Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue22022-04-01falseNo description of principal activity2truefalse OC382042 2022-04-01 2023-03-31 OC382042 2021-04-01 2022-03-31 OC382042 2023-03-31 OC382042 2022-03-31 OC382042 c:ComputerEquipment 2022-04-01 2023-03-31 OC382042 c:ComputerEquipment 2023-03-31 OC382042 c:ComputerEquipment 2022-03-31 OC382042 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC382042 c:CurrentFinancialInstruments 2023-03-31 OC382042 c:CurrentFinancialInstruments 2022-03-31 OC382042 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC382042 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC382042 c:ReportableOperatingSegment1 2022-04-01 2023-03-31 OC382042 c:ReportableOperatingSegment1 2021-04-01 2022-03-31 OC382042 d:RestWorldOutsideUK 2022-04-01 2023-03-31 OC382042 d:RestWorldOutsideUK 2021-04-01 2022-03-31 OC382042 e:FRS102 2022-04-01 2023-03-31 OC382042 e:Audited 2022-04-01 2023-03-31 OC382042 e:FullAccounts 2022-04-01 2023-03-31 OC382042 e:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC382042 5 2022-04-01 2023-03-31 OC382042 e:PartnerLLP1 2022-04-01 2023-03-31 OC382042 e:PartnerLLP2 2022-04-01 2023-03-31 OC382042 e:PartnerLLP3 2022-04-01 2023-03-31 OC382042 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC382042 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC382042 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC382042 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC382042










GS CAPITAL PARTNERS UK LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
GS CAPITAL PARTNERS UK LLP
 

INFORMATION




Designated Members

P J T May
GSC Europe Limited
GSC Global Limited


LLP registered number

OC382042

Registered office

10 Queen Street PlaceLondonEC4R 1AG

Independent auditors

Haysmacintyre LLP10 Queen Street PlaceLondonEC4R 1AG


 
GS CAPITAL PARTNERS UK LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 5
Statement of Comprehensive Income
 
6
Statement of Financial Position
 
7
Reconciliation of Members' Interests
 
8
Notes to the Financial Statements
 
9 - 16


 
GS CAPITAL PARTNERS UK LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The members present their annual report together with the audited financial statements of GS Capital Partners UK LLP (the "LLP") for the year ended 31 March 2023
 

Principal activities
 
 
The principal activity of the LLP is to provide investment management and advisory services directly to a pooled investment vehicle.
 
 
Designated Members
 
 
P J T May, GSC Europe Limited and GSC Global Limited were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Details of changes in members' capital in the year ended 31 March 2022 are set out in the Reconciliation of Members' Interests.
 
 
Policy for members' drawings, subscriptions and repayment of members' capital
 
 
Policy for members' drawings, subscriptions and repayment of members' capital are governed by the LLP agreement dated 1 April 2014.
 
 
Results and distributions
 
 
The results for the year are shown in the statement of comprehensive income on page 7. The LLP's statement of financial position as detailed on page 8, shows a satisfactory position with total members' interests amounting to £360,246 (2022 - £326,558).
 
 
Members' profit allocation
 
 
Any profits are shared among the members as decided by the Executive Committee and governed by the Partnership Agreement dated 1 April 2014 and the additional resolution passed at the year end.
 
 
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.
 
Page 1

 
GS CAPITAL PARTNERS UK LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 

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.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
The auditorsHaysmacintyre LLPhave indicated their willingness to continue in office. The designated members will propose a motion re-appointing the auditors at a meeting of the members.
 

This report was approved by the members and signed on their behalf by: 






................................................
P J T May


Date: 25 July 2023

Page 2

 
GS CAPITAL PARTNERS UK LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS CAPITAL PARTNERS UK LLP
 

Opinion
 

We have audited the financial statements of GS Capital Partners UK LLP (the 'LLP') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 2023 and of its profit for the year 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 Auditors' 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 Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual 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

 
GS CAPITAL PARTNERS UK LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS CAPITAL PARTNERS UK LLP (CONTINUED)


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
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 set out on page 1, 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.


Auditors' 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 Auditors' 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the investment advisory business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. 
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
• inspecting correspondence with the FCA and tax authorities; 
• discussions with management including consideration of known or suspected instances of non-compliance with laws   and regulation and fraud; 
• evaluating management’s controls designed to prevent and detect irregularities; 
• identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by    unusual users or with unusual descriptions; and 
• challenging assumptions and judgements made by management in their critical accounting estimates.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we
Page 4

 
GS CAPITAL PARTNERS UK LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS CAPITAL PARTNERS UK LLP (CONTINUED)


will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 Auditors' 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.





Simon Wilks (Senior Statutory Auditor)
  
for and on behalf of
Haysmacintyre LLP
 
Statutory Auditors
  
10 Queen Street Place
London
EC4R 1AG

25 July 2023
Page 5

 
GS CAPITAL PARTNERS UK LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
2,316,210
1,949,042

Gross profit
  
 
2,316,210
 
1,949,042

Administrative expenses
  
(1,417,407)
(1,061,534)

Operating profit
 5 
 
898,803
 
887,508

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
898,803
 
887,508

There was no other comprehensive income for 2023(2022:£NIL).

The notes on pages 9 to 16 form part of these financial statements.

Page 6

 
GS CAPITAL PARTNERS UK LLP
REGISTERED NUMBER: OC382042

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
5,052
4,852

Current assets
  

Debtors: amounts falling due within one year
 11 
188,386
193,589

Cash at bank and in hand
 12 
250,033
417,271

  
438,419
610,860

Creditors: Amounts Falling Due Within One Year
 13 
(83,225)
(289,154)

Net current assets
  
 
 
355,194
 
 
321,706

  

Net assets
  
360,246
326,558


Represented by:
  

Loans and other debts due to members within one year
  

Amounts due in respect of profits
 14 
32,562
55,280

Members' other interests
  

Members' capital classified as equity
  
100,000
100,000

Other reserves classified as equity
  
227,684
171,278

  
360,246
326,558


Total members' interests
  

Loans and other debts due to members
 14 
32,562
55,280

Members' other interests
  
327,684
271,278

  
360,246
326,558


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 July 2023.



................................................
P J T May
Designated member

The notes on pages 9 to 16 form part of these financial statements.

GS Capital Partners UK LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 7

 
GS CAPITAL PARTNERS UK LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023







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

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
887,508
887,508
-
-
887,508

Members' interests after profit for the year
100,000
949,278
1,049,278
198,969
198,969
1,248,247

Other division of profits
-
(778,000)
(778,000)
778,000
778,000
-

Drawings on account and distribution of profit
 
-
-
-
(921,689)
(921,689)
(921,689)

Amounts due to members
 



55,280
55,280


Balance at 31 March 2022
100,000
171,278
271,278
55,280
55,280
326,558

Profit for the year available for discretionary division among members
 
-
898,803
898,803
-
-
898,803

Members' interests after profit for the year
100,000
1,070,081
1,170,081
55,280
55,280
1,225,361

Other division of profits
-
(842,397)
(842,397)
842,397
842,397
-

Drawings on account and distribution of profit
 
-
-
-
(865,115)
(865,115)
(865,115)

Amounts due to members
 



32,562
32,562


Balance at 31 March 2023 
100,000
227,684
327,684
32,562
32,562
360,246

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 8

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

GS Capital Partners UK LLP is a limited liability partnership incorporated in England and Wales. The registered office is 10 Queen Street Place, London EC4R 1AG.
The limited liability partnership's 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 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

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of GSC Europe Limited as at 31 March 2022 and these financial statements may be obtained from the registered office.

 
2.3

Going concern

In assessing the LLP's ability to continue as a going concern, the members have considered the LLP's liquidity position and regulatory capital. The members have received support from ultimate parent undertaking, Ground Swell Capital LLC, under the Investment Management Agreement until at least 31 July 2024. For this reason, the members continue to adopt the going concern basis in preparing these financial statements. 

 
2.4

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.

Page 9

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

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.

 
2.7

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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

 
2.8

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.

Page 10

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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
-
3 year straight line

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.

 
2.9

Impairment of tangible fixed assets

At each reporting period end date, the LLP 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 LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

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.

 
2.12

Creditors

Short term creditors are measured at the transaction price.

  
2.13

Transfer of members' 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 or FRS102. 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. 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 show as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

Page 11

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the LLP's accounting policies, the members are required to make judgments, 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 do not consider there to be any judgments, estimates or assumptions which might have a material impact on the accounts.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Investment management fees
2,316,210
1,949,042


Analysis of turnover by country of destination:

2023
2022
£
£

Outside of Europe
2,316,210
1,949,042



5.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Exchange differences
5,624
(950)


6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors and their associates:


2023
2022
£
£


Fees payables to the LLP's auditors and their associates for the audit of the 
     LLP's financial statements
10,800
10,000

The LLP has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent LLP.

Page 12

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
563,157
485,020

Social security costs
72,309
60,478

Cost of defined contribution scheme
2,639
2,571

638,105
548,069


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2023
        2022
            No.
            No.







Staff
2
2


8.


Information in relation to members

2023
2022
No.
No.


The average number of members during the year was
3
3










9.


Members' remuneration

From the profit for the year ended 31 March 2023 of £898,803 (2022: £887,508), £842,397 (2022: £778,000) was allocated to the members. The amount of profit attributable to the member with the largest entitlement was £842,397 (2022: £778,000).




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GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2022
24,758


Additions
3,561



At 31 March 2023

28,319



Depreciation


At 1 April 2022
19,906


Charge for the year on owned assets
3,361



At 31 March 2023

23,267



Net book value



At 31 March 2023
5,052



At 31 March 2022
4,852

Page 14

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Debtors

2023
2022
£
£


Trade debtors
106,439
94,193

Amounts owed by group undertakings
-
11,049

Other debtors
19,949
25,947

Prepayments and accrued income
61,998
62,400

188,386
193,589



12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
250,033
417,271



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
38,790
61,444

Other taxation and social security
5,049
168,782

Other creditors
631
629

Accruals and deferred income
38,755
58,299

83,225
289,154


Page 15

 
GS CAPITAL PARTNERS UK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
32,562
55,280

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
32,562
55,280

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


15.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension charge represents contributions payable by the entity to the fund and amounted to £2,639 (2022: £2,571) . Contributions totalling £631 (2022: £629) were payable to the fund at the reporting date and are included in creditors.


16.


Related party transactions

During the year, £2,284,678 (2022: £1,949,042) was charged to Ground Swell Cistern Europe Ltd, for services rendered of which £105,848 (2022: £94,193) was owed to the LLP at the year end. 
The members of the LLP are the only key management personnel and remuneration allocated to them during the year amounted to £842,397 (2022: £778,000).


17.


Controlling party

The immediate parent company is GSC Europe Limited, a company incorporated in England and Wales.
The ultimate parent undertaking is Ground Swell Capital LLC, a company registered in the USA.

Page 16