Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false15102023-01-01falseOther business support service activitiestrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04470767 2023-01-01 2023-12-31 04470767 2022-01-01 2022-12-31 04470767 2023-12-31 04470767 2022-12-31 04470767 c:Director1 2023-01-01 2023-12-31 04470767 c:RegisteredOffice 2023-01-01 2023-12-31 04470767 c:Agent1 2023-01-01 2023-12-31 04470767 d:FurnitureFittings 2023-01-01 2023-12-31 04470767 d:FurnitureFittings 2023-12-31 04470767 d:FurnitureFittings 2022-12-31 04470767 d:ComputerEquipment 2023-01-01 2023-12-31 04470767 d:ComputerEquipment 2023-12-31 04470767 d:ComputerEquipment 2022-12-31 04470767 d:CurrentFinancialInstruments 2023-12-31 04470767 d:CurrentFinancialInstruments 2022-12-31 04470767 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04470767 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04470767 d:ShareCapital 2023-12-31 04470767 d:ShareCapital 2022-12-31 04470767 d:RetainedEarningsAccumulatedLosses 2023-12-31 04470767 d:RetainedEarningsAccumulatedLosses 2022-12-31 04470767 c:FRS102 2023-01-01 2023-12-31 04470767 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04470767 c:FullAccounts 2023-01-01 2023-12-31 04470767 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04470767 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 04470767







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


DG PARTNERS SERVICES LIMITED






































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DG PARTNERS SERVICES LIMITED
 


 
COMPANY INFORMATION


Director
D M Gorton 




Registered number
04470767



Registered office
55 Baker Street
London

W1U 7EU




Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP




Bankers
Barclays Bank PLC
1 Churchill Place

London

E14 5HP




Solicitors
Travers Smith LLP
10 Snow Hill

London

EC1A 2AL





 


DG PARTNERS SERVICES LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 6


 


DG PARTNERS SERVICES LIMITED
REGISTERED NUMBER:04470767



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
8,000
8,000

Investments
 4 
7,945,754
8,239,253

  
7,953,754
8,247,253

Current assets
  

Debtors: amounts falling due within one year
 6 
419,354
1,021,417

Cash at bank and in hand
  
178,290
174,932

  
597,644
1,196,349

Creditors: amounts falling due within one year
 8 
(365,809)
(964,715)

Net current assets
  
 
 
231,835
 
 
231,634

Total assets less current liabilities
  
8,185,589
8,478,887

  

Net assets
  
8,185,589
8,478,887


Capital and reserves
  

Called up share capital 
  
24,092,548
24,092,548

Profit and loss account
  
(15,906,959)
(15,613,661)

  
8,185,589
8,478,887


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

D M Gorton
Director
Date: 18 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


DG PARTNERS SERVICES LIMITED
 


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

1.


General information

DG Partners Services Limited is a limited company registered in England and Wales. The registered office is 55 Baker Street, London, W1U 7EU. Their principal place of business is 20 North Audley Street, Mayfair, London, W1K 6WE.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The Company has an agreement in place pursuant to which it provides services to DG Partners LLP and BH-DG Systematic Trading LLP (each an “LLP”). The LLPs undertake regulated investment management business for their clients. The Company is reimbursed for a proportion of expenses incurred in the provision of services to these entities. The directors have a reasonable expectation that the company has adequate resources to meet its liabilities as they fall due for the foreseeable future. 
Following the Russian invasion of Ukraine in February 2022, various countries have imposed sanctions upon Russia and connected persons and entities. The firm’s client’s exposure to Russia, Belarus and Ukraine is very limited and the various sanctions have not been applicable to our activities thus far. 
Where the firm has identified operational risks relating to the conflict (e.g. due to service providers connected to Ukraine), this has been monitored and where mitigation is required, appropriate courses of action will be pursued. The firm continues to monitor the situation as well as any potential widening of the conflict zone beyond Ukraine.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 2

 


DG PARTNERS SERVICES LIMITED
 


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

2.Accounting policies (continued)

 
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:

Fixtures and fittings
-
4 years straight line
Computer equipment
-
3 to 4 years 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

Valuation of investments

Investments in unlisted company shares, which have been classified as fixed asset investments as the company intends to hold them on a continuing basis, were previously remeasured to fair value at each statement of financial position date. Gains and losses on remeasurement were recognised in the statement of comprehensive income for the period. Where the investment could not be remeasured reliably to fair value it is held at cost less impairment. An adjustment has been made to bring the investments to cost rather than fair value in these financial statements.
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, except where repayable on demand.

 
2.7

Financial instruments

Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. 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 statement of comprehensive income.

Page 3

 


DG PARTNERS SERVICES LIMITED
 


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

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency
The company's functional and presentation currency is pound sterling. 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.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 10).


4.


Fixed asset investments





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023 (as restated)
6,997,000
1,242,253
8,239,253


Fair value movements
(293,499)
-
(293,499)



At 31 December 2023
6,703,501
1,242,253
7,945,754




Included in the investments above at cost less impairment, £6,703,501 (2022: £6,997,000) represents the company’s capital contribution in DG Partners, a limited liability partnership incorporated in England and Wales. During the year, £nil (2022: £nil) was invested in DG Partners LLP. The aggregate amount of members’ capital and other reserves of DG Partners LLP as at 31 December 2023 amounted to £6,333,261 (2022: £12,281,465). The profit of DG Partners LLP available for distribution to members for the year ended 31 December 2023 amounted to £243,758 (2022: £6,327,952). The company does not control or exert significant influence over DG Partners LLP.
At 31 December 2023, the cost of the DG Macro Fund Limited investments was £1,242,253 (2022 restated: £1,242,253). As per note 10, this investment has been restated to bring the value to cost in the prior year.

Page 4

 


DG PARTNERS SERVICES LIMITED
 


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

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
9,200
15,199
24,399



At 31 December 2023

9,200
15,199
24,399



Depreciation


At 1 January 2023
1,200
15,199
16,399



At 31 December 2023

1,200
15,199
16,399



Net book value



At 31 December 2023
8,000
-
8,000



At 31 December 2022
8,000
-
8,000

At 31 December 2023, included in the Furniture and fittings balance is an amount of £8,000 (2022: £8,000) attributable to Artwork, which is not subject to an annual depreciation charge.


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
383,476
994,713

Amounts owed by related parties
1,274
1,218

Other debtors
13,402
3,996

Prepayments and accrued income
21,202
21,490

419,354
1,021,417



7.


Pensions

The pension cost charged during the year amounted to £61,337 (2022: £46,473). The amount outstanding at the year end was £5,456 (2022: £4,721) and is included within creditors.

Page 5

 


DG PARTNERS SERVICES LIMITED
 


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

8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
5,830
4,451

Amounts owed to related parties
811
811

Corporation tax
23,489
120,815

Other taxation and social security
32,711
37,945

Other creditors
5,456
10,087

Accruals and deferred income
297,512
790,606

365,809
964,715



9.


Prior year adjustment

Prior year adjustments have been in these financial statements. An adjustment to bring a fixed asset investment to cost has been made, totalling £211,539. An adjustment has also been made to include a corporation tax provision of £176,155. 
These adjustments have resulted in a reduction to prior year profit by £387,964 and have been reflected in the comparative figures in the financial statements. This has also led to a reduction in the retained earnings in both the prior and current year by the same amount.


10.


Related party transactions

DG Partners US, LLC is a US based company which is a wholly owned subsidiary of DG Partners International Limited. At 31 December 2023, DG Partners US, LLC owed £1,274 (2022: £1,218) to the company.


11.


Ultimate parent undertaking and controlling party

The company is a wholly-owned subsidiary of DG Partners International Limited, a company incorporated in the Cayman Islands. D Gorton is considered the ultimate controlling party as he owns 98% of the shares in DG Partners International Limited.

Page 6