Limited Liability Partnership registration number OC349574 (England and Wales)
CHRYSTAL CAPITAL PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CHRYSTAL CAPITAL PARTNERS LLP
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 15
CHRYSTAL CAPITAL PARTNERS LLP
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
39,866
120,549
Investments
6
2,159,460
736,913
2,199,326
857,462
Current assets
Debtors
8
202,712
3,212,205
Cash at bank and in hand
39,086
119,546
241,798
3,331,751
Creditors: amounts falling due within one year
10
(500,989)
(686,788)
Net current (liabilities)/assets
(259,191)
2,644,963
Total assets less current liabilities
1,940,135
3,502,425
Creditors: amounts falling due after more than one year
11
(300,000)
(357,590)
Net assets attributable to members
1,640,135
3,144,835
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(133,821)
519,235
Other amounts
2,320,351
1,941,422
2,186,530
2,460,657
Members' other interests
Members' capital classified as equity
2,040,180
818,000
Other reserves classified as equity
(2,586,575)
(133,822)
1,640,135
3,144,835
Total members' interests
Amounts due from members
-
(3,100,000)
Loans and other debts due to members
2,186,530
2,460,657
Members' other interests
(546,395)
684,178
1,640,135
44,835

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

CHRYSTAL CAPITAL PARTNERS LLP
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 23 August 2024 and are signed on their behalf by:
23 August 2024
J D Innes
Designated member
Limited Liability Partnership registration number OC349574 (England and Wales)
CHRYSTAL CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 May 2023
818,000
(133,821)
684,179
(639,343)
(639,343)
44,836
Loss for the financial year available for discretionary division among members
-
(2,586,575)
(2,586,575)
-
-
(2,586,575)
Members' interests after loss for the year
818,000
(2,720,396)
(1,902,396)
(639,343)
(639,343)
(2,541,739)
Allocation of loss for the financial year
-
133,821
133,821
(133,821)
(133,821)
-
Introduced by members
1,222,180
-
1,222,180
3,079,694
3,079,694
4,301,874
Repayment of debt (including members' capital classified as a liability)
-
-
-
(120,000)
(120,000)
(120,000)
Members' interests at 30 April 2024
2,040,180
(2,586,575)
(546,395)
2,186,530
2,186,530
1,640,135
CHRYSTAL CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 May 2022
218,000
519,235
737,235
(546,521)
(546,521)
190,714
Loss for the financial year available for discretionary division among members
-
(133,822)
(133,822)
-
-
(133,822)
Members' interests after loss for the year
218,000
385,413
603,413
(546,521)
(546,521)
56,892
Allocation of loss for the financial year
-
(519,235)
(519,235)
519,235
519,235
-
Introduced by members
600,000
-
600,000
(600,000)
(600,000)
-
Repayment of debt (including members' capital classified as a liability)
-
-
-
(12,057)
(12,057)
(12,057)
Members' interests at 30 April 2023
818,000
(133,822)
684,178
(639,343)
(639,343)
44,835
CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Chrystal Capital Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Grain Store, 10d Drove Orchards, Thornham Road, Hunstanton, Norfolk, PE36 3LS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises gross commissions and fees earned net of value added tax. Corporate finance transaction fees are recognised once a transaction is regarded as substantially complete. Where such fees are contingent on the outcome of a critical event, revenue is not recognised until that event occurs. Corporate finance retainer fees are recognised on an accruals basis.

 

Revenue also includes, to the extent that such transactions occur, the fair value of non-cash consideration received in respect of services provided.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
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.

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.

Office equipment
33% straight line
Computers
20%/25% straight line

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.

1.6
Fixed asset investments

Investments are initially recognised at transaction price or fair value where a reliable value is obtainable. At each reporting date, these investments are measured at fair value where a reliable value is obtainable. In the case of listed investments, the fair value represents the quoted bid price of the investment at the balance sheet date. Where equity instruments are neither listed or readily marketable, the members review evidence as to whether there has been a change in the fair value of the investments. Those investments in shares, or options related to shares, which are not listed or where their fair value cannot otherwise be measured reliably, are measured at cost less impairment. Where shares or options are not yet legally owned by the firm, changes in value are accounted for through turnover. Once legal possession has passed to the firm, any changes in value are accounted for through revaluations or impairments.

 

Gains and losses on re-measurement are recognised in profit or loss for the period.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 9 -
1.11
Retirement benefits and post retirement payments to members

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

 

The contributions are recognised as an expense in the profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
Foreign exchange

The LLP's functional and presentational currency is GBP.

 

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.

 

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 profit or loss within 'other operating income'.

1.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2
Judgements and key sources of estimation uncertainty

In the process of applying its accounting policies, the LLP is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of revenues and expenses recognised during reporting periods presented.

 

On an ongoing basis, the LLP evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

 

The key sources of accounting judgement and estimation uncertainty are;

Critical judgements

We have audited the financial statements of Chrystal Capital Partners LLP (the 'limited liability partnership') for the year ended 30 April 2024 which comprise, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including 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).

Carrying amount of fixed asset investment un unlisted shares and impairment review

In the 2016 financial year, the LLP exercised options in an unlisted company for consideration of $1.5 million, equivalent to £967,043 using the exchange rate ruling on the date the shares were acquired. The members estimate the fair value of these to be £Nil as at 30 April 2024 based on information obtained from the most recent set of financial statements, and a recent investment report.

 

The shares were acquired by the LLP through a promissory note (detailed in note 17 to the accounts) which is secured on the shares in the unlisted investment. Under the terms of the Pledge and Security agreement relating to the loan, the LLP is not liable for any deficiency in the event that the proceeds of the sale or realisation of the shares is insufficient to repay the full liability under the promissory note, which includes capital and interest due.

 

FRS 102 paragraph 11.21 requires the LLP to assess whether there is objective evidence of impairment of any financial assets that are measured at cost. Shares in unlisted companies are inherently difficult to value and their eventual value is dependent on future events and circumstances. The members have taken appropriate steps to consider whether there is any such evidence based on information available to them and have concluded that the investment should be impaired to £Nil, with a corresponding and equal impairment of the promissory note at the balance sheet date.

 

In line with the accounting policy in note 1.7, all unlisted investments have been revalued where an accurate market value could be obtained. Investments in ordinary shares and share options totalling £1,561,399 have been valued based upon subscription prices from share issues in the period.

Valuation of share options, warrants and other investments in unlisted entities

The LLP often receives share options, warrants and other investments as part of its remuneration for services undertaken on behalf of clients. When these options and warrants relate to unlisted entities and a reliable value can be obtained, they are measured at fair value. Where a valuation cannot be measured reliably then the instrument is measured at cost less impairment. In the event that the instrument has no market and where the members consider that the conditions reflect that they expect no income to be generated by the instrument before the end of the exercise period, then the instruments are considered to have no value.

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
3
3
4
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
5
Tangible fixed assets
Office equipment
Computers
Total
£
£
£
Cost
At 1 May 2023
18,870
432,618
451,488
Additions
-
284
284
At 30 April 2024
18,870
432,902
451,772
Depreciation and impairment
At 1 May 2023
18,869
312,070
330,939
Depreciation charged in the year
-
80,967
80,967
At 30 April 2024
18,869
393,037
411,906
Carrying amount
At 30 April 2024
1
39,865
39,866
At 30 April 2023
1
120,548
120,549

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £74,381 (2023 - £74,381) for the year.

2024
2023
£
£
Computers
28,335
102,716
CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
6
Fixed asset investments
2024
2023
£
£
Unlisted investments
2,159,460
736,913
Movements in fixed asset investments
Listed investments
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 May 2023
105,158
4,714,736
4,819,894
Additions
-
308,583
308,583
Valuation changes
-
1,324,643
1,324,643
At 30 April 2024
105,158
6,347,962
6,453,120
Impairment
At 1 May 2023
105,158
3,977,823
4,082,981
Impairment losses
-
210,679
210,679
At 30 April 2024
105,158
4,188,502
4,293,660
Carrying amount
At 30 April 2024
-
2,159,460
2,159,460
At 30 April 2023
-
736,913
736,913
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,159,460
736,913
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
127,237
19,723
Amounts owed by members
-
3,100,000
Other debtors
16,170
30,275
Prepayments and accrued income
59,305
62,207
202,712
3,212,205
CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
9
Loans and overdrafts
2024
2023
£
£
Other loans
300,000
300,000
Payable after one year
300,000
300,000
10
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
12
54,657
115,073
Trade creditors
214,916
242,914
Other taxation and social security
35,875
125,481
Other creditors
174,007
173,719
Accruals and deferred income
21,534
29,601
500,989
686,788

A promissory note is repayable on demand of the lender, with an original principal value of $1.5m and a coupon rate of 15 percent. This note was secured on the LLP's holding in an unlisted company purchased for $1.5 million. Under the terms of the Pledge and Security agreement relating to the loan the LLP was not liable for any deficiency in the event that the proceeds of the sale or realisation of the shares is insufficient to repay the full liability under the promissory note. In the year, the members valued the investment at £Nil (2023: £Nil), and reflected this the value of the promissory loan by valuing the liability at £Nil (2023: £Nil). Had the investment not been fully impaired, the full liability of the loan, inclusive of interest would have been £3,636,779 (2023: £3,148,535).

 

We confirm that the rights associated to the D Shares share with equal ranking on any surplus distribution of assets.

 

See note 2 for further details on the members assessment.

 

The promissory note creditor is secured against an unlisted investment.

 

The obligations under finance lease and hire purchase contracts are secured against the respective assets that the LLP acquired.

11
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
12
-
44,738
Other borrowings
9
300,000
300,000
Other taxation and social security
-
12,852
300,000
357,590
CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
12
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
54,657
115,073
Within two and five years
-
44,738
54,657
159,811

Finance lease payments represent rentals payable by the limited liability partnership for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is [X] years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

13
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
2,186,530
2,460,657

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

14
Audit report information

The adjustments arising on acquisition were in respect of the following:

The auditor's report was unqualified.

Senior Statutory Auditor:
Craig Symonds
Statutory Auditor:
Mapus-Smith & Lemmon LLP
Date of audit report:
27 August 2024
15
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
-
38,958
16
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

CHRYSTAL CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Related party transactions
(Continued)
- 15 -
Other information

During the year the company earned turnover of £327,999 (2023: £615,633) from companies in which the wife of a member of the firm is a director.

 

As at the year end there was a loan outstanding of £300,000 (2023: £300,000) due to family relations of the members of the LLP. This amount is guaranteed by the members. Interest of £30,000 (2023: £11,250) was charged on the loan.

17
Ultimate controlling party

In the opinion of the members, there is no one controlling party.

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