Chesilton Group (UK) LLP OC435824 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the principal activity of the company during the year was providing financial services. Digita Accounts Production Advanced 6.30.9574.0 true OC435824 2023-04-01 2024-03-31 OC435824 2024-03-31 OC435824 core:CurrentFinancialInstruments 2024-03-31 OC435824 core:WithinOneYear 2024-03-31 OC435824 core:PlantMachinery 2024-03-31 OC435824 bus:SmallEntities 2023-04-01 2024-03-31 OC435824 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC435824 bus:FilletedAccounts 2023-04-01 2024-03-31 OC435824 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC435824 bus:RegisteredOffice 2023-04-01 2024-03-31 OC435824 bus:PartnerLLP1 2023-04-01 2024-03-31 OC435824 bus:PartnerLLP2 2023-04-01 2024-03-31 OC435824 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC435824 core:PlantMachinery 2023-04-01 2024-03-31 OC435824 countries:AllCountries 2023-04-01 2024-03-31 OC435824 2023-03-31 OC435824 core:PlantMachinery 2023-03-31 OC435824 2022-04-01 2023-03-31 OC435824 2023-03-31 OC435824 core:CurrentFinancialInstruments 2023-03-31 OC435824 core:WithinOneYear 2023-03-31 OC435824 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC435824

Chesilton Group (UK) LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Chesilton Group (UK) LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 11

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

6

 

Chesilton Group (UK) LLP

Limited liability partnership information

Designated members

Chesilton Group Limited

Dr J P M Pfander
 

Registered office

Tallford House
38 Walliscote Road
Weston-super-mare
BS23 1LP

Principal place of business

84 Chesilton Road
London
SW6 5AB

Accountants

Westcotts
Tallford House
38 Walliscote Road
Weston-super-Mare
Somerset
BS23 1LP

 

Chesilton Group (UK) LLP

(Registration number: OC435824)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

390

370

Current assets

 

Debtors

4

43,859

300,364

Cash and short-term deposits

 

3,855

1,608

 

47,714

301,972

Creditors: Amounts falling due within one year

5

(13,908)

(207,074)

Net current assets

 

33,806

94,898

Net assets attributable to members

 

34,196

95,268

Represented by:

 

Loans and other debts due to members

 

Other amounts

34,196

95,268

   

34,196

95,268

Total members' interests

 

Amounts due from members

 

(26,043)

(17,330)

Loans and other debts due to members

 

34,196

95,268

   

8,153

77,938

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Chesilton Group (UK) LLP

(Registration number: OC435824)
Balance Sheet as at 31 March 2024

The financial statements of Chesilton Group (UK) LLP (registered number OC435824) were approved by the Board and authorised for issue on 6 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Dr J P M Pfander
Designated member

 

Chesilton Group (UK) LLP

Statement of Changes in Members’ Interests
for the period ended 31 March 2024

 

Other amounts

Loans and other debts due to/(from) members

 

Members' capital
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2024
£

Amounts due to members

-

-

95,268

95,268

95,268

Amounts due from members

-

-

(17,330)

(17,330)

(17,330)

Members' interest at 1 April 2023

-

-

77,938

77,938

77,938

Profit for the financial year available for discretionary division among members

125,748

125,748

-

-

125,748

Members' interests after total comprehensive income

125,748

125,748

77,938

77,938

203,686

Other division of profits

(125,748)

(125,748)

125,748

125,748

-

Members’ capital introduced

-

-

2,467

2,467

2,467

Drawings (including tax payments)

-

-

(198,000)

(198,000)

(198,000)

Amounts due to members

-

-

34,196

34,196

34,196

Amounts due from members

-

-

(26,043)

(26,043)

(26,043)

At 31 March 2024

-

-

8,153

8,153

8,153

 

Other amounts

Loans and other debts due to/(from) members

 

Members' capital
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2023
£

Amounts due to members

-

-

15,551

15,551

15,551

Amounts due from members

-

-

(3,522)

(3,522)

(3,522)

Members' interest at 1 April 2022

-

-

12,029

12,029

12,029

Profit for the financial year available for discretionary division among members

342,372

342,372

-

-

342,372

Members' interests after total comprehensive income

342,372

342,372

12,029

12,029

354,401

 

Chesilton Group (UK) LLP

Statement of Changes in Members’ Interests
for the period ended 31 March 2024

 

Other amounts

Loans and other debts due to/(from) members

 

Members' capital
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2023
£

Other division of profits

(342,372)

(342,372)

342,372

342,372

-

Members’ capital introduced

-

-

16,130

16,130

16,130

Drawings (including tax payments)

-

-

(292,593)

(292,593)

(292,593)

Amounts due to members

-

-

95,268

95,268

95,268

Amounts due from members

-

-

(17,330)

(17,330)

(17,330)

At 31 March 2023

-

-

77,938

77,938

77,938

 

Chesilton Group (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in UK and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Chesilton Group (UK) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Judgements

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Chesilton Group (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Chesilton Group (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

Chesilton Group (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

 

Chesilton Group (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Tangible fixed assets

Plant and machinery
 £

Total
£

Cost

At 1 April 2023

494

494

Additions

190

190

At 31 March 2024

684

684

Depreciation

At 1 April 2023

123

123

Charge for the year

171

171

At 31 March 2024

294

294

Net book value

At 31 March 2024

390

390

At 31 March 2023

370

370

4

Debtors

2024
£

2023
£

Trade debtors

14,574

266,988

Other debtors

27,943

17,330

Prepayments and accrued income

1,342

16,046

Total current trade and other debtors

43,859

300,364

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

630

10,680

Accruals and deferred income

13,278

158,833

Taxation and social security

-

37,561

13,908

207,074

6

Related party transactions

Chesilton Group (UK) LLP is jointly controlled by Chesilton Group Ltd, which exerts significant influence over Proventis Partners AG, a company registered outside of the UK. Chesilton Group (UK) LLP trades with Proventis and is a related party. The value of sales in the year to Proventis Partners AG was 2024: £186,223 (2023: £350,334).

 

Chesilton Group (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.