Registered number: OC397832
Selwood Asset Management LLP
Financial statements
For the Year Ended 31 March 2024
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Selwood Asset Management LLP
Information
Designated Members
Selwood Capital Services (UK) Limited
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R Nethercot (resigned 22 December 2023)
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K Moussalem (appointed 1 December 2023)
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LLP registered number
OC397832
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Registered office
15 Stratford Place, London, W1C 1BE
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Independent auditors
Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
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Accountants
Kreston Reeves LLP, 2nd Floor, 168 Shoreditch High Street, London, E1 6RA
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Selwood Asset Management LLP
Contents
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Independent auditors' report
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Statement of Comprehensive Income
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Statement of Financial Position
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Reconciliation of Members' Interests
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Notes to the financial statements
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Selwood Asset Management LLP
Members' report
For the Year Ended 31 March 2024
The Members present their annual report together with the audited financial statements of Selwood Asset Management LLP ("the LLP") for the year ended 31 March 2024.
Principal activities
The principal object of the LLP continued to be that of investment management, regulated by the Financial Conduct Authority ("the FCA").
Results and allocations to Members
The profit for the year before Members' remuneration and profit shares available for discretionary division among Members amounted to £16,718,344 (2023: £5,989,062).
The amount drawn by Members during the year amounted to £13,667,087 (2023: £4,934,482).
Total Members' interests at 31 March 2024 amounted to £7,985,252 (2023: £5,128,448).
Going Concern
Trading for the year to 31 March 2024 realised many of the gains coming from the high rate of embedded carry at the start of the period, in line with the expectations of the Members. As at 31 March 2024 the Members feel the LLP is sufficiently capitalised to meet all financial and regulatory obligations. The LLP, as Investment Manager, trades at the Investment Grade end of the credit market where defaults have been virtually zero. The LLP tracks CDS, and other data, on the names in the index and can hedge (by individual name or the index) when there’s any significant widening. There is no change in this underlying strategic approach to the portfolio. The tail issues from last year, (interest rates, inflation, recession and disrupted supply chains) and continued geo-political turbulence from Russia/Ukraine, and now the Middle East, leave a cautious trading environment with the added factor of there also being several key elections taking place over the period.
The main traded fund is showing very stable returns, reinforced by stable double digit carry and high levels of unencumbered cash. The trading platform can run back-testing, scenario analysis (changes in rates) and specific crisis event analysis to demonstrate anticipated returns. This stable approach to portfolio management has generated at the time of writing 20 continuous months of positive performance. At current levels of AUM the business remains profitable and performance makes it attractive for further investment. Accordingly, the Members therefore consider it appropriate, against a more optimistic trading environment, to prepare the financial statements on the going concern basis.
Designated Members
Selwood Capital Services (UK) Limited, S Gharred and M Butler were Designated Members of the LLP throughout the year.
Members
B Daoud, C Veillet-Lavallee, P Hughes, H Barnes, A Bana, E Perronnet, W Dia, R Nethercot and K Moussalem were Members of the LLP during the year.
Members' capital and interests
Each Members' 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 periodically during the year in which it is made, with
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Selwood Asset Management LLP
Members' report (continued)
For the Year Ended 31 March 2024
the balance of profits being distributed after the year, subject to the cash requirements of the business.
Regulatory Reporting
The LLP is authorised and regulated by the Financial Conduct Authority (Reference number: 715071) and is subject to the requirements under MIFIDPRU and IPRU-INV to provide certain disclosures regarding the firm's capital and liquidity requirements and remuneration to key staff. Details of these disclosures will be made available on Selwoodam.com. These disclosures are unaudited.
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) including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. 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;
∙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.
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Selwood Asset Management LLP
Members' report (continued)
For the Year Ended 31 March 2024
Auditors
The auditors, Haysmacintyre LLP, have indicated their willingness to continue in office. The Designated Members will propose a motion re-appointing the auditors at a meeting of the Members.
This report was approved by the Members on 19 July 2024 and signed on their behalf by:
M Butler
Designated Member
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Selwood Asset Management LLP
Independent auditors' report to the members of Selwood Asset Management LLP
We have audited the financial statements of Selwood Asset Management LLP ("the LLP") for the year 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 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:
∙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 year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships.
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
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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.
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 Report. Our 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.
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Selwood Asset Management LLP
Independent auditors' report to the members of Selwood Asset Management LLP (continued)
Matters on which we are required to report by exception
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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
∙certain disclosures of members’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
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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
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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 company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the Investment advisory business and the regulations of the Financial Conduct Authority (FCA), 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:
- Inspecting correspondence with the FCA and HMRC;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Selwood Asset Management LLP
Independent auditors' report to the members of Selwood Asset Management LLP (continued)
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular 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.
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.
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 to limited liability partnerships. Our 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
22 July 2024
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Selwood Asset Management LLP
Statement of Comprehensive Income
For the Year Ended 31 March 2024
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Interest receivable and similar income
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Profit for the year before members' remuneration and profit shares available for discretionary division among members
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 11 to 19 form part of these financial statements.
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Selwood Asset Management LLP
Registered number: OC397832
Statement of Financial Position
As at 31 March 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 19 July 2024.
The notes on pages 11 to 19 form part of these financial statements.
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Selwood Asset Management LLP
Reconciliation of Members' Interests
For the Year Ended 31 March 2024
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Equity
Members' other interests
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Debt
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Conversion of members' capital to debt
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Drawings on account and distribution of profit
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other transactions with members
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Drawings on account and distribution of profit
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Selwood Asset Management LLP
Statement of cash flows
For the Year Ended 31 March 2024
Cash flows from operating activities
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Profit for the financial year
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Depreciation of tangible assets
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(Increase)/decrease in amounts owed by groups
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Increase/(decrease) in amounts owed to groups
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Decrease in amounts due from members
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Net cash generated from operating activities before transactions with members
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash generated from investing activities
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Cash flows from financing activities
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Distribution paid to members
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Other transactions with members
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 11 to 19 form part of these financial statements.
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
Selwood Asset Management LLP ("the LLP") is a limited liability partnership incorporated and domiciled in England & Wales. The address of its registered office and principal place of business is disclosed on the LLP information page. The principal activity of the LLP is that of investment management.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Management has considered the performance of the LLP during the year and it’s financial resources at the year end in their assessment of the business as a going concern. The LLP generated profit for discretionary division among members of £16,718,344 (2023: £5,989,062) and had net assets at 31 March 2024 of £7,985,252 (2023: £5,128,448 ) of which £7,663,895 (2023: £3,025,124) relates to cash. The LLP's business activities, together with the factors likely to affect its future development and position are set out in the Members' Report. Having performed stress testing in line with the regulatory reporting requirements of ICARA and a review of expected AUM, management believes regulatory capital requirements will continue to be met, that the LLP continues to have sufficient liquidity to discharge its liabilities for a period of at least 12 months from the date of these financial statements. On the basis management do not believe that there are any uncertanties relating to going concern and consequently the members have prepared the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Turnover comprises revenue recognised by the LLP in respect of investment management services supplied during the year, exclusive of VAT, to certain AIFs and UCITS funds under a discretionary mandate, subject to any contractual restrictions set out in the relevant investment management agreements and any investment restrictions described in the offering memorandum for any relevant fund. Performance related fees are recognised as and when they are crystallised and therefore no longer subject to any adjustment with reference to the results of the relevant fund.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured.
Cost of sales comprises commisions payable on investment managment services supplied during the year. These costs are recognised in line with the revenue to which they relate.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property improvements
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Straight Line over the term of the lease
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Straight Line over 4 years
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Straight Line over 4 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and cash equivalents represented by money market fixed term deposits maturing after 30 days.
Short term creditors are measured at the transaction price.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the year-end date and the
amounts reported for revenues and expenses during the year.
Management's judgements, estimates and assumptions are based on the best and most reliable evidence
available at the time when the decisions are made, and are based on historical experience and other
factors that are considered to be applicable. Due to the inherent subjectivity involved in making such
judgments, estimates and assumptions, the actual result and outcomes may differ.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the year in which the estimate is revised, if the revision
affects only that year, or in the year of the revision and future years, if the revision affects both current and
future years.
Recoverability of debtors - the members make judgements based on experience on the level of provision required to account for potential unpaid debtors. As at the balance sheet date the members assess that there is no provision required in respect of bad debts.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
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The operating profit is stated after charging:
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Other operating lease rentals
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During the year, the LLP obtained the following services from the LLP's auditors:
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Fees payable to the LLP's auditors for the audit of the LLP's financial statements
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FCA limited assurance report
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of persons employed during the year was as follows:
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Information in relation to members
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The average number of members during the year was 11 (2023: 11) including the corporate member.
The amount of profit attributable to the member with the largest entitlement was £8,161,495 (2023: £2,587,404).
The total remuneration to key management personnel in the year was £9,363,670 (2023: £2,978,866 ).
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
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Other interest receivable
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Short-term leasehold property improvements
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Charge for the year on owned assets
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Page 16
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Other debtors due after more than one year relates to a rent deposit on the office at 15 Stratford Place.
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Page 17
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Net debt (before members' debt)
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Loans and other debts due to members
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Other amounts due to members
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The prior year adjustment relates to sales commisions payable, these were incorrectly recognised as administrative expenses and have been reclassified as cost of sales with no net effect on the profit and loss reserves. Included in the table is a summary of the impact of the adjustment and the areas impacted
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Page 18
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Selwood Asset Management LLP
Notes to the financial statements
For the Year Ended 31 March 2024
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 £40,288 (2023: £32,572). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date and are included in Creditors.
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year the LLP charged fees of £15,480,095 (2023: £5,781,739) to Selwood Asset Management (Cayman) Limited, a company under common control and received or recognised amounts of £15,371,769 (2023: £6,223,397). The amount due from Selwood Asset Management (Cayman) Limited at 31 March 2024 was £335,214 (2023: £226,888).
During the year the LLP was charged support fees from Selwood Asset Management France (SAS) of £205,626 (2023: £554,668) and received amounts of £73,649 (2023: paid £546,470). The amount due to Selwood Asset Management (France) SAS at 31 March 2024 was £283,799 (2023: due from £4,524).
During the year the LLP paid expenses on behalf of Selwood Limited, a company under common control, of £Nil (2023: £798). The amount due from Selwood Limited at 31 March 2024 was £Nil (2023: £798)
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The LLP is under the control of its designated members.
Page 19
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