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Registered number: OC324721










CALUNIUS CAPITAL LLP










FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
CALUNIUS CAPITAL LLP
 

INFORMATION




Designated Members

M R Smith
M A Wells

Members

C Stuerwald
L Perrin


LLP registered number

OC324721

Registered office

10 Queen Street PlaceLondonEC4R 1AG

Independent auditors

Haysmacintyre LLP10 Queen Street PlaceLondonEC4R 1AG


 
CALUNIUS CAPITAL LLP
 

CONTENTS



Page
Members' report
 
1 - 2
Independent auditors' report
 
3 - 5
Statement of comprehensive income
 
6
Statement of financial position
 
7
Reconciliation of members' interests
 
8
Statement of cash flows
 
9
Notes to the financial statements
 
10 - 16


 
CALUNIUS CAPITAL LLP
 
  
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Calunius Capital LLP ("the LLP") for the 15 month period  ended 31 March 2024. The accounting reference date was changed from 31 December to 31 March during the period to coincide with the basis period reform announced by HMRC which came into effect in April 2024.
 

Principal activities
 
 
The principal activity of the LLP is the provision of advisory services in accordance with underlying agreements.  The provision of advisory services to Calunius Capital GP 3 Limited is the main source of income for the LLP as summarised in note 14. The agreements with Funds 1 and 2 expired in the year and now the LLP only provides services to fund 3.
The members have considered the performance of the LLP in line with its advisory role and the profit generated in the year of £378,704 (2022: £330,877). The members are comfortable with the LLP's performance in the year.  
 
 
Designated Members
 
 
M R Smith and M A Wells were designated members of the LLP throughout the year.
 

Members


C Stuerwald and L Perrin were members of the LLP throughout the year.
 
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 31 March 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;
 
Page 1

 
CALUNIUS CAPITAL LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
 
 
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.
 
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 on 23 July 2024 and signed on their behalf by:
 
 



M A Wells
Designated member

Page 2

 
CALUNIUS CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALUNIUS CAPITAL LLP
 

Opinion
 

We have audited the financial statements of Calunius Capital LLP (the 'LLP') for the period ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, 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 March 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.


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
Page 3

 
CALUNIUS CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALUNIUS CAPITAL LLP (CONTINUED)

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; or
   certain disclosures of members’ remuneration specified by law are not made.


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.


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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the LLP we identified that the principal risks of non-compliance are with the Financial Conduct Authority ("FCA") rules relates to the investment advisory business and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, payroll tax and sales tax. 
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
Page 4

 
CALUNIUS CAPITAL LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALUNIUS CAPITAL LLP (CONTINUED)

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, with various criteria including, but not exclusive to journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
Challenging assumptions and judgements made by management in their critical accounting estimates


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.


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.





Karen Allan (Senior statutory auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

23 July 2024
Page 5

 
CALUNIUS CAPITAL LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Year ended
31 December
2024
2022
Note
£
£

  

Turnover
 4 
559,992
439,597

Administrative expenses
  
(181,288)
(108,720)

Profit for the period / year before members' remuneration and profit shares available for discretionary division among members
  
 
378,704
 
330,877

There were no recognised gains and losses for 2024 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024(2022:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 6

 
CALUNIUS CAPITAL LLP
REGISTERED NUMBER:OC324721

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 8 
10,301
14,010

Cash at bank and in hand
 9 
94,477
77,845

Creditors: amounts falling due within one year
 10 
(44,621)
(40,100)

Net assets
  
60,157
51,755


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 11 
157
17,755

Members' other interests
  

Members' capital classified as equity
  
60,000
34,000

  
60,157
51,755


Total members' interests
  

Loans and other debts due to members
 11 
157
17,755

Members' other interests
  
60,000
34,000

  
60,157
51,755


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




M A Wells
Designated member

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
CALUNIUS CAPITAL LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024







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 to members 
17,121
17,121


Balance at 1 January 2022 
34,000
-
34,000
17,121
17,121
51,121

Profit for the period available for discretionary division among members
 
-
330,877
330,877
-
-
330,877

Members' interests after profit for the period
34,000
330,877
364,877
17,121
17,121
381,998

Other division of profits
-
(330,877)
(330,877)
330,877
330,877
-

Drawings
 
-
-
-
(330,244)
(330,244)
(330,244)

Amounts due to members
 



17,755
17,755


Balance at 31 December 2022
34,000
-
34,000
17,755
17,755
51,755

Profit for the period available for discretionary division among members
 
-
378,704
378,704
-
-
378,704

Members' interests after profit for the period
34,000
378,704
412,704
17,755
17,755
430,459

Other division of profits
-
(378,704)
(378,704)
378,704
378,704
-

Amounts introduced by members
26,000
-
26,000
(26,000)
(26,000)
-

Drawings
 
-
-
-
(370,302)
(370,302)
(370,302)

Amounts due to members
 



157
157


Balance at 31 March 2024 
60,000
-
60,000
157
157
60,157

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 8

 
CALUNIUS CAPITAL LLP
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Cash flows from operating activities

Profit for the financial period / year
378,704
330,877

Adjustments for:

Decrease/(increase) in debtors
3,709
(652)

Increase in creditors
4,521
8,645

Net cash generated from operating activities before transactions with members

386,934
338,870

Cash flows from financing activities

Distribution paid to members
(370,302)
(330,244)

Net cash used in financing activities
(370,302)
(330,244)

Net increase in cash and cash equivalents
16,632
8,626

Cash and cash equivalents at beginning of period
77,845
69,219

Cash and cash equivalents at the end of period / year
94,477
77,845


Cash and cash equivalents at the end of period / year comprise:

Cash at bank and in hand
94,477
77,845


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Calunius Capital LLP is a limited liability partnership incorporated in England and Wales.
The principal place of business is 4-12 Regent Street, Rex House, London, SW1Y 4PE. The registered office is 10 Queen Street Place, London, EC4R 1AG.
The financial statements are presented in Sterling (£), which is consistent with the LLP's functional currency.

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 judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the members have considered the performance of the LLP over a period of 12 months from the date of approval of the financial statements. Forecasts and budgets were prepared in accordance with the LLP's regulatory reporting requirements. 
Whilst the LLP generated a profit of £378,704 this year and had cash of £94,477 at the year end, management are aware that the performance of the LLP is fully contingent on a cost-plus arrangement in place with Calunius GP3 Limited in its capacity as general partner of the Calunius LItigation Risk Fund 3 LP, which renews annually.
Management have obtained a letter of support from the Directors of the Fund confirming their intentions to continue to honor this arrangement with no material changes for a period of at least 12 months from the date of approval of these financial statements. 
On this basis, management are confident that preparation of the financial statements on a going concern basis is appropriate.

 
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 relates to advisory fees earned in accordance with the underlying agreements. These are accounted for on an accruals basis. 

Page 10

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

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.

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.

  
2.7
Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to and from to related parties. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

  
2.9

Transfer of members' interests

During the year £26,000 was transferred to members' capital interests from debts due to members.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
The members do not consider there to be critical estimates and judgements applicable to the financial statements.

Page 11

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

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


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Advisory fees
559,992
439,597


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

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


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
19,500
12,250

Fees payable to the LLP's auditors in respect of:

Other audit-related services
2,250
2,000
Page 12

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Employees

Staff costs were as follows:


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Wages and salaries
42,662
23,236

Social security costs
4,904
2,414

Cost of defined contribution scheme
3,424
2,626

50,990
28,276


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


     Period ended
       31 March
       Year ended
      31 December
        2024
        2022
            No.
            No.







Administrative
1
1



Members
4
4

5
5


7.


Information in relation to members

31 March
31 December
2024
2022
Number
Number

The average number of members during the period was
4
4

31 March
31 December
2024
2022
£
£



The amount of profit attributable to the member with the largest entitlement was
96,239
83,659


Page 13

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Debtors

31 March
31 December
2024
2022
£
£


Other debtors
2,257
480

Prepayments
8,045
13,530

10,302
14,010



9.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
94,477
77,845



10.


Creditors: amounts falling due within one year

31 March
31 December
2024
2022
£
£

Accruals and deferred income
44,621
40,100


Page 14

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Loans and other debts due to members


31 March
31 December
2024
2022
£
£



Other amounts due to members
(157)
(17,755)

Loans and other debts due to members may be further analysed as follows:

31 March
31 December
2024
2022
£
£



Falling due within one year
(157)
(17,755)

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


12.


Analysis of net debt





At 1 January 2023
Arising from cash flows
Other non-cash changes
At 31 March 2024
£

£

£

£

Cash at bank and in hand

77,845

16,632

-

94,477

Net debt (before members' debt)
77,845
16,632
-
94,477
Amounts due to members
(17,755)

370,302

(352,704)

(157)

Net debt


60,090
386,934
(352,704)
94,320


13.


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 £3,424 (2022: £2,626). Contributions totalling £nil (2022: £nil) were payable to the fund at the reporting date.

Page 15

 
CALUNIUS CAPITAL LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

14.


Related party transactions

During the year, the LLP invoiced Calunius Special Opportunities GP Limited, a company with a common director, £134,862 (2022: £134,503). At 31 March 2024 £nil (2022: £nil) was outstanding. 
During the year, the LLP invoiced Calunius GP 3 Limited, a company with a common director, £425,130 (2022: £305,094). At 31 March 2024 there was £16,090 (2022: £24,046) included within deferred income in respect of income invoiced in advance to Calunius GP 3 Limited.
Only the members are considered to be key management personnel.  Total remuneration in respect of these individuals is £378,704 (2022: £330,877).


15.


Controlling party

The members do not consider there to be one overall controlling party.

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