REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
Kingsley Asset Management (Global) LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
Kingsley Asset Management (Global) LLP |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Contents of the Financial Statements |
for the year ended 31 January 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Reconciliation of Members' Interests | 9 |
Notes to the Financial Statements | 11 |
Kingsley Asset Management (Global) LLP |
General Information |
for the year ended 31 January 2024 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Report of the Members |
for the year ended 31 January 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 January 2024. |
Principal activity |
The LLP is authorised and regulated by the Financial Conduct Authority ("FCA"). The principal activity of the LLP was dealing in fixed income markets. |
Post year end the LLP de-registered from the FCA. |
Designated members |
The designated members during the year under review were: |
Results for the year and allocation to members |
The loss for the year before members' remuneration and profit shares was £864 (2023 - £450 profit). |
Members' interests |
Each member's subscription to the capital of the LLP is determined by the LLP agreement and is repayable following retirement from the LLP. |
Details of changes in members' capital in the year ended 31 January 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 on the basis of the methodology in the underlying LLP agreement. Members can withdraw their profit share during the year in which it is made subject to a surplus being available after meeting the cash and regulatory requirements of the business. |
Remuneration |
The Firm does not have any direct or contracted employees and so the FCA remuneration code does not apply. The Firm has defined "Code Staff" for Partners of the Firm. |
Statement of members' responsibilities |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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 judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of 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. |
Statement as to disclosure of information to auditors |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Report of the Members |
for the year ended 31 January 2024 |
Auditors |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
On behalf of the members: |
Report of the Independent Auditors to the Members of |
Kingsley Asset Management (Global) LLP |
Opinion |
We have audited the financial statements of Kingsley Asset Management (Global) LLP (the 'LLP') for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and Notes to the Financial Statements, 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 January 2024 and of its loss 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 LLPs 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 UK, including the FRC'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 basis other than that of going concern 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 prepare on a basis other than that of going concern. |
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 members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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 |
- | the members were not entitled to prepare the financial statements in accordance with the small LLPs regime. |
Report of the Independent Auditors to the Members of |
Kingsley Asset Management (Global) LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, 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 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the LLP and the industry in which it operates, and considered the risk of acts by the LLP that were contrary to applicable laws and regulations, including fraud. We discussed with management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and FCA capital requirements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the members that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud. |
We reviewed the Financial Conduct Authority's (FCA) register for any disciplinary proceedings or instances of non-compliance with rules and regulations and none were identified. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Kingsley Asset Management (Global) LLP |
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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Income Statement |
for the year ended 31 January 2024 |
2024 | 2023 |
£ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating (loss)/profit and |
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
( |
) |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 87,565 | 87,565 |
Loans and other debts due to members | 8 | 187,759 | 187,759 |
Members' other interests |
Other reserves | ( |
) | ( |
) |
87,565 | 87,565 |
Total members' interests |
Loans and other debts due to members | 8 | 187,759 | 187,759 |
Members' other interests | (100,194 | ) | (100,194 | ) |
Amounts due from members | 5 | (7,056 | ) | (6,192 | ) |
80,509 | 81,373 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Reconciliation of Members' Interests |
for the year ended 31 January 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 187,759 |
Amount due from members | (6,192 | ) |
Balance at 1 February 2023 | (100,194 | ) | 181,567 | 81,373 |
Loss for the financial year available for discretionary division among members |
(864 |
) |
- |
(864 |
) |
Members' interests after loss for the year |
(101,058 |
) |
181,567 |
80,509 |
Other divisions of loss | 864 | (864 | ) | - |
Amount due to members | 187,759 |
Amount due from members | (7,056 | ) |
Balance at 31 January 2024 | (100,194 | ) | 180,703 | 80,509 |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Reconciliation of Members' Interests |
for the year ended 31 January 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 167,309 |
Amount due from members | (16,192 | ) |
Balance at 1 February 2022 | (100,194 | ) | 151,117 | 50,923 |
Profit for the financial year available for discretionary division among members |
450 |
- |
450 |
Members' interests after profit for the year |
(99,744 |
) |
151,117 |
51,373 |
Other divisions of profit | (450 | ) | 450 | - |
Introduced by members | - | 30,000 | 30,000 |
Amount due to members | 187,759 |
Amount due from members | (6,192 | ) |
Balance at 31 January 2023 | (100,194 | ) | 181,567 | 81,373 |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
1. | Statutory information |
Kingsley Asset Management (Global) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Functional and presentation currency |
The LLP's functional and presentational currency is GBP. |
Amounts in these financial statements are rounded to the nearest £. |
Turnover |
Turnover is recognised on an accruals basis. |
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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans to and from members, related parties and other third parties. |
(i) Financial assets |
Basic financial assets, including other debtors and loans to related parties and members are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in Income Statement. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, accruals and loans from members, related parties and other third parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
2. | Accounting policies - continued |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Foreign currencies translation |
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. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Going concern |
The members intend for the LLP to enter into voluntary liquidation once the LLP's activities have ceased, all liabilities have been settled and profits distributed. Accordingly the members have prepared the financial statements on a basis other than that of a going concern. The members have reviewed the LLP's assets and considers the value of all of the assets disclosed in the financial statements to be at the lower of cost and net realisable value. The financial statements do not include any provision for costs as a result of preparing the financial statements on a basis other than that of going concern. |
3. | Employee information |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Auditors' remuneration |
2024 | 2023 |
£ | £ |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements |
6,000 |
4,800 |
Total audit fees | 6,000 | 4,800 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
Kingsley Asset Management (Global) LLP (Registered number: OC361218) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | Financial instruments |
2024 | 2023 |
£ | £ |
Financial assets |
Financial assets that are debt instruments measured at amortised cost | 96,345 | 92,365 |
Financial liabilities |
Financial liabilities measured at amortised cost | (9,229 | ) | (4,800 | ) |
Financial assets measured at amortised cost comprise of cash at bank and in hand, trade debtors, other amounts due form related companies and amounts due from members. All amounts are receivable within one year and have no stated interest rate and therefore have been measured at the undiscounted amount of the consideration expected to be received. |
Financial liabilities measured at amortised cost comprise trade creditors and other creditors. All amounts are payable within one year and have no stated interest rate and therefore have been measured at the undiscounted amount of the consideration expected to be transferred. |
8. | Loans and other debts due to members |
2024 | 2023 |
£ | £ |
Loans from members | 187,759 | 187,309 |
Amounts owed to members in respect of profits | - | 450 |
187,759 | 187,759 |
Falling due within one year | 187,759 | 187,759 |
In the event of a winding up the amounts included in ''Loans and other debts due to members'' will rank equally with unsecured creditors. |
9. | Related party disclosures |
The LLP is managed by all its members and details of transactions with them are shown in the reconciliation of members' interests. |
During the year, the LLP received income from an entity which the designated members have joint control of £9,000 (2023: £9,000). At the year end, the LLP owed £1,560 (2023: was owed £3500l). |
10. | Ultimate controlling party |
The is no ultimate controlling party. |