Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3119122023-01-01falseNo description of principal activityfalsetrue OC435237 2023-01-01 2023-12-31 OC435237 2022-01-01 2022-12-31 OC435237 2023-12-31 OC435237 2022-12-31 OC435237 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 OC435237 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 OC435237 c:Buildings c:ShortLeaseholdAssets 2023-12-31 OC435237 c:Buildings c:ShortLeaseholdAssets 2022-12-31 OC435237 c:OfficeEquipment 2023-01-01 2023-12-31 OC435237 c:OfficeEquipment 2023-12-31 OC435237 c:OfficeEquipment 2022-12-31 OC435237 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC435237 c:ComputerEquipment 2023-01-01 2023-12-31 OC435237 c:ComputerEquipment 2023-12-31 OC435237 c:ComputerEquipment 2022-12-31 OC435237 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC435237 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC435237 c:CurrentFinancialInstruments 2023-12-31 OC435237 c:CurrentFinancialInstruments 2022-12-31 OC435237 c:Non-currentFinancialInstruments 2023-12-31 OC435237 c:Non-currentFinancialInstruments 2022-12-31 OC435237 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC435237 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC435237 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 OC435237 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC435237 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 OC435237 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 OC435237 d:FRS102 2023-01-01 2023-12-31 OC435237 d:Audited 2023-01-01 2023-12-31 OC435237 d:FullAccounts 2023-01-01 2023-12-31 OC435237 d:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC435237 c:WithinOneYear 2023-12-31 OC435237 c:WithinOneYear 2022-12-31 OC435237 c:BetweenOneFiveYears 2023-12-31 OC435237 c:BetweenOneFiveYears 2022-12-31 OC435237 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC435237 2 2023-01-01 2023-12-31 OC435237 6 2023-01-01 2023-12-31 OC435237 d:PartnerLLP1 2023-01-01 2023-12-31 OC435237 d:PartnerLLP2 2023-01-01 2023-12-31 OC435237 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC435237 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 iso4217:GBP xbrli:pure
Company registration number: OC435237







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP






































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CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 



INFORMATION





Designated Members

Steven Marshall
Benn Mikula


LLP registered number

OC435237

Registered office

63 St. James's Street
London
SW1A 1LY

Independent auditors

Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT


 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
REGISTERED NUMBER:OC435237



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
391,031
543,458

Investments
 5 
1,304,059
730,884

  
1,695,090
1,274,342

Current assets
  

Debtors: amounts falling due within one year
 6 
741,689
2,057,609

Bank and cash balances
  
2,096,695
1,324,945

  
2,838,384
3,382,554

Creditors: amounts falling due within one year
 7 
(2,322,352)
(1,679,496)

Net current assets
  
 
 
516,032
 
 
1,703,058

Total assets less current liabilities
  
2,211,122
2,977,400

Creditors: amounts falling due after more than one year
 8 
(152,398)
(235,763)

  
2,058,724
2,741,637

Provisions for liabilities
  

Other provisions
 9 
(110,000)
(110,000)

  
 
 
(110,000)
 
 
(110,000)

Net assets
  
1,948,724
2,631,637


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
1,948,724
2,631,637

  
1,948,724
2,631,637

  

  
1,948,724
2,631,637


Total members' interests
  

Loans and other debts due to members
 10 
1,948,724
2,631,637

  
1,948,724
2,631,637


Page 1

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
REGISTERED NUMBER:OC435237


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the Members and were signed on their behalf by: 




Steven Marshall
Designated Member

Date: 28 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Cordiant Digital Infrastructure Management LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Cordiant Digital Infrastructure Management LLP is a Limited Liability Partnership incorporated in England and Wales. The address of the registered office is given on the information page. Its trading address is 63 St James's Street, London, SW1A 1LY. The principal activity of the LLP and the nature of its operations are set out in the members' report. 
The financial statements are prepared in GBP, which is the functional currency of the entity.

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 Section 1A of 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is attributable to management services provided by the LLP to the fund it is responsible for managing. The fees earned are principally contingent upon the value of the average market capitalisation of the fund on a monthly basis. 

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Tangible fixed assets

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

Page 3

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
5 years
Computer equipment
-
3 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.

 
2.6

Valuation of investments

The investment is in listed company shares which are revalued to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period. 

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.8

Financial instruments

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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including members capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet.  Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of members capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Distributions relating to equity instruments are debited direct to equity.

Page 4

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.9

Foreign currency translation

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

  
2.10

Members' participation rights

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 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of Financial Position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of Comprehensive Income and are equity appropriations in the Statement of Financial Position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Statement of Comprehensive Income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

  
2.11

Taxation

In accordance with the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ no taxation is required to be disclosed. Tax is borne by the individual members on their attributable profit shares and not the LLP.


3.


Employees

The average monthly number of employees during the year was 19 (2022 - 12).

Page 5

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
531,561
118,743
44,454
694,758


Additions
-
-
10,699
10,699



At 31 December 2023

531,561
118,743
55,153
705,457



Depreciation


At 1 January 2023
108,247
30,161
12,892
151,300


Charge for the year on owned assets
106,312
39,148
17,666
163,126



At 31 December 2023

214,559
69,309
30,558
314,426



Net book value



At 31 December 2023
317,002
49,434
24,595
391,031



At 31 December 2022
423,314
88,582
31,562
543,458


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
730,884


Additions
634,169


Revaluations
(60,994)



At 31 December 2023
1,304,059




Included within the additions above is £328,899 in relation to amounts in which the LLP was obligated to invest at the year end but had not formally settled until after the year end.


6.


Debtors

2023
2022
£
£

Page 6

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.Debtors (continued)


Amounts owed by group undertakings
36,693
2,012,608

Prepayments and accrued income
704,996
45,001

741,689
2,057,609



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
175,184
685

Amounts owed to group undertakings
-
4,583

Other taxation and social security
378,746
371,359

Other creditors
44,737
394,696

Accruals and deferred income
1,723,685
908,173

2,322,352
1,679,496



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
152,398
235,763

152,398
235,763



9.


Provisions





Dilapidation provision

£





At 1 January 2023
110,000



At 31 December 2023
110,000

Page 7

 


CORDIANT DIGITAL INFRASTRUCTURE MANAGEMENT LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
1,948,724
2,631,637

1,948,724
2,631,637

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

2023
2022
£
£



Falling due within one year
1,948,724
2,631,637

1,948,724
2,631,637

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


11.


Commitments under operating leases

At 31 December 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
412,155
412,155

Later than 1 year and not later than 5 years
765,921
1,178,076

1,178,076
1,590,231


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 February 2024 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8