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Registered number: OC326268









INFLECTION POINT INVESTMENTS LLP









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
INFLECTION POINT INVESTMENTS LLP
 

INFORMATION





Designated Members

Karen Hooi
Sasha Karim
Pajani Singah

Member

Charles Elliott


LLP registered number

OC326268

Registered office

Suite 161-163
3-7 Temple Avenue
London
EC4Y 0HP

Independent auditors

Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

Bankers

HSBC Bank Plc
6th Floor, 165 Fleet Street
London
EC4A 2DY

Solicitors

Slaughter and May
Bunhill Row
London
EC1Y 8YY


 
INFLECTION POINT INVESTMENTS LLP
 

CONTENTS



Page
Members' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8
Statement of Changes in Equity
9
Reconciliation of Members' Interests
19
Statement of Cash Flows
10
Notes to the Financial Statements
11 - 19

 
INFLECTION POINT INVESTMENTS LLP
 
  
MEMBERS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

The members present their annual report together with the audited financial statements of Inflection Point Investments LLP (the "LLP") for the ended 30 June 2024
 

Principal activities
 
 
The principal object of the LLP is to provide investment management services.
 
 
Designated Members
 
 
Karen Hooi, Sasha Karim and Pajani Singah were designated members of the LLP throughout the period.
 

Members


Charles Elliott was a member of the LLP throughout the period.
 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 30 June 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

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.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments 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.
 


 
Page 1

 
INFLECTION POINT INVESTMENTS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
 
 
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.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 



Pajani Singah
Designated member


Date: 18 October 2024

18 October 2024
Page 2

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP
 

Opinion
 

We have audited the financial statements of Inflection Point Investments LLP (the 'LLP') for the period ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 30 June 2024 and of its profit for the period 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 Auditors' 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.


Page 3

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.


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.


Page 4

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP (CONTINUED)


Auditors' 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 Auditors' 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquiries of management about their own identification and assessment of the risk of irregularities;
• performed audit work over the risk of management override of controls, including testing of journal entries and   other adjustments for appropriateness and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.


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 Auditors' Report.


Page 5

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP (CONTINUED)


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 Auditors' 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.





Christopher Taylor (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants
Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

18 October 2024
Page 6

 
INFLECTION POINT INVESTMENTS LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,485,640
1,618,316

Gross profit
  
 
1,485,640
 
1,618,316

Administrative expenses
  
(451,330)
(450,681)

Operating profit
 5 
 
1,034,310
 
1,167,635

Interest receivable and similar income
 9 
3,362
1,212

Profit before tax
  
 
1,037,672
 
1,168,847

Profit for the period before members' remuneration and profit shares available for discretionary division among members
  
 
1,037,672
 
1,168,847

Other comprehensive income for the period
  

  

Total comprehensive income for the period
  
1,037,672
1,168,847

The notes on pages 11 to 19 form part of these financial statements.
Page 7

 
INFLECTION POINT INVESTMENTS LLP
REGISTERED NUMBER: OC326268

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
590,411
629,172

Cash at bank and in hand
 11 
758,365
846,758

  
1,348,776
1,475,930

Creditors: Amounts Falling Due Within One Year
 12 
(150,714)
(146,695)

Net current assets
  
 
 
1,198,062
 
 
1,329,235

Total assets less current liabilities
  
1,198,062
1,329,235

  

Net assets
  
1,198,062
1,329,235


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
160,389
160,389

Other reserves classified as equity
  
1,037,673
1,168,846

  
 
1,198,062
 
1,329,235

  
1,198,062
1,329,235


Total members' interests
  

Amounts due from members (included in debtors)
 10 
(404,292)
(404,292)

Members' other interests
  
1,198,062
1,329,235

  
793,770
924,943


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




Pajani Singah
Designated member

Date: 18 October 2024

The notes on pages 11 to 19 form part of these financial statements.
Page 8

 

 
INFLECTION POINT INVESTMENTS LLP


 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024



Members capital (classified as equity)
Other reserves
Total equity


£
£
£



At 1 July 2022
135,389
15,695,269
15,830,658



Comprehensive income for the year


Profit for year for discretionary division among members
-
1,168,847
1,168,847


Allocated profit
-
(15,695,270)
(15,695,270)

Total comprehensive income for the year
-
(14,526,423)
(14,526,423)



Contributions by and distributions to members


Capital introduced by members
25,000
-
25,000



Total transactions with members
25,000
-
25,000





At 1 July 2023
160,389
1,168,846
1,329,235



Comprehensive income for the period


Profit for period for discretionary division among members
-
1,037,672
1,037,672


Allocated profit
-
(1,168,845)
(1,168,845)

Total comprehensive income for the period
-
(131,173)
(131,173)



At 30 June 2024
160,389
1,037,673
1,198,062

The notes on pages 11 to 19 form part of these financial statements.
Page 9

 
INFLECTION POINT INVESTMENTS LLP
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
1,037,672
1,168,847

Adjustments for:

Interest received
(3,362)
(1,214)

Decrease in debtors
38,763
7,641

Increase in creditors
4,019
34,375

Net cash generated from operating activities before transactions with members

1,077,092
1,209,649


Cash flows from investing activities

Interest received
3,362
1,214

Net cash from investing activities

3,362
1,214

Cash flows from financing activities

Members' capital contributed
-
25,000

Distribution paid to members
(1,168,847)
(1,441,060)

Net cash used in financing activities
(1,168,847)
(1,416,060)

Net (decrease) in cash and cash equivalents
(88,393)
(205,197)

Cash and cash equivalents at beginning of period
846,758
1,051,955

Cash and cash equivalents at the end of period
758,365
846,758


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
758,365
846,758

758,365
846,758


The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Inflection Point Investments LLP is a limited liability partnership incorporated in the United Kingdom. The address of the registered office is given in the LLP information on page 1 of these financial statements. The nature of the LLP's operations and principal activities are that of provision of investment management services.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice; Accounting by Limited Liability Partnerships and published on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the LLP.
The significant accounting policies applied in the preparation of these financial statements are set of below. These policies have been consistently applied to all years presented unless otherwise stated.

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 the Republic of Ireland 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

Revenue

Revenue 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. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 11

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the LLP as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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 Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.8

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.

Page 12

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 13

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key judgement relates to the recoverability of accrued income. The members have concluded that no provision is required against accrued income.


4.


Turnover

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


2024
2023
£
£

Management fees
1,485,640
1,618,316

1,485,640
1,618,316



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Operating lease rentals
35,400
45,369


6.


Auditors' remuneration

During the period, the LLP obtained the following services from the LLP's auditors and their associates:


2024
2023
£
£

Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements
11,800
11,500

Fees payable to the LLP's auditors and their associates in connection with the LLP's pension scheme(s) in respect of:

Provision of Limited Assurance report to the FCA
1,000
950

Preparation of tax return
2,100
2,000
Page 14

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
144,500
136,000

Social security costs
19,837
21,949

Cost of defined contribution scheme
5,780
6,103

170,117
164,052


The average monthly number of persons (including members with contracts of employment) employed during the period was as follows:


        2024
        2023
            No.
            No.







Employees
1
1


8.


Information in relation to members

The amount of profit allocated to the member with the highest entitlement was £374,092 (2023: £5,157,229).  The profit for the period ended 30 June 2024 has not yet been allocated. 


2024
2023
Number
Number


The average number of members during the period was
4
4








Page 15

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
3,362
1,212

3,362
1,212


10.


Debtors

2024
2023
£
£


Other debtors
-
9,899

Prepayments and accrued income
186,119
214,984

Amounts due from members
404,292
404,292

590,411
629,175



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
758,365
846,758

758,365
846,758



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
64,379
67,749

Other taxation and social security
1,449
-

Accruals and deferred income
84,886
78,946

150,714
146,695


Page 16

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

13.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
758,365
846,758




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.
Page 17

 


 
INFLECTION POINT INVESTMENTS LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

14.


Reconciliation of members' interests 







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)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due from members
 



(404,292)
(404,292)


Profit for the period available for discretionary division among members
 
-
1,037,672
1,037,672
-
-
1,037,672

Members' interests after profit for the period
160,389
2,206,518
2,366,907
(404,292)
(404,292)
1,962,615

Other division of profits
-
(1,168,845)
(1,168,845)
1,168,847
1,168,847
2

Drawings on account and distribution of profit
-
-
-
(1,168,847)
(1,168,847)
(1,168,847)

Amounts due from members
 



(404,292)
(404,292)


Balance at 30 June 2024 
160,389
1,037,673
1,198,062
(404,292)
(404,292)
793,770

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 18

 
INFLECTION POINT INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

15.


Pension commitments

The entity operates a defined contributions 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 payable by the entity to the fund and amounted to £10,047 (2023: £6,103). 


16.


Commitments under operating leases

At 30 June 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
35,400
35,400

Later than 1 year and not later than 5 years
106,200
141,600

141,600
177,000


17.


Related party transactions

During the period the company charged management fees of £1,385,641 (2023: £1,507,385) to Inflection Point Investments Company Limited, a company registered in the Cayman Islands in which Mr P Singah is a director.


18.


Controlling party

In the opinion of the Members, there is no ultimate controlling party.
 
Page 19