Limited Liability Partnership Registration No. OC343656 (England and Wales)
Castellain Capital LLP
Annual report and financial statements
For the year ended 31 March 2024
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
S Ackerman
D Gelber
R S Goldsmith
J Naggar
LLP registration number
OC343656
Registered office
34 New Cavendish Street
London
W1G 8UB
Auditor
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 20
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership is the provision of investment management and advisory services.

 

The limited liability partnership is authorised and regulated by the Financial Conduct Authority. MIFIDPRU 8 disclosures for the limited liability partnership, as required by the Financial Conduct Authority, can be found on the limited liability partnership's website: www.cascap.co.uk.

The results for the period and the financial position at the period end were considered satisfactory in the light of the current economic climate by the members.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to make drawings against their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

S Ackerman
D Gelber
R S Goldsmith
J Naggar
Auditor
The auditor, MGR Weston Kay LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Statement of members' responsibilities

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditors are unaware. Additionally, the members have taken all the necessary steps that they ought to have taken as members in order to make themselves aware of all relevant audit information and to establish that the limited liability partnership's auditors are aware of that information.

On behalf of the members
R S Goldsmith
Designated Member
19 July 2024
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASTELLAIN CAPITAL LLP
- 3 -
Opinion

We have audited the financial statements of Castellain Capital LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 the date 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 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.

CASTELLAIN CAPITAL LLP
Castellain Capital LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTELLAIN CAPITAL LLP
- 4 -
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:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

CASTELLAIN CAPITAL LLP
Castellain Capital LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTELLAIN CAPITAL LLP
- 5 -
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:

 

Based on our understanding of the LLP and the services provided, we have identified that the principal risks of non-compliance with laws and regulations related to the LLP's registration with the Financial Conduct Authority (FCA) and employment regulation. We have considered the extent to which non-compliance might have a material effect on the financial statements. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as 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.

 

We evaluated the members' incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls and determined that the principal risks were in relation to management bias through judgements and assumptions in accounting estimates and the use of service organisations by the limited liability partnership.

 

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

 

 

Our audit procedures in relation to fraud included but were not limited to:

 

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with the members. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

 

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.

 

 

CASTELLAIN CAPITAL LLP
Castellain Capital LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTELLAIN CAPITAL LLP
- 6 -

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nigel Walfisz FCA (Senior Statutory Auditor)
for and on behalf of MGR Weston Kay LLP
23 July 2024
Chartered Accountants
Statutory Auditor
55 Loudoun Road
St John's Wood
London
NW8 0DL
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
2,150,349
1,826,225
Cost of sales
(10,361)
(38,296)
Gross profit
2,139,988
1,787,929
Administrative expenses
(1,008,318)
(803,459)
Operating profit
5
1,131,670
984,470
Interest receivable and similar income
8
3,165
138
Profit for the financial year before taxation
1,134,835
984,608
Profit for the financial year before members' remuneration and profit shares
1,134,835
984,608
Profit for the financial year before members' remuneration and profit shares
1,134,835
984,608
Members' remuneration charged as an expense
7
(275,000)
(275,000)
Profit for the financial year available for discretionary division among members
859,835
709,608

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CASTELLAIN CAPITAL LLP
Castellain Capital LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the financial year available for discretionary division among members
859,835
709,608
Other comprehensive income
-
-
Total comprehensive income for the year
859,835
709,608
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
8,069
17,081
Current assets
Debtors
10
771,340
483,829
Cash at bank and in hand
506,681
487,274
1,278,021
971,103
Creditors: amounts falling due within one year
11
(156,209)
(48,626)
Net current assets
1,121,812
922,477
Total assets less current liabilities
1,129,881
939,558
Represented by:
Loans and other debts due to members within one year
Other amounts
100
-
100
-
Members' other interests
Members' capital classified as equity
269,946
229,950
Other reserves classified as equity
859,835
709,608
1,129,881
939,558
Total members' interests
Amounts due from members
(528,830)
(259,988)
Loans and other debts due to members
100
-
Members' other interests
1,129,781
939,558
601,051
679,570
The financial statements were approved by the members and authorised for issue on 19 July 2024 and are signed on their behalf by:
19 July 2024
S Ackerman
R S Goldsmith
Designated Member
Designated Member
Limited Liability Partnership Registration No. OC343656
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amount due from members
(259,988)
Members' interests at 1 April 2023
229,950
709,608
939,558
(259,988)
(259,988)
679,570
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
275,000
275,000
275,000
Profit for the financial year available for discretionary division among members
-
859,835
859,835
-
-
859,835
Members' interests after profit and remuneration for the year
229,950
1,569,443
1,799,393
15,012
15,012
1,814,405
Other divisions of profits
-
(709,608)
(709,608)
709,608
709,608
-
Introduced by members
39,996
-
39,996
-
-
39,996
Drawings
-
-
-
(1,253,450)
(1,253,450)
(1,253,450)
Other movements
-
-
-
100
100
100
Members' interests at 31 March 2024
269,946
859,835
1,129,781
(528,730)
(528,730)
601,051
Amounts due to members
100
Amounts due from members, included in debtors
(528,830)
(528,730)
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amount due from members
(392,200)
Members' interests at 1 April 2022
229,950
3,378,368
3,608,318
(392,200)
(392,200)
3,216,118
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
275,000
275,000
275,000
Profit for the financial year available for discretionary division among members
-
709,608
709,608
-
-
709,608
Members' interests after profit and remuneration for the year
229,950
4,087,976
4,317,926
(117,200)
(117,200)
4,200,726
Other divisions of profits
-
(3,378,368)
(3,378,368)
3,378,368
3,378,368
-
Drawings
-
-
-
(3,521,156)
(3,521,156)
(3,521,156)
Members' interests at 31 March 2023
229,950
709,608
939,558
(259,988)
(259,988)
679,570
Amounts due from members, included in debtors
(259,988)
(259,988)
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
1,230,621
1,067,211
Investing activities
Purchase of tangible fixed assets
(1,025)
-
Interest received
3,165
138
Net cash generated from investing activities
2,140
138
Financing activities
Capital introduced by members (classified as debt or equity)
40,096
-
Payments to members that represent a return on amounts subscribed or otherwise contributed
(1,253,450)
(3,521,156)
Net cash used in financing activities
(1,213,354)
(3,521,156)
Net increase/(decrease) in cash and cash equivalents
19,407
(2,453,807)
Cash and cash equivalents at beginning of year
487,274
2,941,081
Cash and cash equivalents at end of year
506,681
487,274
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The members are not aware of any significant sources of estimation uncertainty in the preparation of the financial statements.

2
Accounting policies
Limited liability partnership information

Castellain Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 34 New Cavendish Street, London, W1G 8UB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

2.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover represents fees receivable for investment advisory and management services provided. Turnover is recognised when the LLP obtains the right to consideration in exchange for its performance of services.

CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 14 -
2.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the term of the lease
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

2.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

2.8
Financial assets and financial instruments
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover
Investment advisory and management services
2,150,349
1,826,225
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
4
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
12,750
9,400
For other services
Taxation compliance services
2,100
2,400
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
10,037
12,160
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Administration
5
4

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
447,320
276,104
Social security costs
50,530
28,900
Pension costs
50,325
84,359
548,175
389,363
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
7
Members' remuneration
2024
2023
Number
Number
The average number of members during the year was
11
11
2024
2023
£
£
Profit attributable to the member with the highest entitlement
437,939
1,754,735
2024
2023
£
£
Remuneration of members charged as an expense
275,000
275,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,165
138
9
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
34,013
8,530
25,946
68,489
Additions
-
-
1,025
1,025
At 31 March 2024
34,013
8,530
26,971
69,514
Depreciation and impairment
At 1 April 2023
21,542
8,530
21,336
51,408
Depreciation charged in the year
6,803
-
3,234
10,037
At 31 March 2024
28,345
8,530
24,570
61,445
Carrying amount
At 31 March 2024
5,668
-
2,401
8,069
At 31 March 2023
12,471
-
4,610
17,081
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,844
-
Amounts due from members
528,830
259,988
Other debtors
21,562
34,754
Prepayments and accrued income
205,104
189,087
771,340
483,829
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,190
1,137
Other taxation and social security
9,874
10,657
Other creditors
3,837
4,741
Accruals and deferred income
141,308
32,091
156,209
48,626
12
Retirement benefit schemes
Defined contribution schemes

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £50,325 (2023 - £84,359).

13
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
100
-

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
14
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
39,822
47,970
Between two and five years
-
39,822
39,822
87,792
CASTELLAIN CAPITAL LLP
Castellain Capital LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
15
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Performance and management fees for the year of £2,051,898 (2023: £1,697,430) were receivable from Castellain ICAV. One member is a director of Castellain ICAV.

 

Prepayments and accrued income includes an amount of £146,918 (2023: £141,021) representing amounts owed to the limited liability partnership from Castellain ICAV.

16
Ultimate controlling party

The limited liability partnership is controlled by the members. No single member has control.

17
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
487,274
19,407
506,681
18
Cash generated from operations
2024
2023
£
£
Profit for the year
1,134,835
984,608
Adjustments for:
Investment income recognised in profit or loss
(3,165)
(138)
Depreciation and impairment of tangible fixed assets
10,037
12,160
Movements in working capital:
(Increase)/decrease in debtors
(18,669)
186,828
Increase/(decrease) in creditors
107,583
(116,247)
Cash generated from operations
1,230,621
1,067,211
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