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REGISTERED NUMBER: OC320407 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CIBUS CAPITAL LLP

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CIBUS CAPITAL LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: J Alun-Jones
R C Appleby





REGISTERED OFFICE: 4 Sloane Terrace
London
SW1X 9DQ





REGISTERED NUMBER: OC320407 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Property, plant and equipment 4 45,189 34,340

CURRENT ASSETS
Debtors 5 1,163,836 2,655,872
Cash at bank 1,450,908 756,153
2,614,744 3,412,025
CREDITORS
Amounts falling due within one year 6 1,565,915 1,960,328
NET CURRENT ASSETS 1,048,829 1,451,697
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,094,018 1,486,037

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,094,018

1,486,037

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,094,018 1,486,037

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 July 2024 and were signed by:



J Alun-Jones - Designated member

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Cibus Capital LLP is a limited liability partnership incorporated and domiciled in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going concern
The members believe that the LLP has adequate resources to continue trading for a minimum period of at least 12 months following signing of the balance sheet. On that basis, the members continue to prepare the financial statements on a going concern basis.

Turnover
Revenue is recognised on an accruals basis to the extent that it is probable that future 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.

Tangible fixed assets
Tangible fixed assets are recorded at historical cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property - in accordance with the property lease
Office equipment - 3 years
Fixtures and fittings - 25% on cost
Computer equipment - 3 years

Residual values, useful lives and depreciation method are reviewed, and adjusted if appropriate, at each year end.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within administrative expenses in the statement of comprehensive income.

Financial instruments
Financial assets
The LLP's financial assets comprise basic financial assets, being trade and other receivables and cash at bank.

Cash is represented by cash on deposit with financial institutions repayable without penalty on notice of not more than 24 hours.

Trade and other receivables are measured initially at transaction price and thereafter at the undiscounted amount expected to be received which includes any impairment.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Impairment
An impairment loss is measured as the difference between an asset's carrying amount and best estimate of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial liabilities
The LLP's financial liabilities comprise basic financial liabilities, being trade and other payables. These are initially recognised at transaction price and thereafter at the undiscounted amount expected to be paid.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Foreign currencies
Functional and presentation currency
The LLP's functional and presentational currency is Pound Sterling (£), which is rounding to the nearest Pound (£).

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transaction.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical costs 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 is determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within administrative expenses.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Expenses
Expenses incurred are recognised in the Statement of Comprehensive Income on an accruals basis.

Taxation
No provision has been made for current or deferred taxation in the financial statements of the LLP. Each Member is exclusively liable for any tax liabilities arising out of their interest in the LLP which will be assessed on the individual Members and not the LLP.

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Members' capital
Policies for Members' drawings, subscriptions and repayment of Members' capital are governed by the Limited Liability Partnership Agreement dated 12 February 2019. In summary, capital is contributed by each Member upon admission to the LLP and shall be repayable only with prior consent of the Management Board. Return of regulatory capital to Members is only permitted if: they cease to be a Member and their capital repayment is offset by other Members' contributions; the LLP is dissolved or wound up; the LLP ceases to be authorised by the FCA or the LLP has received permission from the FCA in respect of the return of such a capital contribution. As the Members do not have the right to withdraw capital contributions without the permission of the Management Board, capital contributions are classified as equity.

Profit allocation
Members may draw on account of their share of income profits. Income profits shall be allocated to the Members based on profit percentages set out in the Limited Liability Partnership Agreement, which percentages are determined from time to time by the Management Board.

Amounts due to Members following a discretionary division of profits are credited to Members' current accounts in the period when the allocation occurs. Unallocated profits and losses are included within other reserves and any drawings paid in respect of these unallocated profits are included within debtors.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 20 (2023 - 15 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Office and Computer
equipment fittings equipment Totals
£ £ £ £
COST
At 1 April 2023 14,887 13,786 62,466 91,139
Additions 691 15,296 19,690 35,677
Disposals (2,409 ) (307 ) (30,339 ) (33,055 )
At 31 March 2024 13,169 28,775 51,817 93,761
DEPRECIATION
At 1 April 2023 8,129 5,858 42,812 56,799
Charge for year 3,713 5,580 13,282 22,575
Eliminated on disposal (1,998 ) (307 ) (28,497 ) (30,802 )
At 31 March 2024 9,844 11,131 27,597 48,572
NET BOOK VALUE
At 31 March 2024 3,325 17,644 24,220 45,189
At 31 March 2023 6,758 7,928 19,654 34,340

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors - 2,713
Other debtors 146,684 141,630
VAT 50,437 42,978
Prepayments and accrued income 966,715 2,468,551
1,163,836 2,655,872

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 213,437 156,271
Social security and other taxes 86,906 74,915
Pensions payable 3,575 3,080
Other creditors 14,969 22,750
Accruals and deferred income 1,247,028 1,703,312
1,565,915 1,960,328

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 355,328 355,328
Between one and five years 444,160 977,152
799,488 1,322,480

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Other creditors 14,601 22,750

Included within other creditors is £14,601 relating to credit card balances. There is a fixed and floating charge over the assets of the LLP as a result of banking arrangements with HSBC. The creditor relating to credit card balances, in the previous accounting period, was unsecured.

CIBUS CAPITAL LLP (REGISTERED NUMBER: OC320407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£ £
Amounts owed to members in respect of profits 969,018 1,361,037
Capital account 125,000 125,000
1,094,018 1,486,037

Falling due within one year 1,094,018 1,486,037

Debts due to ordinary creditors rank in preference to loans and other debts due to Members in the event of a winding up. All amounts due to Members are interest free and repayable on demand.

10. REGULATORY CAPITAL

The LLP is regulated by the FCA and subject to the capital requirements imposed by FCA rules. For these purposes the LLP measures regulatory capital as the total of the members capital accounts of £125,000 as, under the FCA rules and under the terms of the LLP agreement, capital accounts are not permitted to be withdrawn. As at 31 March 2024 (and 31 March 2023) the value of the partners capital accounts exceeded the minimum capital requirement of £60,000 for that year.