Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalseNo description of principal activity2023-01-01false22 OC343883 2023-01-01 2024-03-31 OC343883 2022-01-01 2022-12-31 OC343883 2024-03-31 OC343883 2022-12-31 OC343883 2022-01-01 OC343883 4 2023-01-01 2024-03-31 OC343883 4 2022-01-01 2022-12-31 OC343883 7 2023-01-01 2024-03-31 OC343883 7 2022-01-01 2022-12-31 OC343883 8 2023-01-01 2024-03-31 OC343883 8 2022-01-01 2022-12-31 OC343883 d:FurnitureFittings 2023-01-01 2024-03-31 OC343883 d:FurnitureFittings 2024-03-31 OC343883 d:FurnitureFittings 2022-12-31 OC343883 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 OC343883 d:OfficeEquipment 2023-01-01 2024-03-31 OC343883 d:OfficeEquipment 2024-03-31 OC343883 d:OfficeEquipment 2022-12-31 OC343883 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 OC343883 d:ComputerEquipment 2023-01-01 2024-03-31 OC343883 d:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 OC343883 d:CurrentFinancialInstruments 2024-03-31 OC343883 d:CurrentFinancialInstruments 2022-12-31 OC343883 d:CurrentFinancialInstruments 2 2024-03-31 OC343883 d:CurrentFinancialInstruments 2 2022-12-31 OC343883 d:Non-currentFinancialInstruments 2024-03-31 OC343883 d:Non-currentFinancialInstruments 2022-12-31 OC343883 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC343883 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 OC343883 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 OC343883 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 OC343883 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 OC343883 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 OC343883 d:ReportableOperatingSegment1 2023-01-01 2024-03-31 OC343883 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 OC343883 d:OtherMiscellaneousReserve 2023-01-01 2024-03-31 OC343883 d:OtherMiscellaneousReserve 2024-03-31 OC343883 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 OC343883 d:OtherMiscellaneousReserve 2022-12-31 OC343883 d:OtherMiscellaneousReserve 2022-01-01 OC343883 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 OC343883 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 OC343883 e:FRS102 2023-01-01 2024-03-31 OC343883 e:Audited 2023-01-01 2024-03-31 OC343883 e:FullAccounts 2023-01-01 2024-03-31 OC343883 e:LimitedLiabilityPartnershipLLP 2023-01-01 2024-03-31 OC343883 d:WithinOneYear 2024-03-31 OC343883 d:WithinOneYear 2022-12-31 OC343883 2 2023-01-01 2024-03-31 OC343883 e:PartnerLLP1 2023-01-01 2024-03-31 OC343883 e:PartnerLLP2 2023-01-01 2024-03-31 OC343883 e:PartnerLLP3 2023-01-01 2024-03-31 OC343883 e:PartnerLLP4 2023-01-01 2024-03-31 OC343883 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-01-01 2024-03-31 OC343883 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC343883 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-01-01 2022-12-31 OC343883 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC343883 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-01-01 OC343883 f:PoundSterling 2023-01-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC343883


CAPSTAN CAPITAL PARTNERS LLP










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
CAPSTAN CAPITAL PARTNERS LLP
 

INFORMATION




Designated Members

Konstantin Krebs
Marco Severi
Darius Garkisch
Steffen Bassler

LLP registered number

OC343883

Registered office

167-169 Great Portland StreetLondonW1W 5PF

Independent auditors

Wellers1 Vincent SquareLondonSW1P 2PN


 
CAPSTAN CAPITAL PARTNERS LLP
 

CONTENTS



Page
Members' report
1
Members' responsibilities statement
2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Balance sheet
8 - 9
Statement of changes in equity
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 23


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

The members present their members report together with the audited financial statements of Capstan Capital Partners LLP (the "LLP") for the period ended 31 March 2024
 

Principal activities
 
 
The LLP was incorporated on 10 March 2009 and commenced trading on that date.
 
 
The principal object of the LLP is to provide financial consultancy.
 
 
Designated Members
 
 
Konstantin Krebs, Marco Severi, Darius Garkisch and Steffen Bassler were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 March 2024 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' report is approved has confirmed that:

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

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

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



................................................
Konstantin Krebs
Designated member

Date: 24 July 2024
Page 1

 
CAPSTAN CAPITAL PARTNERS LLP
 
 
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024

The members are responsible for preparing the annual report and thefinancial 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, 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 for the LLP's financial statements 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 entity 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 Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They 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.

Page 2

 
CAPSTAN CAPITAL PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAPSTAN CAPITAL PARTNERS LLP
 

Opinion
 

We have audited the financial statements of Capstan Capital Partners LLP (the 'LLP') for the period ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

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


Other information
 

The other information comprises the information included in the Members Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Members ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement on page 2, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: 
•  Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation. 
•  Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the     company and therefore may have a material effect on the financial statements include compliance with FCA regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud, undertaking specific testing in respect of the partnership’s FCA registration.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


 




Page 5

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


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr James Tillotson (Senior statutory auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
1 Vincent Square
London
SW1P 2PN

24 July 2024
Page 6

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

2024
2022
£
£


Turnover
461,062
279,358

Gross profit
 
461,062
 
279,358

Administrative expenses
(455,077)
(267,321)

Other operating income
-
54

Operating profit
 
5,985
 
12,091

Interest receivable and similar income
9
1

Interest payable and similar expenses
(3,230)
(4,009)

Profit before tax
 
2,764
 
8,083

Profit for the period before members' remuneration and profit shares available for discretionary division among members
 
2,764
 
8,083

Other comprehensive income for the period


Total comprehensive income for the period
2,764
8,083

The notes on pages 13 to 23 form part of these financial statements.

Page 7

 
CAPSTAN CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC343883

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
1,658
764

  
1,658
764

Current assets
  

Debtors: amounts falling due within one year
 11 
110,512
106,570

Cash at bank and in hand
 12 
90,239
42,029

  
200,751
148,599

Creditors: Amounts Falling Due Within One Year
 13 
(115,409)
(15,363)

Net current assets
  
 
 
85,342
 
 
133,236

Total assets less current liabilities
  
87,000
134,000

Creditors: amounts falling due after more than one year
 14 
-
(47,000)

  
87,000
87,000

  

Net assets
  
87,000
87,000


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
87,000
87,000

  
 
87,000
 
87,000

  
87,000
87,000


Total members' interests
  

Amounts due from members (included in debtors)
 11 
(54,818)
(57,582)

Members' other interests
  
87,000
87,000

  
32,182
29,418


Page 8

 
CAPSTAN CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC343883
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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




................................................
Konstantin Krebs
Designated member
Date: 24 July 2024

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
CAPSTAN CAPITAL PARTNERS LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Members capital (classified as equity)
Other reserves
Total equity

£
£
£

At 1 January 2023
87,000
-
87,000


Comprehensive income for the period

Profit for period for discretionary division among members

-
2,764
2,764


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
2,764
2,764


Contributions by and distributions to members

Transfer to/from profit and loss account
-
(2,764)
(2,764)


Total transactions with members
-
(2,764)
(2,764)


At 31 March 2024
87,000
-
87,000

The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
CAPSTAN CAPITAL PARTNERS LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Members capital (classified as equity)
Other reserves
Total equity

£
£
£

At 1 January 2022
87,000
-
87,000


Comprehensive income for the year

Profit for year for discretionary division among members

-
8,083
8,083


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
8,083
8,083


Contributions by and distributions to members

Capital introduced by members
8,700
-
8,700

Capital amounts repaid to members
(8,700)
-
(8,700)

Transfer to/from profit and loss account
-
(8,083)
(8,083)


Total transactions with members
-
(8,083)
(8,083)


At 31 December 2022
87,000
-
87,000


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
CAPSTAN CAPITAL PARTNERS LLP
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

31 March
31 December
2024
2022
£
£

Cash flows from operating activities

Profit for the financial period
2,764
8,083

Adjustments for:

Depreciation of tangible assets
919
1,205

Interest paid
-
4,009

Interest received
(10)
(1)

(Increase)/decrease in debtors
(6,708)
29,729

Increase/(decrease) in creditors
53,048
(5,864)

Net cash generated from operating activities before transactions with members

50,013
37,161


Cash flows from investing activities

Purchase of tangible fixed assets
(1,814)
(205)

Sale of tangible fixed assets
-
296

Interest received
10
1

Net cash from investing activities

(1,804)
92

Cash flows from financing activities

Repayment of other loans
-
(10,000)

Interest paid
-
(4,009)

Members' capital contributed
-
8,700

Members' capital repaid
-
(8,700)

Net cash used in financing activities
-
(14,009)

Net increase in cash and cash equivalents
48,209
23,244

Cash and cash equivalents at beginning of period
42,030
18,785

Cash and cash equivalents at the end of period
90,239
42,029


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
90,239
42,029

90,239
42,029


The notes on pages 13 to 23 form part of these financial statements.

Page 12

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

1.


General information

Capstan Capital Partners LLP is a limited liability partnership that is registered in England and Wales. The registered office is 167-169 Great Portland Street, London, W1W 5PF and the registration number is OC343883. The principal activity was financial consultancy.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The financial statemenets have been prepared for the period 01 January 2022 to 31 March 2024. As a result of recent changes to tax legislation the partnership has changed its period in order to bring the period of review in line with updated basis period rules. This has resulted in the current period being fifteen months. The prior period, as a result, is not entirely comparable as it is twelve months. 

The following principal accounting policies have been applied:

 
2.2

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.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 13

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

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 14

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

2.Accounting policies (continued)


2.7
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:

Fixtures and fittings
-
20%
Computer equipment
-
33%

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 15

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

2.Accounting policies (continued)

 
2.11

Financial instruments

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

Basic financial assets

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

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

Financial liabilities

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

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

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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. On this background, the members consider there to be judgments applied only on depreciation policy of the fixed assets and the depreciation rates are based upon the expected useful life of the assets, as well as the recoverability of trade debtors. There are no other judgments in any other accounting policies that might have a material effect on the balances held at the Statement of Financial Position date.

Page 16

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

4.


Turnover

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


2024
2022
£
£

Sales
461,062
279,358

461,062
279,358



5.


Other operating income

2024
2022
£
£

Loan interest receivable
-
54

-
54



6.


Auditors' remuneration

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


2024
2022
£
£

Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements
7,500
5,000
Page 17

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

7.


Employees

Staff costs were as follows:


2024
2022
£
£

Wages and salaries
166,183
88,940

Social security costs
14,752
5,382

180,935
94,322


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


        2024
        2022
            No.
            No.







Average number of employees
2
2


8.


Information in relation to members

31 March
31 December
2024
2022
Number
Number


The average number of members during the period was
4
3










9.


Interest payable and similar expenses

2024
2022
£
£


Other loan interest payable
3,230
4,009

3,230
4,009

Page 18

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

10.


Tangible fixed assets







Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
23,222
32,780
56,002


Additions
-
1,815
1,815



At 31 March 2024

23,222
34,595
57,817



Depreciation


At 1 January 2023
22,690
32,549
55,239


Charge for the period on owned assets
406
514
920



At 31 March 2024

23,096
33,063
56,159



Net book value



At 31 March 2024
126
1,532
1,658



At 31 December 2022
532
232
764

Page 19

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

11.


Debtors

31 March
31 December
2024
2022
£
£


Trade debtors
41,566
8,862

Other debtors
5,273
28,256

Prepayments and accrued income
8,855
11,870

Amounts due from members
54,818
57,582

110,512
106,570



12.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
90,239
42,029

90,239
42,029



13.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Other loans
47,000
-

Trade creditors
42,079
3,896

Other taxation and social security
8,755
2,556

Other creditors
5,437
-

Accruals and deferred income
12,138
8,911

115,409
15,363


Page 20

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

14.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Other loans
-
47,000

-
47,000



15.


Loans


Analysis of the maturity of loans is given below:


31 March
31 December
2024
2022
£
£

Amounts falling due within one year

Other loans
47,000
-


47,000
-


Amounts falling due 2-5 years

Other loans
-
47,000


-
47,000


47,000
47,000



16.


Financial instruments

31 March
31 December
2024
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
90,239
42,029



Page 21
 


 
CAPSTAN CAPITAL PARTNERS LLP


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

17.


Reconciliation of members' interests 







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due from members
 



(57,582)
(57,582)


Profit for the period available for discretionary division among members
 
-
2,764
2,764
-
-
2,764

Members' interests after profit for the period
87,000
2,764
89,764
(57,582)
(57,582)
32,182

Other division of profits
-
-
-
2,764
2,764
2,764

Movement in reserves
-
(2,764)
(2,764)
-
-
(2,764)

Amounts due from members
 



(54,818)
(54,818)


Balance at 31 March 2024 
87,000
-
87,000
(54,818)
(54,818)
32,182

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

Page 22
 
CAPSTAN CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


Analysis of net debt





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

£

£

£

Cash at bank and in hand

42,029

48,210

-

90,239

Borrowings due within 1 year

-

-

(47,000)

(47,000)

Borrowings due after 1 year

(47,000)

-

47,000

-

Net debt (before members' debt)
(4,971)
48,210
-
43,239

Loans and other debts due to members





Net debt


(4,971)
48,210
-
43,239


19.


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:

31 March
31 December
2024
2022
£
£


Not later than 1 year
-
10,635

-
10,635


20.


Related party transactions

Included in other creditors there is a unsecured bridging loan from a related party of £47,000 (2022 – £47,000). Interest of £3,230 (2022 - £4,009) was charged during the year.
 
During the year related parties, where the current members of the LLP are also directors, invoiced £31,100 (2022: £20,527) for various consultancy services. During the year related parties, where the current members of the LLP are also directors, were invoiced £13,200 (2022: £235,284) for various consultancy services.
Page 23