Limited Liability Partnership registration number OC334478 (England and Wales)
CHARLES STREET SECURITIES EUROPE LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CHARLES STREET SECURITIES EUROPE LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr D Mizrahi
Mr G I Mizrahi
LLP registration number
OC334478
Registered office
1 Wilton Crescent
London
SW1X 8RN
Auditor
Vision Consulting Accountants Limited
555-557 Cranbrook Road
Gants Hill
Ilford
United Kingdom
IG2 6HE
CHARLES STREET SECURITIES EUROPE LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 20
CHARLES STREET SECURITIES EUROPE LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of providing corporate finance and investment advisory 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 their share of profit and the financing requirement of the limited liability partnership. 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 D Mizrahi
Mr G I Mizrahi
Auditor

In accordance with the limited liability partnership's membership agreement, a notice proposing that Vision Consulting Accountants Limited be reappointed as auditor of the limited liability partnership will be put at a general meeting.

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.

CHARLES STREET SECURITIES EUROPE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Approved by the members on 18 July 2024 and signed on behalf by:
18 July 2024
Mr G I Mizrahi
Designated Member
CHARLES STREET SECURITIES EUROPE LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARLES STREET SECURITIES EUROPE LLP
- 3 -
Opinion

We have audited the financial statements of Charles Street Securities Europe LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, 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.

CHARLES STREET SECURITIES EUROPE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARLES STREET SECURITIES EUROPE LLP
- 4 -
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:

 

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 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.

CHARLES STREET SECURITIES EUROPE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARLES STREET SECURITIES EUROPE LLP
- 5 -

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 audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

CHARLES STREET SECURITIES EUROPE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARLES STREET SECURITIES EUROPE LLP
- 6 -
Ghulam Alahi
Senior Statutory Auditor
For and on behalf of Vision Consulting Accountants Limited
18 July 2024
Chartered Accountants
Statutory Auditor
555-557 Cranbrook Road
Gants Hill
Ilford
United Kingdom
IG2 6HE
CHARLES STREET SECURITIES EUROPE LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
573,292
471,176
Cost of sales
(34,498)
(30,832)
Gross profit
538,794
440,344
Administrative expenses
(439,243)
(373,142)
Operating profit
4
99,551
67,202
Interest receivable and similar income
-
19
Amounts written off investments
8
(21,910)
(14,984)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
77,641
52,237
CHARLES STREET SECURITIES EUROPE LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,105
2,806
Investments
11
220,962
235,771
223,067
238,577
Current assets
Debtors
12
59,935
42,900
Cash at bank and in hand
14,582
595
74,517
43,495
Creditors: amounts falling due within one year
13
(83,171)
(53,273)
Net current liabilities
(8,654)
(9,778)
Total assets less current liabilities
214,413
228,799
Provisions for liabilities
Provisions
14
(124,000)
-
Net assets attributable to members
90,413
228,799
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(74,008)
41,681
Other amounts
(116,221)
(116,221)
(190,229)
(74,540)
Members' other interests
Members' capital classified as equity
280,642
303,339
90,413
228,799
The financial statements were approved by the members and authorised for issue on 18 July 2024 and are signed on their behalf by:
18 July 2024
Mr G I Mizrahi
Designated member
Limited Liability Partnership registration number OC334478 (England and Wales)
CHARLES STREET SECURITIES EUROPE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 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
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
303,339
-
303,339
(74,540)
(74,540)
228,799
Profit for the financial year available for discretionary division among members
-
77,641
77,641
-
-
77,641
Members' interests after profit for the year
303,339
77,641
380,980
(74,540)
(74,540)
306,440
Allocation of profit for the financial year
-
(77,641)
(77,641)
77,641
77,641
-
Reclassifications
(22,697)
-
(22,697)
22,697
22,697
-
Drawings on account and distributions of profit
-
-
-
(216,027)
(216,027)
(216,027)
Members' interests at 31 March 2024
280,642
-
280,642
(190,229)
(190,229)
90,413
CHARLES STREET SECURITIES EUROPE LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 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
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
105,642
-
105,642
25,486
25,486
131,128
Profit for the financial year available for discretionary division among members
-
52,237
52,237
-
-
52,237
Members' interests after profit for the year
105,642
52,237
157,879
25,486
25,486
183,365
Allocation of profit for the financial year
-
(52,237)
(52,237)
52,237
52,237
-
Introduced by members
197,697
-
197,697
-
-
197,697
Drawings on account and distributions of profit
-
-
-
(152,263)
(152,263)
(152,263)
Members' interests at 31 March 2023
303,339
-
303,339
(74,540)
(74,540)
228,799
CHARLES STREET SECURITIES EUROPE LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
17
237,115
(12,707)
Investing activities
Purchase of investments
-
(22,697)
Interest received
-
19
Net cash used in investing activities
-
(22,678)
Financing activities
Capital introduced by members (classified as equity)
-
197,697
Payments to members
(223,128)
(152,263)
Net cash (used in)/generated from financing activities
(223,128)
45,434
Net increase in cash and cash equivalents
13,987
10,049
Cash and cash equivalents at beginning of year
595
(9,454)
Cash and cash equivalents at end of year
14,582
595
CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Limited liability partnership information

Charles Street Securities Europe LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Wilton Crescent, London, SW1X 8RN.

 

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 December 2021, 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, modified to include certain financial instruments at fair value. 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

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:

 

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.

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.

CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
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:

Fixtures, fittings and equipment
25% reducing balance
Office renovation
25% reducing balance

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.

1.6
Fixed asset investments

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 

Investments in listed company shares are remeasured to market value at each Statement of financial

position date. Gains and losses on re-measurement are recognised in profit or loss for the period.

1.7
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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.

Other financial liabilities

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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

1.12

Drawings

Drawings are treated as payments on account of profit allocation. So far as there are insufficient funds to allocate such drawings, any drawings in excess of total profits allocated would be included within amounts due from members within debtors.

CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.13

Taxation

The tax to be paid on the profit arising in the LLP are a personal liability of the member of the LLP and therefore are not included as a tax charge or provision within these financial statements.The LLP is not, itself, subject to corporation tax.

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.

 

Investments are based on fair value measurement. The valuation was performed by directors and their opinion of fair value was primarily derived using comparable recent market value.

 

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:

 

Fixtures and fittings         25% reducing balance

Office renovation                    25% reducing balance

3
Turnover

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

2024
2023
£
£
Turnover analysed by class of business
Corporate finance fees
168,299
182,956
Investment management fees
404,993
288,220
573,292
471,176
Interest income
-
19

All turnover arose within the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
7,566
(5,874)
Depreciation of owned tangible fixed assets
701
936
CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
4,750
4,750
6
Employees

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

2024
2023
Number
Number
Management
2
2
7
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Exchange gain on financial assets held at fair value through profit or loss
-
10,600
Other gains/(losses)
Amounts written back to/(written off) investments held at fair value
-
(13,984)
Other gains and losses
(21,910)
(11,600)
(21,910)
(14,984)
9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
11
21,910
11,600
Recognised in:
Amounts written off investments
21,910
11,600

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
10
Tangible fixed assets
Fixtures, fittings and equipment
Office renovation
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
42,523
37,245
79,768
Depreciation and impairment
At 1 April 2023
40,490
36,472
76,962
Depreciation charged in the year
508
193
701
At 31 March 2024
40,998
36,665
77,663
Carrying amount
At 31 March 2024
1,525
580
2,105
At 31 March 2023
2,033
773
2,806
11
Fixed asset investments
2024
2023
£
£
Unlisted investments
220,962
235,771
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
235,771
Additions
37,182
Disposals
(30,081)
At 31 March 2024
242,872
Impairment
At 1 April 2023
-
Impairment losses
21,910
At 31 March 2024
21,910
Carrying amount
At 31 March 2024
220,962
At 31 March 2023
235,771
CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
31,986
42,900
Prepayments and accrued income
27,949
-
59,935
42,900
13
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
-
4,804
Other creditors
17,853
10,524
Accruals and deferred income
65,318
37,945
83,171
53,273
14
Provisions for liabilities
2024
2023
£
£
Other provision
124,000
-
Movements on provisions:
Other provision
£
Additional provisions in the year
124,000

Provisions relate to potential outflows in respect of claims against the appointed representative of the entity.

15
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
(190,229)
(74,540)
16
Ultimate controlling party

Mr G Mizrahi is the controlling party.

CHARLES STREET SECURITIES EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
17
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year
77,641
52,237
Adjustments for:
Investment income recognised in profit or loss
-
(19)
Depreciation and impairment of tangible fixed assets
701
936
Other gains and losses
21,910
14,984
Increase/(decrease) in provisions
124,000
(100,000)
Movements in working capital:
Increase in debtors
(17,035)
(6,353)
Increase in creditors
29,898
25,508
Cash generated from/(absorbed by) operations
237,115
(12,707)
18
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
595
13,987
14,582
Loans and other debts due to members:
- Other amounts due to members
74,540
115,689
190,229
Balances including members' debt
75,135
129,676
204,811
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