Registered number:
UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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BIRCHLANE CAPITAL LLP
REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BIRCHLANE CAPITAL LLP
FOR THE YEAR ENDED 31 MARCH 2024
Windsor House, Station Court
Station Road
Great Shelford
CB22 5NE
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BIRCHLANE CAPITAL LLP
REGISTERED NUMBER: OC424625
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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BIRCHLANE CAPITAL LLP
REGISTERED NUMBER: OC424625
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
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 income statement 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:
The notes on pages 1 to 7 form part of these financial statements.
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Birchlane Capital LLP (''the LLP'') is a Limited Liability Partnership incorporated in England and Wales. The address of its registered office and primary place of business is 8-10 Hill Street, London, England, W1J 5NG.
2.Accounting policies
The following principal accounting policies have been applied:
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 management to exercise judgement in applying the LLP's accounting policies (see note 4).
The following principal accounting policies have been applied:
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.
Turnover, which is stated net of any value added tax, represents management fees and performance fees charged under an investment management agreement with Birchlane Credit Alternatives Fund, an Exempted Company incorporated in the Cayman Islands. Management fees are recognised monthly and are agreed to at the time of the subscription. Performance fees are calculated based on profits exceeding a predetermined benchmark.
No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP. Tax is assessed on the individual members and not on the LLP.
Page 1
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The members have indicated their intention to continue in business and have undertaken to provide any funding necessary for the LLP to meet its liabilities as they fall due for the foreseeable future. Therefore, the members have continued to adopt the going concern basis in preparing these financial statements.
After considering the development of the business and likely future trading conditions, the members have formed a judgment at the time of approving the financial statements, that the partnership should wind down its investment management services business. The partnership has deregistered from the FCA. It is the intention of the members to relaunch the business providing consultancy services. Considering the above, the members have reviewed the LLP's forecasts and considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements given the likely cash flows from operations 12 months from the date of signing this report.
Functional and presentation currency
Transactions and balances
Page 2
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Statement of Financial Position, pending a discretionary decision to divide the profits.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
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:
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.
Page 3
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Capital contributions received from members are classified as capital where there is no fixed repayment or repayment of capital is at the discretion of the LLP.
Discretionary profit allocations are recognised as a deduction from equity in the period that the allocation is approved by the LLP. Unallocated profits and losses are included within ‘other reserves’ in equity. Any drawings paid in respect of those unallocated profits are included within debtors. assumptions in determining the carrying amounts of assets and liabilities. The members’ judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
Page 4
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 5
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 6
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BIRCHLANE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The ultimate controlling party is Fajr Bouguettaya.
Page 7
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