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Cyrus Capital Partners Limited
























Directors' report and consolidated financial statements



For the year ended 31 December 2023



Registered number: 05251255

 
Cyrus Capital Partners Limited


Company Information


Directors
L E Farrell 
D J Bordessa 
J EP Miller 




Registered number
05251255



Registered office
4 Cork Street, 1st Floor

London

W1S 3LB




Independent auditor
Buzzacott LLP

130 Wood Street

London

EC2V 6DL




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS




Solicitors
Proskauer Rose LLP
110 Bishopsgate

London

EC2N 4AY





 
Cyrus Capital Partners Limited


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Consolidated statement of comprehensive income
 
7
Consolidated statement of financial position
 
8
Company statement of financial position
 
9
Consolidated statement of changes in equity
 
10
Company statement of changes in equity
 
11
Consolidated statement of cash flows
 
12
Notes to the financial statements
 
13 - 24


 
Cyrus Capital Partners Limited

 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for Cyrus Capital Partners Limited ('the company') and its subsidiary undertaking, together referred to as 'the Group', for the year ended 31 December 2023.

Principal activity

The principal activity of the Group in the year under review was the provision of investment advisory services to Cyrus
Capital Partners L.P.

Directors

The directors who served during the year were:

L E Farrell 
D J Bordessa 
J E P Miller 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.

Page 1

 
Cyrus Capital Partners Limited
 
Directors' report (continued)
For the year ended 31 December 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 23 April 2024 and signed on its behalf by:
 





L E Farrell
Director

Page 2

 
 
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Independent auditor's report to the members of Cyrus Capital Partners Limited
For the year ended 31 December 2023

Opinion


We have audited the financial statements of Cyrus Capital Partners Limited ('the parent company') and its subsidiary ('the Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated and Company Statements of changes in equity and the Consolidated Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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:

give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent company'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 directors 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 directors 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.

Page 3

 
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Independent auditor's report to the members of Cyrus Capital Partners Limited (continued)
For the year ended 31 December 2023

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors'
report and from the requirements to prepare a Strategic report.

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the Group's and the parent company'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 directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 4

 
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Independent auditor's report to the members of Cyrus Capital Partners Limited (continued)
For the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 Group financial statements.

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:

the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing investment advisory firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the Group and company through discussions with the directors and other management at the planning stage, and from our knowledge and experience of investment advisory firms;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct
material effect on the financial statements or the operations of the Group and company including the Companies Act 2006, employment legislation and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
inspecting legal correspondence throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with
laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

determined the susceptibility of the Group and company to management override of controls by checking the
implementation of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the year to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated
bias on the part of the Group’s management;
tested the occurrence of revenue by reviewing the service agreement between the Group and its ultimate parent undertaking and investigated any material variances to expectation; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
Page 5

 
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Independent auditor's report to the members of Cyrus Capital Partners Limited (continued)
For the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: 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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company'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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Chapman (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

23 April 2024
Page 6

 
Cyrus Capital Partners Limited


Consolidated statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

Turnover
 4 
4,802,225
4,548,643

Gross profit
  
4,802,225
4,548,643

Administrative expenses
  
(4,784,837)
(4,520,378)

Operating profit
 5 
17,388
28,265

Interest received and similar income
 8 
3,709
328

Profit before taxation
  
21,097
28,593

Tax on profit
 9 
(2,808)
(14,075)

Profit for the year
  
18,289
14,518

Profit for the year attributable to:
  

Owners of the parent company
  
18,289
14,518

There were no other comprehensive income for 2023 or 2022.

The notes on pages 13 to 24 form part of these financial statements.

Page 7

 
Cyrus Capital Partners Limited - Registered number: 05251255

Consolidated statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 11 
20,574
59,034

  
20,574
59,034

Current assets
  

Debtors
 13 
2,129,947
2,105,328

Cash at bank and in hand
 14 
1,053,599
1,341,613

  
3,183,546
3,446,941

Creditors: amounts falling due within one year
 15 
(1,723,258)
(2,043,402)

Net current assets
  
 
 
1,460,288
 
 
1,403,539

Total assets less current liabilities
  
1,480,862
1,462,573

Provisions for liabilities
  

Net assets
  
1,480,862
1,462,573


Capital and reserves
  

Called up share capital 
 18 
150,000
150,000

Profit and loss account
 17 
1,308,862
1,290,573

Equity attributable to owners of the parent company
  
1,458,862
1,440,573

Non-controlling interests
  
22,000
22,000

  
1,480,862
1,462,573


The financial statements were approved and authorised for issue by the board on 23 April 2024 and where signed on their behalf by:




L E Farrell
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 8

 
Cyrus Capital Partners Limited - Registered number: 05251255

Company statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 12 
418,000
418,000

  
418,000
418,000

Current assets
  

Debtors
 13 
1,063,657
1,038,909

Cash at bank and in hand
 14 
2,541
12,290

  
1,066,198
1,051,199

Creditors: amounts falling due within one year
 15 
(25,337)
(28,626)

Net current assets
  
 
 
1,040,861
 
 
1,022,573

Total assets less current liabilities
  
1,458,861
1,440,573

  

Net assets
  
1,458,861
1,440,573


Capital and reserves
  

Called up share capital 
 18 
150,000
150,000

Profit and loss account
 17 
1,308,861
1,290,573

  
1,458,861
1,440,573


The financial statements were approved and authorised for issue by the board on 23 April 2024 and were signed on its behalf by:.



L E Farrell
Director


The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
Cyrus Capital Partners Limited


Consolidated statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 January 2022
150,000
1,276,055
1,426,055
20,450
1,446,505


Comprehensive income for the year

Profit for the year
-
14,518
14,518
-
14,518

Capital contribution
-
-
-
1,550
1,550



At 1 January 2023
150,000
1,290,573
1,440,573
22,000
1,462,573


Comprehensive income for the year

Profit for the year
-
18,289
18,289
-
18,289


At 31 December 2023
150,000
1,308,862
1,458,862
22,000
1,480,862


The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
Cyrus Capital Partners Limited


Company statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
150,000
1,276,055
1,426,055


Comprehensive income for the year

Profit for the year
-
14,518
14,518



At 1 January 2023
150,000
1,290,573
1,440,573


Comprehensive income for the year

Profit for the year
-
18,288
18,288


At 31 December 2023
150,000
1,308,861
1,458,861


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
Cyrus Capital Partners Limited


Consolidated statement of cash flows
For the year ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
18,289
14,518

Adjustments for:

Depreciation of tangible assets
40,033
39,207

Interest received
(3,709)
(328)

Taxation charge
2,808
14,075

(Increase)/decrease in debtors
(114,495)
2,584,984

(Decrease) in creditors
(227,266)
(2,784,506)

Corporation tax (paid)/received
(5,810)
-

Conversion of debt to equity
-
1,550

Net cash generated from operating activities

(290,150)
(130,500)


Cash flows from investing activities

Purchase of tangible fixed assets
(1,573)
(2,523)

Interest received
3,709
328

Net cash from investing activities
2,136
(2,195)


Net (decrease) in cash and cash equivalents
(288,014)
(132,695)

Cash and cash equivalents at beginning of year
1,341,613
1,474,308

Cash and cash equivalents at the end of year
1,053,599
1,341,613


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,053,599
1,341,613

1,053,599
1,341,613


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is 4 Cork Street, 1st Floor, London, W1S 3LB. Its registered number is 05251255.

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 Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:

  
2.2
Basis of consolidation

The consolidated financial statements present the results of the company and its subsidiary ('the Group') as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under
FRS 102, para 1.12(b) not to present the company Statement of cash flows.

  
2.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 Group 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.

Turnover represents income derived from the Group's principal activity of providing investment advisory services to Cyrus Capital Partners LP. in accordance with the Service Agreement. Fees are accrued monthly and are presented exclusive of Value Added Tax.

Page 13

 
Cyrus Capital Partners Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

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.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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.

The estimated useful lives range as follows:

Leasehold improvements
-
Over the remaining lease period
Fixtures and fittings
-
20% on cost
Office equipment
-
33.3% on cost
Computer equipment
-
33.3% on cost

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.

 
2.5

Operating leases

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the lease term.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

Page 14

 
Cyrus Capital Partners Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's and Group'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.

All foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income within 'administrative expenses'.

  
2.11
Pensions

The Group makes contributions into the personal pension plans of its employees. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. 

 
2.12

Interest income

Interest income is recognised in the income statement using the effective interest method.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated statement of comprehensive income, 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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date.

Page 15

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the Group's financial statements.


4.


Analysis of turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Provision of investment advisory services
4,802,225
4,548,643


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
279,935
255,022

Exchange differences
449
30,183


6.


Auditor's remuneration

During the year, the Group obtained the following services from the company's auditor and its associates:


2023
2022
£
£

Fees payable to the company's auditor and its associates for the audit of the consolidated and parent company's financial statements

6,750
6,750

Fees payable to the Group's auditor and its associates in respect of:

The auditing of accounts of associates of the company
10,350
10,350

Audit-related assurance services
4,000
2,500

Taxation compliance services
4,860
4,860

All other services
57,373
47,565

Page 16

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

7.
Staff costs and average number of employees

Staff costs during the year, including directors' remuneration, were as follows:


2023
2022

£
£

Wages and salaries
2,269,533
2,047,784

Social security costs
306,162
280,380

Defined contribution pension cost
23,195
22,028

2,598,890
2,350,192

The average monthly number of employees in the Group (excluding directors) during the year was as follows:


        2023
        2022
            No.
            No.







Fee earners
4
4



Administrators
1
1

5
5



8.


Interest received

2023
2022
£
£


Other interest received
3,709
328

Page 17

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
11,863
15,595

Adjustments in respect of previous periods
(9,867)
-

Total current tax
1,996
15,595

Deferred tax


Origination and reversal of timing differences
(270)
5,214

Adjustments in respect of previous periods
1,082
(6,734)


Taxation on profit on ordinary activities
2,808
14,075

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
21,097
28,593


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
4,962
5,433

Effects of:


Expenses not deductible for tax purposes
4,553
9,183

Adjustments to tax charge in respect of prior periods
(8,785)
(6,734)

Deferred tax
5,120
5,155

Remeasurement of deferred tax
(319)
(1,302)

Other differences
239
5,442

Marginal relief
(2,145)
-

Minority interest allocation
(817)
(3,102)

Total tax charge/(credit) for the year
2,808
14,075

Page 18

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

Deferred taxes recognised at the reporting date have been measured at the rate expected to be applied, under UK tapered rates of corporation tax, when deferred tax crystallises.


10.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income. The profit after tax of the parent company for the year was £18,289 (2022 - £14,518).


11.


Tangible fixed assets

Group






Leasehold improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
334,130
170,813
23,156
76,195
604,294


Additions
-
-
-
1,573
1,573



At 31 December 2023

334,130
170,813
23,156
77,768
605,867



Depreciation


At 1 January 2023
285,218
162,934
20,913
76,195
545,260


Charge for the year
34,526
4,360
841
306
40,033



At 31 December 2023

319,744
167,294
21,754
76,501
585,293



Net book value



At 31 December 2023
14,386
3,519
1,402
1,267
20,574



At 31 December 2022
48,912
7,879
2,243
-
59,034

Page 19

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

12.


Fixed asset investments

Company





Investment in subsidiary undertaking

£



Cost or valuation


At 1 January 2023
418,000



At 31 December 2023

418,000






Net book value



At 31 December 2023
418,000



At 31 December 2022
418,000

The company owns 95% of the partnership capital of Cyrus Capital Partners Europe LLP. The LLP provides non-binding investment advisory and other services. The LLP's registered office is 4 Cork Street, 1st Floor, London, W1S 3LB.


Subsidiary undertaking


At 31 December 2023, the following was the subsidiary undertaking of the company:

Name

Principal activity

Class of shares

Holding

Cyrus Capital Partners Europe LLP
Provision of investment advice
Partnership capital
95%

Page 20

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

13.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts owed by group undertakings
1,575,725
1,781,645
891,655
883,504

Amounts owed by connected companies
8,400
-
-
-

Other debtors
424,264
156,470
171,534
154,266

Prepayments and accrued income
97,784
93,080
-
-

Tax recoverable
23,447
18,814
141
-

Deferred taxation
327
1,139
327
1,139

Amounts due from members
-
54,180
-
-

2,129,947
2,105,328
1,063,657
1,038,909


Included in other debtors is an amount totalling £250,000 (2022: £nil) that relates to a loan due from an employee
of the LLP. Interest is charged at 2.5%.
The loan is repayable in full on 10 October 2028.


14.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,053,599
1,341,613
2,541
12,290



15.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
27,160
100,564
850
876

Amounts owed to non-controlling interests
359,870
183,796
-
-

Corporation tax
11,825
15,639
11,825
15,639

Other creditors
28,205
19,439
-
1

Accruals
1,296,198
1,723,964
12,662
12,110

1,723,258
2,043,402
25,337
28,626


Page 21

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

16.


Deferred taxation


Group



2023


£






At beginning of year
1,139


Charged to profit or loss
(812)



At end of year
327

Company


2023


£






At beginning of year
1,139


Charged to profit or loss
(812)



At end of year
327

The deferred tax asset is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
301
264
301
264

Other timing differences
26
875
26
875

327
1,139
327
1,139


17.


Reserves

Profit and loss account
Includes all current and prior period retained profits and losses. 

Page 22

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



150,000 (2022 - 150,000) Ordinary shares of £1.00 each
150,000
150,000

There are voting, dividend and distribution upon winding up rights attached to the shares that are more particularly described in the Articles of Assocation.



19.


Analysis of changes in net debt

An analysis of changes in net debt has not been presented as all of the company’s cash flows relate to movements
in cash, and the company has no items to include in such an analysis other than the cash flows in the Statement of
cash flows.


20.


Contingent liabilities

The Group and company had no contingent liabilities at 31 December 2023 or 31 December 2022. 


21.
Capital commitments

The Group and company had no capital commitments at 31 December 2023 or 31 December 2022.  


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund ('the Fund'). The pension cost charge represents contributions payable by the Group to the Fund and amounted to £23,195 (2022 - £22,028). Contributions totalling £2,076 (2022 - £3,509) were payable to the Fund at the reporting date and are included in 'other creditors'.


23.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
274,420
256,865

Later than 1 year and not later than 5 years
1,143,560
107,027

Later than 5 years
119,121
-

1,537,101
363,892
Page 23

 
Cyrus Capital Partners Limited

 
Notes to the financial statements
For the year ended 31 December 2023

24.


Related party transactions

During the year, the Group charged Cyrus Capital Partners L.P. £4,802,225 (2022 - £4,548,643) in respect of investment advisory services provided and performance fees. Additionally, Cyrus Capital Partners L.P. paid expenses amounting to £15,912 (2022 - £63,730) on behalf of the Group. The Group paid expenses of £7,269 (2022 - £6,272) on behalf Cyrus Capital Partners L.P.    
At 31 December 2023, £1,575,725 (2022 - £1,781,645) was due from Cyrus Capital Partners L.P. to the Group.
Cyrus Capital Partners L.P. is a related party by virtue of its ownership of Cyrus Capital Partners Limited. 
During the year, the Group paid expenses of £8,400 (2022 - £nil) on behalf of Artystone Holdings Ltd.
At 31 December 2023, £8,400 (2022: £nil) was due from Artystone Holdings Ltd.
Artystone Holdings Ltd is a related party by virtue of being under common ownership.
During the year, Cyrus Capital Partners Europe LLP ('the LLP') allocated profits of £42,893 (2022 - £41,636) to the company.
At 31 December 2023, the company was owed £891,655 (2022 - £883,504) by the LLP. 
The LLP is considered to be a related party as it is a subsidiary of the company.
At 31 December 2023, the Group owed £198,934 to L E Farrell (2022 - £54,180 owed from L E Farrell) after profits for the year had been allocated. 
At 31 December 2023, the Group owed £160,937 to J Miller (2022 - £183,796) after profits for the year had been allocated.
Key management personnel compensation
The directors of the company and members of the subsidiary have authority and responsibility for planning, directing and controlling the activities of the Group and are considered to be key management personnel. Total compensation from the Group in respect of these individuals for the year ended 31 December 2023 was £1,298,055 (2022 - £1,329,265). 


25.


Controlling party

The company's immediate and ultimate controlling parent undertaking is Cyrus Capital Partners L.P., an entity established in the United States of America, with its registered office at 65 East 55th Street, 35th Floor, New York, NY 10022.
The ultimate controlling party of the Group, by virtue of a majority holding in Cyrus Capital Partners L.P., is S Freidheim.
The largest and smallest group for which consolidated financial statements are prepared of which the company is a member is that headed by Cyrus Capital Partners Limited.

Page 24