Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The principal object of the LLP is to provide investment advisory services.2023-01-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC368802 2023-01-01 2023-12-31 OC368802 2022-01-01 2022-12-31 OC368802 2023-12-31 OC368802 2022-12-31 OC368802 c:ComputerEquipment 2023-01-01 2023-12-31 OC368802 c:ComputerEquipment 2023-12-31 OC368802 c:ComputerEquipment 2022-12-31 OC368802 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC368802 c:CurrentFinancialInstruments 2023-12-31 OC368802 c:CurrentFinancialInstruments 2022-12-31 OC368802 c:CurrentFinancialInstruments 2 2023-12-31 OC368802 c:CurrentFinancialInstruments 2 2022-12-31 OC368802 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC368802 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC368802 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 OC368802 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 OC368802 e:FRS102 2023-01-01 2023-12-31 OC368802 e:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC368802 e:FullAccounts 2023-01-01 2023-12-31 OC368802 e:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC368802 e:PartnerLLP1 2023-01-01 2023-12-31 OC368802 e:PartnerLLP2 2023-01-01 2023-12-31 OC368802 e:PartnerLLP3 2023-01-01 2023-12-31 OC368802 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC368802 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC368802 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC368802 c:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 OC368802 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC368802









COVE INVESTMENT PARTNERS LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COVE INVESTMENT PARTNERS LLP
 

INFORMATION



Designated Members
D Zobel
C Zobel (resigned 22 March 2023)
M Goodwin (appointed 22 March 2023)

LLP registered number
OC368802

Registered office
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ

Accountants
Rawlinson & Hunter LLP
Chartered Accountants
6 New Street Square
New Fetter Lane
London
EC4A 3AQ


 
COVE INVESTMENT PARTNERS LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 8


 
COVE INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC368802

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,625
2,102

  
3,625
2,102

Current assets
  

Debtors: amounts falling due within one year
 5 
91,411
61,549

Cash at bank and in hand
 6 
42,424
50,175

  
133,835
111,724

Creditors: Amounts Falling Due Within One Year
 7 
(8,386)
(26,027)

Net current assets
  
 
 
125,449
 
 
85,697

Total assets less current liabilities
  
129,074
87,799

  

Net assets
  
129,074
87,799


Represented by:
  

  

Members' other interests
  

Members' capital classified as equity
  
129,074
129,074

Other reserves classified as equity
  
-
(41,275)

  
 
129,074
 
87,799

  
129,074
87,799


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(66,951)
(40,775)

Members' other interests
  
129,074
87,799

  
62,123
47,024


Page 1

 
COVE INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC368802
    
BALANCE SHEET (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 entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




D Zobel
Designated member

Date: 8 August 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
COVE INVESTMENT PARTNERS LLP
 

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







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
47,476
47,476
-
-
47,476

Members' interests after profit for the year
129,074
(41,275)
87,799
49,225
49,225
137,024

Drawings on account and distribution of profit
-
-
-
(90,000)
(90,000)
(90,000)

Amounts due from members
 



(40,775)
(40,775)


Balance at 31 December 2022
129,074
(41,275)
87,799
(40,775)
(40,775)
47,024

Profit for the year available for discretionary division among members
 
-
79,299
79,299
-
-
79,299

Members' interests after profit for the year
129,074
38,024
167,098
(40,775)
(40,775)
126,323

Division of profits
-
(38,024)
(38,024)
38,024
38,024
-

Drawings
-
-
-
(64,200)
(64,200)
(64,200)

Amounts due from members
 



(66,951)
(66,951)


Balance at 31 December 2023 
129,074
-
129,074
(66,951)
(66,951)
62,123

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 3

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Cove Investment Partners is a Limited Liability Partnership, incorporated in England and Wales with an LLP registration number of OC368802. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 

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

Going concern

The financial statements have been prepared on a going concern basis, as one of the members has
indicated his intention to support the LLP in meeting all liabilities for a period of at least 12 months
from the signing of the financial statements.

 
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.

Page 4

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

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

Rendering of services

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

 
2.5

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.

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

Depreciation is provided on the following basis:

Computer equipment
-
20%
Straight Line

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

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

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



Page 6

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.10

Taxation

In accordance with Section 10 of the Limited Liability Partnership Act 2000, any trade, profession or business carried on by the LLP is treated as though that business were carried on in partnership by its members. Accordingly, any liability to taxation is that of the members themselves and not of the LLP. Thus there is no provision for taxation in these financial statements.


3.


Employees

The average monthly number of employees, including members, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
5,234


Additions
3,123


Disposals
(1,805)



At 31 December 2023

6,552



Depreciation


At 1 January 2023
3,132


Charge for the year on owned assets
754


Disposals
(959)



At 31 December 2023

2,927



Net book value



At 31 December 2023
3,625



At 31 December 2022
2,102

Page 7

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
18,750
20,757

Other debtors
1,869
17

Prepayments and accrued income
3,841
-

Amounts due from members
66,951
40,775

91,411
61,549



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
42,424
50,175



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
2,815
24

Accruals and deferred income
5,571
26,003

8,386
26,027



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
42,424
50,175




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

 
Page 8