
Notes to the financial statements
13 - 19
CHARCOT CAPITAL (UK) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2023.

Principal activities
The principal activity of the limited liability partnership is to provide consultancy services.
Members' drawings, contributions and repayments
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to the financing requirement of the company. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".
Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J B Terrasse
Mr M Van Den Berg
Auditor

The auditor, PK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of members' responsibilities

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:

 

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.

CHARCOT CAPITAL (UK) LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 26 July 2023 and signed on behalf by:
26 July 2023
Mr J B Terrasse
Designated Member
CHARCOT CAPITAL (UK) LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARCOT CAPITAL (UK) LLP
- 3 -
Opinion

We have audited the financial statements of Charcot Capital (UK) LLP (the 'limited liability partnership') for the year ended 31 March 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 limited liability partnership’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 annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

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:

 

CHARCOT CAPITAL (UK) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARCOT CAPITAL (UK) LLP
- 4 -
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 limited liability partnership'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 limited liability partnership 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.

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

Extent to which 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:

 

Based on our understanding of the company and industry, and through discussion with the members, we identified that the principal risks were in relation to:

CHARCOT CAPITAL (UK) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARCOT CAPITAL (UK) LLP
- 5 -

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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.

John Waller
Senior Statutory Auditor
For and on behalf of PK Audit LLP
26 July 2023
Chartered Accountants
Statutory Auditor
1 Parkshot
Richmond
Surrey
TW9 2RD
CHARCOT CAPITAL (UK) LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
128,763
156,040
Cost of sales
(34,957)
(33,608)
Gross profit
93,806
122,432
Administrative expenses
(61,368)
(63,259)
Other operating income
-
8,600
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
32,438
67,773

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHARCOT CAPITAL (UK) LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
£
£
Profit for the financial year available for discretionary division among members
32,438
67,773
Other comprehensive income
-
-
Total comprehensive income for the year
32,438
67,773
CHARCOT CAPITAL (UK) LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
1,352
1,891
Current assets
Debtors
9
121,094
124,164
Cash at bank and in hand
3,885
40,838
124,979
165,002
Creditors: amounts falling due within one year
10
(34,241)
(39,468)
Net current assets
90,738
125,534
Total assets less current liabilities and net assets attributable to members
92,090
127,425
Represented by:
Members' other interests
Members' capital classified as equity
59,652
59,652
Other reserves classified as equity
32,438
67,773
92,090
127,425
Total members' interests
Amounts due from members
(36,095)
(83,397)
Members' other interests
92,090
127,425
55,995
44,028
The financial statements were approved by the members and authorised for issue on 26 July 2023 and are signed on their behalf by:
26 July 2023
Mr J B Terrasse
Designated member
Limited Liability Partnership Registration No. OC339335
CHARCOT CAPITAL (UK) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due from members
(83,397)
Members' interests at 1 April 2022
59,652
67,773
127,425
(83,397)
(83,397)
44,028
Profit for the financial year available for discretionary division among members
-
32,438
32,438
-
-
32,438
Members' interests after profit for the year
59,652
100,211
159,863
(83,397)
(83,397)
76,466
Other divisions of profits
-
(67,773)
(67,773)
67,773
67,773
-
Drawings
-
-
-
(20,471)
(20,471)
(20,471)
Members' interests at 31 March 2023
59,652
32,438
92,090
(36,095)
(36,095)
55,995
Amounts due to members
-
Amounts due from members, included in debtors
(36,095)
(36,095)
CHARCOT CAPITAL (UK) LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due from members
(111,835)
Members' interests at 1 April 2021
59,652
94,849
154,501
(111,835)
(111,835)
42,666
Profit for the financial year available for discretionary division among members
-
67,773
67,773
-
-
67,773
Members' interests after profit for the year
59,652
162,622
222,274
(111,835)
(111,835)
110,439
Other divisions of profits
-
(94,849)
(94,849)
94,848
94,848
(1)
Drawings
-
-
-
(66,410)
(66,410)
(66,410)
Members' interests at 31 March 2022
59,652
67,773
127,425
(83,397)
(83,397)
44,028
Amounts due to members
-
Amounts due from members, included in debtors
(83,397)
(83,397)

Profits are divided based on a remuneration model agreed by the members from time to time. Accordingly, there is no automatic division of profits among the members.

Members' other interests rank after unsecured creditors, and loans and other debts due to the member rank pari passu with unsecured creditors in the event of a winding up. The amount of capital each member is required to subscribe, or maybe repaid to the member is determined by agreement between the members from time to time.

CHARCOT CAPITAL (UK) LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Members' capital
Other reserves
Total
£
£
£
Balance at 1 April 2021
59,652
94,849
154,501
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
67,773
67,773
Other division of profits
-
(94,849)
(94,849)
Balance at 31 March 2022
59,652
67,773
127,425
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
32,438
32,438
Other division of profits
-
(67,773)
(67,773)
Balance at 31 March 2023
59,652
32,438
92,090
CHARCOT CAPITAL (UK) LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
13
(16,482)
91,059
Investing activities
Purchase of tangible fixed assets
-
(1,909)
Net cash used in investing activities
-
(1,909)
Financing activities
Payments to members
(20,471)
(66,410)
Net cash used in financing activities
(20,471)
(66,410)
Net (decrease)/increase in cash and cash equivalents
(36,953)
22,740
Cash and cash equivalents at beginning of year
40,838
18,098
Cash and cash equivalents at end of year
3,885
40,838
CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Limited liability partnership information

Charcot Capital (UK) LLP is a limited liability partnership incorporated in England and Wales. The registered office is at 1 Parkshot, Richmond, Surrey, TW9 2RD. The business address is 18b Nevern Square, London, SW5 9PD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for services net of VAT.

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.

1.4
Members' participating interests

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, 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. Undivided 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.

 

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.

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.

CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -

Any drawings on account or distribution of profits are classified as financing cash flows and consistently applied.

1.5
Tangible fixed assets

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:

Computer equipment
25% Straight Line

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 profit and loss account.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

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.

1.7
Financial instruments

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

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.

CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. 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.

Derecognition of financial assets

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.

Classification of financial liabilities

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

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

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.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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 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.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Consultancy services
128,763
156,040
2023
2022
£
£
Turnover analysed by geographical market
UK
17,500
84,800
Europe
53,167
67,012
Other
58,096
4,228
128,763
156,040
2023
2022
£
£
Other significant revenue
Grants received
-
8,600
CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(710)
1,451
Government grants
-
(8,600)
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
8,000
7,500
Depreciation of owned tangible fixed assets
539
823
5
Auditor's remuneration
2023
2022
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
8,000
7,500
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
1
1

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
24,000
23,100
Social security costs
-
238
Pension costs
1,013
1,166
25,013
24,504
7
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
3
3
CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
8
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2022 and 31 March 2023
4,883
Depreciation and impairment
At 1 April 2022
2,992
Depreciation charged in the year
539
At 31 March 2023
3,531
Carrying amount
At 31 March 2023
1,352
At 31 March 2022
1,891
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,858
21,059
Amounts owed by members
36,095
83,397
Other debtors
1,660
9,685
Prepayments and accrued income
30,481
10,023
121,094
124,164
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,614
6,389
Other taxation and social security
894
3,803
Other creditors
4,890
1,360
Accruals and deferred income
23,843
27,916
34,241
39,468
11
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
88,953
114,141
Carrying amount of financial liabilities
Measured at amortised cost
33,347
35,665
CHARCOT CAPITAL (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,013
1,166

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.

13
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year
32,438
67,773
Adjustments for:
Depreciation and impairment of tangible fixed assets
539
822
Movements in working capital:
(Increase)/decrease in debtors
(44,232)
16,195
(Decrease)/increase in creditors
(5,227)
16,686
Decrease in deferred income
-
(10,417)
Cash (absorbed by)/generated from operations
(16,482)
91,059
14
Analysis of changes in net funds
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
40,838
(36,953)
3,885
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200OC3393352022-04-012023-03-31OC339335bus:PartnerLLP12022-04-012023-03-31OC339335bus:PartnerLLP22022-04-012023-03-31OC3393352023-03-31OC3393352021-04-012022-03-31OC339335bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC339335bus:FRS1022022-04-012023-03-31OC339335bus:Audited2022-04-012023-03-31OC339335bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP