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Registered number: OC312327












PRUSIK INVESTMENT MANAGEMENT LLP
MEMBERS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

PRUSIK INVESTMENT MANAGEMENT LLP

INFORMATION



Designated Members
A Morris
T Naughton
Member
W Dwerryhouse

LLP registered number
OC312327

Registered office
6th Floor Moss House
15-16 Brook's Mews
London
W1K 4DS

Independent auditors
Blick Rothenberg Audit LLP
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Bankers
Barclays Bank plc
Leicester
LE87 2BB


 

PRUSIK INVESTMENT MANAGEMENT LLP
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Prusik Investment Management LLP (the "LLP") for the year ended 31 March 2024
 

Principal activities
 
 
The principal activity of the LLP during the year was investment management. The members intend to continue to develop the business. The LLP is regulated by the Financial Conduct Authority ('FCA').
 
 
Designated Members
 
 
The following were designated members of the LLP during the year:
A Morris
T Naughton
 

 
Policy with respect to members' drawings and subscription and repayment of members' capital
 
 
Members share profits and losses in accordance with agreed profit sharing agreements.
 
Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Members' capital may only be repaid on a winding up of the LLP, if further capital is available to replace that being repaid or if such repayment is agreed by the FCA.
 

Pillar III disclosure
 
 
The LLP has documented the disclosures required by the FCA under MIFIDPRU. These are included as an appendix to the accounts.
 
 
Designated 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

 

PRUSIK INVESTMENT MANAGEMENT LLP
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 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.
 

Auditors
 
 
The auditorsBlick Rothenberg Audit LLPhave 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 24 July 2024 and signed on their behalf by:
 
 

A Morris
Designated member

T Naughton
Designated member
Page 2

 

PRUSIK INVESTMENT MANAGEMENT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRUSIK INVESTMENT MANAGEMENT LLP
 FOR THE YEAR ENDED 31 MARCH 2024

Opinion
 

We have audited the financial statements of Prusik Investment Management LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the notes to the financial statements, 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 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 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 that fact.

We have nothing to report in this regard.

Page 3

 

PRUSIK INVESTMENT MANAGEMENT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRUSIK INVESTMENT MANAGEMENT LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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.

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 non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the LLP’s policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the LLP’s policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the LLP’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the LLP operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the LLP. The key laws and regulations we considered in this context included the UK Companies Act 2006, as applied to limited liability partnerships, the Financial Services and Markets Act 2000 and applicable tax legislation.
A particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the LLP for evidence of any large or unusual activity which may be indicative of fraud; enquiring of
Page 4

 

PRUSIK INVESTMENT MANAGEMENT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRUSIK INVESTMENT MANAGEMENT LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the LLP and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the LLP.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.




Richard Hinton (senior statutory auditor)
for and on behalf of
Blick Rothenberg Audit LLP
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH

24 July 2024
Page 5

 

PRUSIK INVESTMENT MANAGEMENT LLP
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
6,089,351
9,638,321

Gross profit
  
 
6,089,351
 
9,638,321

Administrative expenses
  
(4,527,093)
(6,061,248)

Operating profit
 4 
 
1,562,258
 
3,577,073

Interest receivable and similar income
  
24,370
9,330

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
1,586,628
 
3,586,403

  

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

Page 6


 
REGISTERED NUMBER:OC312327
PRUSIK INVESTMENT MANAGEMENT LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
9,408
15,934

  
9,408
15,934

Current assets
  

Debtors: amounts falling due within one year
 8 
813,067
978,347

Current asset investments
 9 
199,987
436,105

Bank and cash balances
  
1,388,102
1,609,127

  
2,401,156
3,023,579

Creditors: Amounts falling due within one year
 10 
(753,722)
(1,199,187)

Net current assets
  
 
 
1,647,434
 
 
1,824,392

Total assets less current liabilities
  
1,656,842
1,840,326

  

Net assets attributable to members
  
1,656,842
1,840,326


Represented by:
  

Members' other interests
  

Members' capital classified as equity
  
726,039
726,039

Other reserves classified as equity

  

930,803
1,114,287

  
 
1,656,842
 
1,840,326

  
1,656,842
1,840,326


Total members' interests
  

Members' other interests
  
1,656,842
1,840,326

  
1,656,842
1,840,326


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 July 2024.




A Morris
T Naughton
Designated member
Designated member

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

Page 7

 

PRUSIK INVESTMENT MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR 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

£
£
£
£
£
£

Balance at 1 April 2022 
682,913
916,350
1,599,263
-
-
1,599,263

Profit for the year available for discretionary division among members
 
-
3,586,403
3,586,403
-
-
3,586,403

Members' interests after profit for the year
682,913
4,502,753
5,185,666
-
-
5,185,666

Allocated profit for the year
-
(3,388,466)
(3,388,466)
3,272,116
3,272,116
(116,350)

Amounts introduced by members
243,125
-
243,125
-
-
243,125

Repayment of capital
(199,999)
-
(199,999)
-
-
(199,999)

Amounts withdrawn by members
 
-
-
-
(3,272,116)
(3,272,116)
(3,272,116)

Balance at 31 March 2023
726,039
1,114,287
1,840,326
-
-
1,840,326

Profit for the year available for discretionary division among members
 
-
1,586,628
1,586,628
-
-
1,586,628

Members' interests after profit for the year
726,039
2,700,915
3,426,954
-
-
3,426,954

Allocated profit for the year
-
(1,770,112)
(1,770,112)
1,770,112
1,770,112
-

Amounts withdrawn by members
 
-
-
-
(1,770,112)
(1,770,112)
(1,770,112)

Balance at 31 March 2024 
726,039
930,803
1,656,842
-
-
1,656,842

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

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, apart from FCA capital resource requirements.

Page 8

 

PRUSIK INVESTMENT MANAGEMENT LLP

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,586,628
3,586,403

Adjustments for:

Depreciation of tangible assets
7,998
6,372

Interest receivable
(24,370)
(9,330)

Decrease in debtors
165,280
4,956

(Decrease) in creditors
(445,501)
(831,319)

Net cash generated from operating activities

1,290,035
2,757,082


Cash flows from investing activities

Purchase of tangible fixed assets
(1,472)
(14,300)

Purchase of short-term unlisted investments
-
(107,552)

Sale of short-term unlisted investments
236,118
-

Interest received
24,370
9,330

Net cash from investing activities

259,016
(112,522)

Cash flows from financing activities

Members' capital contributed
-
243,125

Members' capital repaid
-
(199,999)

Distribution paid to members
(1,770,112)
(3,272,116)

Net cash used in financing activities
(1,770,112)
(3,228,990)

Net (decrease) in cash and cash equivalents
(221,061)
(584,430)

Cash and cash equivalents at beginning of year
1,609,127
2,193,557

Cash and cash equivalents at the end of year
1,388,066
1,609,127


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,388,102
1,609,127

Bank overdrafts
(36)
-

1,388,066
1,609,127


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

Page 9

 

PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Prusik Investment Management LLP is limited liability partnership incorporated in the United Kingdom and
registered in England and Wales.
The partnership's registered address is 6th Floor Moss House, 15-16 Brooks Mews, London, W1K 4DS.
The principal activity is fund management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention modified by the revaluation of certain assets measured at fair value through profit and loss and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2018.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgement in applying the LLP's accounting policies. Due to the straightforward nature of the business management consider that no critical judgements have been made in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the LLP in respect of services supplied, exclusive of value added tax. Management fees are recognised as they accrue. Performance fees are recognised on crystallisation.

 
2.3

Tangible fixed assets

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.

Page 10

 

PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Leasehold improvements
-
over 5 years
Office equipment
-
over 3 years
Computer equipment
-
over 3 years

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.

 
2.4

Operating leases

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

 
2.5

Valuation of investments

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Therefore  trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. 
The LLP's cash holdings comprise on demand balances and deposit accounts. All cash is held with banks with strong external redit ratings. 
Trade and other creditors and accruals are initially recognised at transaction value as one represent a financing transaction. They are only derecognised when they are extinguished. 
As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Page 11

 

PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Foreign currency translation

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.9

Members' remuneration

Profits allocated at the discretion of the LLP are included within "other reserves" until such time as
the LLP exercises its discretion to allocate them.

 
2.10

Tax provision

The taxation payable on profits is the personal liability of the members during the year.


3.


Turnover

The turnover and operating profit for the year was derived from the LLP's principal continuing activity
which was carried out wholly within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets owned by the LLP
7,998
6,187

Auditor's remuneration - audit
13,500
15,000

Auditor's remuneration - non-audit
16,200
15,200

Difference on foreign exchange
23,129
(29,010)

Operating lease rentals
180,285
180,285

Page 12

 

PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
966,125
1,244,043

Social security costs
159,081
172,271

Cost of defined contribution scheme
19,072
23,875

1,144,278
1,440,189


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


        2024
        2023
            No.
            No.







Operations staff
7
7


6.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
3
3

2024
2023
£
£







The amount of profit attributable to the member with the largest entitlement was
1,005,722
2,893,208


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PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2023
59,948
4,673
18,743
83,364


Additions
-
-
1,472
1,472



At 31 March 2024

59,948
4,673
20,215
84,836



Depreciation


At 1 April 2023
59,948
1,095
6,387
67,430


Charge for the year on owned assets
-
1,558
6,440
7,998



At 31 March 2024

59,948
2,653
12,827
75,428



Net book value



At 31 March 2024
-
2,020
7,388
9,408



At 31 March 2023
-
3,578
12,356
15,934

Page 14

 

PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£


Trade debtors
457,208
636,756

Other debtors
90,912
113,556

Prepayments and accrued income
264,947
228,035

813,067
978,347


Included in other debtors is a rent deposit of £54,086 (2023: £54,086) due in less than one year.


9.


Current asset investments

2024
2023
£
£

Unlisted investments
199,987
436,105

199,987
436,105


Unlisted investments represent the LLP’s only financial assets measured at fair value. The investments are in funds managed by the LLP and are revalued in accordance with prices calculated by third-party administrators. Since the investments are deferred bonuses held on behalf of employees over a vesting period determined by the LLP, any fair value gains and losses are offset by the movement in the bonus accrual.


10.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
36
-

Trade creditors
100,406
87,107

Other creditors
2,933
-

Accruals and deferred income
650,347
1,112,080

753,722
1,199,187


Page 15

 

PRUSIK INVESTMENT MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Analysis of net debt




At 1 April 2023
Arising from cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,609,127

(221,025)

1,388,102

Bank overdrafts

-

(36)

(36)

Net debt (before members' debt)
1,609,127
(221,061)
1,388,066

£87,803 (2023: £114,037) of the LLP's cash at bank is not available for use by the LLP. This relates to cash held in a separate bank account for the purpose of satisfying future liabilities of a third party. An equivalent balance is included in trade creditors and accruals in respect of this amount.


12.


Commitments under operating leases

At 31 March 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
166,371
180,285

Later than 1 year and not later than 5 years
-
166,371

166,371
346,656


13.


Related party transactions

During the year, the LLP received income of £6,018,086 (2023: £8,947,267) from entities of which the designated members are directors. An amount of £710,407 (2023: £590,587) was due to the LLP from these entities as at the year end.
During the year, the LLP was charged £2,207,406 (2023: £3,272,128) in respect of business support services by Prusik Investment Management Singapore Pty Ltd. The LLP and Prusik Investment Management Singapore Pty Ltd are under the common control of the members of the LLP. At the year end £161,438 (2023: £241,501) was due to Prusik Investment Management Singapore Pty Ltd.


14.


Controlling party

In the opinion of the designated members there is no ultimate controlling party.

Page 16