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Registered number: OC421679














ASHGROVE CAPITAL LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2024

 
ASHGROVE CAPITAL LLP
 

INFORMATION




Designated Members

I S Rantanen
P J Fretwell
J J Ferguson

Members

Veikko Laine OY
Tetrao SPF
LLP registered number

OC421679

Registered office

12 Little Portland Street
London
W1W 8BJ

Independent auditors

Sopher + Co LLP
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD


 
ASHGROVE CAPITAL LLP
 

CONTENTS



Page
Members' report
 
1 - 2
Independent auditors' report
 
3 - 6
Consolidated statement of comprehensive income
 
7
Consolidated statement of financial position
 
8 - 9
LLP statement of financial position
 
10 - 11
Consolidated reconciliation of members' interests
 
12
LLP reconciliation of members' interests
 
13
Consolidated statement of cash flows
 
14
Notes to the financial statements
 
15 - 25

 
ASHGROVE CAPITAL LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The designated members present their annual report together with the audited financial statements of Ashgrove Capital LLP (the "LLP and the Group") for the ended 31 March 2024.. 
 

Principal activities
 
 
The principal activity of the LLP and the Group is to provide investment advisory and investment management services. The LLP is authorised and regulated by the Financial Conduct Authority.
 
 
Designated Members
 
 
I S Rantanen, P J Fretwell and J J Ferguson were designated members of the LLP and the Group throughout the period.
 

Members


Veikko Laine OY and Tetrao SPF were members of the LLP and the Group throughout the period.
 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended  are set out in the Reconciliation of members' interests.
 
 
Members receive a share of the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. AG Principal Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Remuneration Code
 
 
In accordance with the rules of the Financial Conduct Authority, the LLP has made available information on its Remuneration Code. This information is available on request from the LLP. 
 
 
Page 1

 
ASHGROVE CAPITAL LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Members' responsibilities statement
 
 
The designated 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 designated members to prepare financial statements for each financial year. Under that law the designated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the designated members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments 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 Group will continue in business.
 

The designated members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group 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 the Group 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 designated 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 Group'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 Group's auditors are aware of that information.
 

Auditors
 
 
Under section 487(2) of the Companies Act 2006, Sopher + Co will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
 

This report was approved by the members on 24 July 2024 and signed on their behalf by:
 
 

I S Rantanen
Designated member

Page 2

 
ASHGROVE CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHGROVE CAPITAL LLP
 

Opinion


We have audited the financial statements of Ashgrove Capital LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Group Statement of comprehensive income, the Group and LLP Statements of financial position, the Group Statement of cash flows 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 Group's and of the parent LLP's affairs as at 31 March 2024 and of the Group's 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.


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 Group 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 Group's or the parent 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 designated members with respect to going concern are described in the relevant sections of this report.


Page 3

 
ASHGROVE CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHGROVE CAPITAL LLP (CONTINUED)

Other information


The designated members are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Members' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Members' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the parent LLP financial statements are not in agreement with the accounting records and returns; or
certain disclosures of designated members' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement set out on page , the designated 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 designated 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 designated members are responsible for assessing the Group's and the parent 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 designated members either intend to liquidate the Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.
Page 4

 
ASHGROVE CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHGROVE CAPITAL LLP (CONTINUED)

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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group through discussions with designated members and other management, and from our commercial knowledge and experience of  similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with relevant regulators and legal advisors. 

 
Page 5

 
ASHGROVE CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHGROVE CAPITAL LLP (CONTINUED)

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 designated 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 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 2006Our audit work has been undertaken so that we might state to the LLP's member 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.







Sean Brennan FCCA (Senior statutory auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

24 July 2024
Page 6

 
ASHGROVE CAPITAL LLP
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,044,723
4,817,078

Cost of sales
  
(862,660)
(801,395)

Gross profit
  
 
6,182,063
 
4,015,683

Administrative expenses
  
(5,690,490)
(3,687,760)

Operating profit
 5 
 
491,573
 
327,923

Interest receivable and similar income
 10 
2,017
809

Interest payable and similar expenses
 11 
(9,816)
-

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
483,774
 
328,732

  

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 25 form part of these financial statements.
Page 7

 
ASHGROVE CAPITAL LLP
REGISTERED NUMBER:OC421679

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
47,482
47,571

Current assets
  

Debtors: amounts falling due after more than one year
 14 
-
74,400

Debtors: amounts falling due within one year
 14 
1,107,202
917,374

Cash at bank and in hand
 15 
934,125
671,866

  
2,041,327
1,663,640

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(1,448,545)
(783,112)

Net current assets
  
 
 
592,782
 
 
880,528

  

  

  

Net assets
  
640,264
928,099


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 18 
506,726
804,743

Members' other interests
  

Members' capital classified as equity
  
116,084
116,084

Other reserves classified as equity
  
17,454
7,272

  
640,264
928,099


Total members' interests
  

Amounts due from members (included in debtors)
 14 
(671,726)
(446,103)

Loans and other debts due to members
 18 
506,726
804,743

Members' other interests
  
133,538
123,356

  
(31,462)
481,996

Page 8

 
ASHGROVE CAPITAL LLP
REGISTERED NUMBER:OC421679
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 July 2024.




I S Rantanen
Designated member

The notes on pages 15 to 25 form part of these financial statements.
Page 9

 
ASHGROVE CAPITAL LLP
REGISTERED NUMBER:OC421679

LLP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
47,482
47,571

Investments
 13 
35,218
35,218

  
82,700
82,789

Current assets
  

Debtors: amounts falling due after more than one year
 14 
-
74,400

Debtors: amounts falling due within one year
 14 
1,112,600
775,657

Cash at bank and in hand
 15 
362,630
443,446

  
1,475,230
1,293,503

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(935,120)
(455,465)

Net current assets
  
 
 
540,110
 
 
838,038

Net assets
  
622,810
920,827


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
506,726
804,743

Members' other interests
  

Members' capital classified as equity
  
116,084
116,084

Profit for the year available for discretionary division among members
  
472,570
322,304

Other movements in other reserves

  

(472,570)
(322,304)

Other reserves classified as equity carried forward
  
-
-

  
622,810
920,827


Total members' interests
  

Amounts due from members (included in debtors)
  
(671,726)
(446,103)

Loans and other debts due to members
  
506,726
804,743

Members' other interests
  
116,084
116,084

  
(48,916)
474,724

Page 10

 
ASHGROVE CAPITAL LLP
REGISTERED NUMBER:OC421679
    
LLP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 July 2024.






I S Rantanen
Designated member

The notes on pages 15 to 25 form part of these financial statements.
Page 11

 
ASHGROVE CAPITAL LLP
 

CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







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
 
-
328,732
328,732
-
-
328,732

Members' interests after profit for the year
116,084
328,595
444,679
1,026,296
1,026,296
1,470,975

Other division of profits
-
(322,304)
(322,304)
322,304
322,304
-

Movement in reserves
-
981
981
-
-
981

Drawings
-
-
-
(989,959)
(989,959)
(989,959)

Amounts due to members
804,743
804,743

Amounts due from members
 



(446,103)
(446,103)


Balance at 31 March 2023
116,084
7,272
123,356
358,640
358,640
481,996

Profit for the year available for discretionary division among members
 
-
483,775
483,775
-
-
483,775

Members' interests after profit for the year
116,084
491,047
607,131
358,640
358,640
965,771

Other division of profits
-
(472,570)
(472,570)
472,570
472,570
-

Movement in reserves
-
(1,023)
(1,023)
-
-
(1,023)

Drawings
-
-
-
(996,210)
(996,210)
(996,210)

Amounts due to members
506,726
506,726

Amounts due from members
 



(671,726)
(671,726)


Balance at 31 March 2024 
116,084
17,454
133,538
(165,000)
(165,000)
(31,462)
Page 12

 
ASHGROVE CAPITAL LLP
 

LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024








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 

-
322,304
322,304
-
-
322,304

Members' interests after profit for the year 
116,084
322,304
438,388
1,026,296
1,026,296
1,464,684

Other division of profits 
-
(322,304)
(322,304)
322,304
322,304
-

Drawings 
-
-
-
(989,959)
(989,959)
(989,959)

Amounts due to members 
804,743
804,743

Amounts due from members 




(446,103)
(446,103)


Balance at 31 March 2023
116,084
-
116,084
358,640
358,640
474,724

Profit for the year available for discretionary division among members 

-
472,570
472,570
-
-
472,570

Members' interests after profit for the year 
116,084
472,570
588,654
358,640
358,640
947,294

Other division of profits 
-
(472,570)
(472,570)
472,570
472,570
-

Drawings 
-
-
-
(996,210)
(996,210)
(996,210)

Amounts due to members 
506,726
506,726

Amounts due from members 




(671,726)
(671,726)

Balance at 31 March 2024

116,084
-
116,084
(165,000)
(165,000)
(48,916)

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 13

 
ASHGROVE CAPITAL LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
483,774
328,732

Adjustments for:

Depreciation of tangible assets
16,035
12,100

Interest paid
9,816
-

Interest received
(2,017)
(809)

Decrease/(increase) in debtors
110,196
(320,859)

Increase/(decrease) in creditors
665,434
(20,816)

Other non-cash movement
(1,024)
844

Net cash generated from operating activities before transactions with members

1,282,214
(808)


Cash flows from investing activities

Purchase of tangible fixed assets
(15,946)
(27,897)

Interest received
2,017
809

Net cash from investing activities

(13,929)
(27,088)

Cash flows from financing activities

Interest paid
(9,816)
-

Other transactions with members
(996,210)
(989,959)

Net cash used in financing activities
(1,006,026)
(989,959)

Net increase/(decrease) in cash and cash equivalents
262,259
(1,017,855)

Cash and cash equivalents at beginning of year
671,866
1,689,721

Cash and cash equivalents at the end of year
934,125
671,866


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
934,125
671,866


The notes on pages 15 to 25 form part of these financial statements.

Page 14

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ashgrove Capital LLP was incorporated under the Limited Liability Partnerships Act as a limited liability partnership incorporated and domiciled in England and Wales.
Its registered and trading office is 12 Little Portland Street, London, W1W 8BJ.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss 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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Management and advisory fees are recognised in the period in which services are provided.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

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

Page 16

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over 3 years
Office equipment
-
Over 5 years
Computer equipment
-
Over 4 years

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

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

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 17

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.11

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the Group's accounting policies, which are described above, management has not made any critical judgments or key estimations that have a significant effect on the amounts recognised in the Financial Statements.
Page 18

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

Rest of the world
4,025,870
4,736,618

Rest of Europe
3,018,853
80,460

7,044,723
4,817,078



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreication of tangible fixed assets
16,035
12,100

Exchange differences
(32,060)
(20,490)

Other operating lease rentals
248,000
249,225

Defined contribution pension cost
94,722
56,500


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the LLP's auditors and their associates for the audit of the consolidated and parent LLP's financial statements
15,500
13,750

Fees payable to the LLP's auditors and their associates in respect of:

All non-audit services not included above
14,554
17,111

Page 19

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including members' remuneration, were as follows:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,795,010
1,491,230
2,666,417
1,437,635

Social security costs
354,070
194,296
354,070
194,296

Cost of defined contribution scheme
94,722
56,500
94,722
56,500

3,243,802
1,742,026
3,115,209
1,688,431


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



Group
Group
LLP
LLP
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management and administration
11
8
11
8



Members
5
5
5
5

16
13
16
13


8.


Key management compensation

Key management in the Group overall receive a profit share from the LLP.


9.


Information in relation to members

2024
2023
Number
Number

The average number of members during the year was
5
5










10.


Interest receivable

2024
2023
£
£


Other interest receivable
2,017
809

Page 20

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
553
-

Other interest payable
9,263
-

9,816
-


12.


Tangible fixed assets

Group and LLP






Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
38,910
6,458
22,321
67,689


Additions
4,665
5,937
5,344
15,946



At 31 March 2024

43,575
12,395
27,665
83,635



Depreciation


At 1 April 2023
7,779
2,206
10,133
20,118


Charge for the year on owned assets
8,249
1,984
5,802
16,035



At 31 March 2024

16,028
4,190
15,935
36,153



Net book value



At 31 March 2024
27,547
8,205
11,730
47,482



At 31 March 2023
31,131
4,252
12,188
47,571

Page 21

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments

LLP





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
35,217



At 31 March 2024
35,217






Net book value



At 31 March 2024
35,217



At 31 March 2023
35,217


Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

AshGrove Capital Management Ltd
Guernsey
Ordinary
100%
Ashgrove Specialty Lending Fund I (GP) Limited
Guernsey
Ordinary
100%
Ashgrove Specialty Lending Fund I (GP) S.a.r.l
Luxembourg
Ordinary
100%
Ashgrove Specialty Lending Fund II (GP) S.a.r.l
Luxembourg
Ordinary
100%

Page 22

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Debtors

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
-
74,400
-
74,400


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
-
81,170
-
-

Amounts owed by group undertakings
-
-
110,165
-

Other debtors
167,163
249,041
74,400
199,977

Prepayments and accrued income
268,313
141,060
256,309
129,577

Amounts due from members
671,726
446,103
671,726
446,103

1,107,202
917,374
1,112,600
775,657



15.


Cash and cash equivalents

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
934,125
671,866
362,630
443,446



16.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Trade creditors
435,169
418,174
356,044
149,582

Amounts owed to group undertakings
-
-
-
2

Other taxation and social security
137,559
83,877
136,937
83,876

Other creditors
408,661
24,048
11,108
6,636

Accruals and deferred income
467,156
257,013
431,031
215,369

1,448,545
783,112
935,120
455,465


Page 23

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Financial instruments

During the year, the Group entered into forward exchange contracts to hedge pound sterling for a fixed euro amount.
At the year end, the Group had outstanding forward transactions agreeing to sell EUR 2.46m for GBP 2.18m, which all expire within one year. 


18.


Loans and other debts due to members


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Other amounts due to members
506,726
804,743
506,726
804,743


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

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Falling due within one year
506,726
804,743
506,726
804,743

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


19.


Pension commitments

The LLP operates a defined contributions pension fund scheme. The assets of the pension scheme are held separately from those of the entity in an independently administered pension fund. The pension cost charge represents contributions payable by the entity to the pension fund and amounted to £94,722 (2023 - £56,500).
Contributions totaling £11,105 (2023 - £6,634) were payable to the pension fund at the reporting date and are included in creditors.

Page 24

 
ASHGROVE CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Commitments under operating leases

At 31 March 2024 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
206,667
248,000
206,667
248,000

Later than 1 year and not later than 5 years
-
206,667
-
206,667

206,667
454,667
206,667
454,667


21.


Related party transactions

The LLP has taken advantage of the exemption under FRS102 33.1A Related Party Disclosure not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


22.


Controlling party

The LLP has been controlled by I S Rantanen, P J Fretwell and J J Ferguson as designated members and are also considered the ultimate controlling party.

 
Page 25