Caseware UK (AP4) 2023.0.135 2023.0.135 002023-01-01falseNo description of principal activity55truefalse OC309546 2023-01-01 2023-12-31 OC309546 2022-01-01 2022-12-31 OC309546 2023-12-31 OC309546 2022-12-31 OC309546 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 OC309546 c:Buildings c:LongLeaseholdAssets 2023-12-31 OC309546 c:Buildings c:LongLeaseholdAssets 2022-12-31 OC309546 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 OC309546 c:FurnitureFittings 2023-01-01 2023-12-31 OC309546 c:FurnitureFittings 2023-12-31 OC309546 c:FurnitureFittings 2022-12-31 OC309546 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC309546 c:OfficeEquipment 2023-01-01 2023-12-31 OC309546 c:OfficeEquipment 2023-12-31 OC309546 c:OfficeEquipment 2022-12-31 OC309546 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC309546 c:ComputerEquipment 2023-01-01 2023-12-31 OC309546 c:ComputerEquipment 2023-12-31 OC309546 c:ComputerEquipment 2022-12-31 OC309546 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC309546 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC309546 c:CurrentFinancialInstruments 2023-12-31 OC309546 c:CurrentFinancialInstruments 2022-12-31 OC309546 c:CurrentFinancialInstruments 2 2023-12-31 OC309546 c:CurrentFinancialInstruments 2 2022-12-31 OC309546 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC309546 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC309546 c:ReportableOperatingSegment1 2023-01-01 2023-12-31 OC309546 c:ReportableOperatingSegment1 2022-01-01 2022-12-31 OC309546 e:FRS102 2023-01-01 2023-12-31 OC309546 e:Audited 2023-01-01 2023-12-31 OC309546 e:FullAccounts 2023-01-01 2023-12-31 OC309546 e:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC309546 c:WithinOneYear 2023-12-31 OC309546 c:WithinOneYear 2022-12-31 OC309546 c:BetweenOneFiveYears 2023-12-31 OC309546 c:BetweenOneFiveYears 2022-12-31 OC309546 c:MoreThanFiveYears 2023-12-31 OC309546 c:MoreThanFiveYears 2022-12-31 OC309546 2 2023-01-01 2023-12-31 OC309546 e:PartnerLLP1 2023-01-01 2023-12-31 OC309546 e:PartnerLLP2 2023-01-01 2023-12-31 OC309546 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC309546 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 iso4217:GBP xbrli:pure


















Cyrus Capital Partners Europe LLP
























Members' report and financial statements



For the year ended 31 December 2023



Registered number: OC309546

 
Cyrus Capital Partners Europe LLP
 


Information



Designated Members
Cyrus Capital Partners Limited
L E Farrell

LLP registered number
OC309546

Registered office
4 Cork Street, 1st Floor
London
W1S 3LB

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 Europe LLP
 


Contents



Page
Members' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Reconciliation of members' interests
 
9
Notes to the financial statements
 
10 - 18


 
Cyrus Capital Partners Europe LLP
 


Members' report
For the year ended 31 December 2023

The members present their members' report together with the audited financial statements of Cyrus Capital Partners Europe LLP ('the LLP') for the year ended 31 December 2023. 
 

Principal activity
 
 
The principal activity of the LLP in the year under review was the provision of investment advisory services to Cyrus Capital Partners L.P. The LLP is authorised by the Financial Conduct Authority. 
 
 
Designated Members
 
 
The designated members of the LLP who served during the year were:
Cyrus Capital Partners Limited
L E Farrell
Members' capital and interests
On formation of the LLP, the members contributed capital of £300,000. Additional capital may be contributed to the LLP by agreement with the Corporate Member (Cyrus Capital Partners Limited) provided that any such further capital contribution will not dilute the interest of L E Farrell without his prior written consent.
Details of changes in members' capital in the year ended 31 December 2023 are set out in the financial statements.
Profits are allocated to the capital account of the Corporate Member in such amounts as the Corporate Member believes are required as working capital and to satisfy financial resources requirements of the FCA.
The remainder of the profits and losses may be allocated according to the ownership, but the Corporate Member is entitled at its sole discretion to alter the allocation of profits and losses.
Subject to the Corporate Member being satisfied as to the level of profit in the year, it has discretion to allow members to make drawings in advance of the financial year end in anticipation of their profit entitlement.
Members' capital may not be redeemed except on the winding up of the LLP or where an equal amount is transferred to another such account by the former member or a person replacing them as a member.
 

 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and of the profit or loss of the LLP for that period.
Page 1

 
Cyrus Capital Partners Europe LLP
 


Members' report (continued)
For the year ended 31 December 2023

Members' responsibilities statement (continued)
In preparing these financial statements, the members are required to:
 
select suitable accounting policies 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 LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
This report was approved by the members on 23 April 2024 and signed on their behalf by:
 
 

L E Farrell
Designated member

Page 2

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

Opinion
 

We have audited the financial statements of Cyrus Capital Partners Europe LLP ('the LLP') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Reconciliation of members' interests 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 LLP's affairs as at 31 December 2023 and of its result 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 members' 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 LLP'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 members 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 members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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 Europe LLP (continued)
For the year ended 31 December 2023

Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of members
 

As explained more fully in the Members' responsibilities statement set out on page 1, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

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 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the Senior Statutory Auditor ensured that the engagement team collectively has 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 LLP through discussions with the designated members 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 company including the Companies Act 2006 as applied to LLPs, The Financial Services and Markets Act 2000, employment legislation and taxation legislation.

Page 4

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

Auditor's responsibilities for the audit of the financial statements (continued)
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 of 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 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 company's management;
tested the occurrence of revenue by reviewing the service agreement between the LLP 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. 

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.
 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Page 5

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

Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP'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 Europe LLP
 


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
  
(3,464,982)
(3,178,070)

Operating profit
 5 
 
1,337,243
 
1,370,573

Interest receivable and similar income
 9 
3,709
328

Profit for the year before members' remuneration and profit shares
  
1,340,952
1,370,901

Members' remuneration charged as an expense
  
(1,340,952)
(1,370,901)

Results for the year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2023 or 2022.

The notes on pages 10 to 18 form part of these financial statements.

Page 7

 
Cyrus Capital Partners Europe LLP - Registered number:OC309546


Statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 10 
20,574
59,034

Current assets
  

Debtors
 11 
1,957,945
1,949,923

Cash at bank and in hand
 12 
1,051,058
1,329,323

  
3,009,003
3,279,246

Creditors: amounts falling due within one year
 13 
(1,338,051)
(1,830,981)

Net current assets
  
 
 
1,670,952
 
 
1,448,265

Total assets less current liabilities
  
1,691,526
1,507,299

Net assets
  
1,691,526
1,507,299


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 14 
1,251,526
1,067,299

Members' other interests
  

Members' capital classified as equity
  
440,000
440,000

  
1,691,526
1,507,299


Total members' interests
  

Amounts due from members (included in debtors)
 11 
-
(54,180)

Loans and other debts due to members
 14 
1,251,526
1,067,299

Members' other interests
  
440,000
440,000

  
1,691,526
1,453,119


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




L E Farrell
Designated member


The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
Cyrus Capital Partners Europe 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)
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 
4,440,478
4,440,478


Balance at 1 January 2022 
409,000
409,000
4,440,478
4,440,478
4,849,478

Members' remuneration charged as an expense
 
-
-
1,370,901
1,370,901
1,370,901

Members' interests after profit for the year
409,000
409,000
5,811,379
5,811,379
6,220,379

Other division of profits
-
-
-
-
-

Conversion of members' capital to debt
31,000
31,000
(31,000)
(31,000)
-

Amounts withdrawn by members
-
-
(4,772,910)
(4,772,910)
(4,772,910)

Interest on capital
-
-
-
-
-

Other movements
 
-
-
5,650
5,650
5,650

Amounts due to members
1,067,299
1,067,299

Amounts due from members
 


(54,180)
(54,180)


Balance at 31 December 2022
440,000
440,000
1,013,119
1,013,119
1,453,119

Members' remuneration charged as an expense
 
-
-
1,340,952
1,340,952
1,340,952

Members' interests after profit for the year
440,000
440,000
2,354,071
2,354,071
2,794,071

Amounts withdrawn by members
-
-
(1,067,804)
(1,067,804)
(1,067,804)

Other movements
 
-
-
(34,741)
(34,741)
(34,741)

Amounts due to members
 


1,251,526
1,251,526


Balance at 31 December 2023 
440,000
440,000
1,251,526
1,251,526
1,691,526

The members are only permitted to reduce the amount of 'Members' other interests' at the LLP's sole discretion.
The notes on pages 9 to 18 form part of these financial statements.

Page 9

 
Cyrus Capital Partners Europe LLP
 
 

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

1.


General information

Cyrus Capital Partners Europe LLP is a limited liability partnership incorporated and registered in England and Wales. The registered office and principal place of business is 4 Cork Street, 1st Floor, London, W1S 3LB. The registered number is OC309546.

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 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 judgment in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

FRS 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cyrus Capital Partners Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

  
2.3
Turnover

Turnover 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. 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 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.

 
Page 10

 
Cyrus Capital Partners Europe LLP
 

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

2.Accounting policies (continued)

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

 
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.

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:

Leasehold improvements
-
For lease period remaining
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 profit or loss on a straight-line basis over the lease term.

 
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.

 
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.

  
2.9
Foreign currency translation

Functional and presentation currency
The LLP's functional and presentational currency is GBP.
 
Page 11

 
Cyrus Capital Partners Europe LLP
 

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

2.Accounting policies (continued)

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 the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'administrative expenses'.

 
2.10

Division and distribution of profits

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 the Statement of comprehensive income.

 
2.11

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.12

Interest income

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

Page 12

 
Cyrus Capital Partners Europe LLP
 
 

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


4.


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

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 LLP obtained the following services from the LLP's auditor and its associates:


2023
2022
£
£

Fees payable to the LLP's auditor and its associates for the audit of the LLP's financial statements

10,350
10,350

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

Audit-related assurance services
4,000
2,500

Taxation compliance services
3,750
2,500

All other non-audit services
54,373
43,995

Page 13

 
Cyrus Capital Partners Europe LLP
 
 

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 were as follows:


2023
2022
£
£

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

Social security costs
306,162
280,380

Cost of defined contribution scheme
23,195
22,028

2,598,890
2,350,192


The average monthly number of persons (excluding members) employed during the year was as follows:


        2023
        2022
            No.
            No.







Fee earners
4
4



Administrators
1
1

5
5


8.


Information in relation to members

2023
2022
No.
No.


The average number of members during the year was
3
3

 
2022
2022
£
£



The amount of profit attributable to the member with the largest entitlement was
960,330
1,027,844



9.


Interest received

2023
2022
£
£


Other interest receivable
3,709
328

3,709
328

Page 14

 
Cyrus Capital Partners Europe LLP
 
 

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

10.


Tangible fixed assets





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 15

 
Cyrus Capital Partners Europe LLP
 
 

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

11.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,575,725
1,781,645

Amounts owed by connected companies
8,400
-

Other debtors
252,730
2,204

Prepayments and accrued income
97,784
93,080

Tax recoverable
23,306
18,814

Amounts due from members
-
54,180

1,957,945
1,949,923


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.


12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,051,058
1,329,323

1,051,058
1,329,323



13.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
26,310
99,688

Other creditors
28,205
19,439

Accruals and deferred income
1,283,536
1,711,854

1,338,051
1,830,981


Page 16

 
Cyrus Capital Partners Europe LLP
 
 

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

14.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
1,251,526
1,067,299

1,251,526
1,067,299


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


15.


Contingent liabilities

The LLP had no contingent liabilities at 31 December 2023 or 31 December 2022. 


16.


Capital commitments

The LLP had no capital commitments at 31 December 2023 or 31 December 2022.


17.


Pension commitments

The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions made by the entity 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'.


18.


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
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 17

 
Cyrus Capital Partners Europe LLP
 
 

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

19.


Related party transactions

During the year, the LLP charged Cyrus Capital Partners L.P. £4,802,225 (2022 - £4,548,643) in respect of investment advisory services provided. Additionally, Cyrus Capital Partners L.P. paid expenses amounting to £15,912 (2022 - £63,730) on behalf of the LLP. The LLP paid expenses of £7,269 (2022 - £6,272) on behalf of Cyrus Capital Partners L.P.
At 31 December 2023, £1,575,725 (2022 - £1,781,645) was due from Cyrus Capital Partners L.P.
Cyrus Capital Partners L.P. is a related party by virtue of being the ultimate parent undertaking.
During the year, the LLP 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.
Transactions with designated members of the LLP are detailed in the Reconciliation of movements in members'
interests.


20.


Controlling party

The LLP's immediate parent undertaking is Cyrus Capital Partners Limited, a company registered in England and
Wales. The registered office of Cyrus Capital Partners Limited is 4 Cork Street, 1st Floor, London, W1S 3LB.
The LLP's ultimate parent undertaking is Cyrus Capital Partners L.P., an entity established in the United States of
America. The registered office of Cyrus Capital Partners L.P. is 65 East 55th Street, 35th Floor, New York, NY 10022.
The ultimate controlling party of the LLP, 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 and of which the LLP is a
member is that headed by Cyrus Capital Partners Limited. Cyrus Capital Partners Limited has the same registered office as the LLP. 

Page 18