Limited Liability Partnership registration number OC313455 (England and Wales)
PROMETHEAN INVESTMENTS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PROMETHEAN INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
A Burt
M Burt
A Bound
Limited liability partnership number
OC313455
Registered office
3 Coldbath Square
London
EC1R 5HL
Auditor
Chiene + Tait LLP (trading as CT)
Charted Accountants and Statutory Auditors
61 Dublin Street
Edinburgh
Scotland
EH3 6NL
PROMETHEAN INVESTMENTS LLP
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 22
PROMETHEAN INVESTMENTS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal objective of the LLP is to provide discretionary investment management services. The firm is authorised and regulated by the Financial Conduct Authority.

 

The results for the year and the financial position at the year end were considered satisfactory by the members.

Members' capital and interests
Each member is entitled to their capital contribution on liquidation. Members draw a proportion of their profit share in twelve monthly instalments during the period in which the profit is made. The balance of profits for all members is paid in the subsequent year, subject to the cash requirements of the business. Profits before members' remuneration and automatic profit shares are allocated to the members of the Partnership and recognised as an expense on a separate line in the Income Statement.
The Class A members of the Partnership shall ensure that no distributions or other payments shall be made from or by the Partnership to its members if, as a result of such distributions, the Partnership would no longer have sufficient Regulatory Capital. Capital may only be repaid to members provided that the Regulatory Capital is maintained by transfers into the Regulatory Capital Reserve by members.
MIFIDPRU
In accordance with MIFIDPRU 8, the required disclosures in respect of risk management objectives and policies, with own fund requirements, and remuneration policy and practices are available from the limited liability partnership's registered office on request or on the limited liability partnership's website.
Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

A Burt
M Burt
A Bound
Auditors
The auditors, CT, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
Energy and carbon report

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

PROMETHEAN INVESTMENTS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 31 January 2025 and signed on behalf by:
31 January 2025
A Burt
Designated Member
PROMETHEAN INVESTMENTS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROMETHEAN INVESTMENTS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROMETHEAN INVESTMENTS LLP
- 4 -
Opinion

We have audited the financial statements of Promethean Investments LLP (the ‘limited liability partnership’) for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows 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).

In our opinion the financial statements:

 

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 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 limited liability partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon.  The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

PROMETHEAN INVESTMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROMETHEAN INVESTMENTS LLP
- 5 -
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 by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires us to report to you if, in our opinion:

 

Responsibilities of members

 

As explained more fully in the members’ responsibilities statement, 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 limited liability partnership’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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:

There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

PROMETHEAN INVESTMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROMETHEAN INVESTMENTS LLP
- 6 -

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.

 

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.

 

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

Use of our report

 

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 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. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s 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 limited liability partnership and the limited liability partnership’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Barry Truswell (Senior Statutory Auditor)
For and on behalf of CT
31 January 2025
Chartered Accountants
Statutory Auditor
61 Dublin Street
Edinburgh
Scotland
EH3 6NL
PROMETHEAN INVESTMENTS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
1,841,930
1,621,882
Administrative expenses
(1,442,690)
(1,242,271)
Operating profit
4
399,240
379,611
Interest payable and similar expenses
8
(60)
-
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
399,180
379,611

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There are no other gains or losses or comprehensive income during 2024 or 2023.

PROMETHEAN INVESTMENTS LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,274
11,271
Investments
10
45,360
45,360
47,634
56,631
Current assets
Debtors
11
420,255
430,794
Cash at bank and in hand
453,257
576,517
873,512
1,007,311
Creditors: amounts falling due within one year
12
(210,543)
(342,949)
Net current assets
662,969
664,362
Total assets less current liabilities and net assets attributable to members
710,603
720,993
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
424,602
434,992
Members' other interests
Members' capital classified as equity
286,001
286,001
710,603
720,993
The financial statements were approved by the members and authorised for issue on 31 January 2025 and are signed on their behalf by:
31 January 2025
A Burt
Designated member
Limited Liability Partnership registration number OC313455 (England and Wales)
PROMETHEAN INVESTMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
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 April 2023
286,001
-
286,001
434,992
434,992
720,993
Profit for the financial year available for discretionary division among members
-
399,180
399,180
-
-
399,180
Members' interests after profit for the year
286,001
399,180
685,181
434,992
434,992
1,120,173
Allocation of profit for the financial year
-
(399,180)
(399,180)
399,180
399,180
-
Drawings on account and distributions of profit
-
-
-
(409,570)
(409,570)
(409,570)
Members' interests at 31 March 2024
286,001
-
286,001
424,602
424,602
710,603
PROMETHEAN INVESTMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
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 April 2022
286,001
-
286,001
301,773
301,773
587,774
Profit for the financial year available for discretionary division among members
-
379,611
379,611
-
-
379,611
Members' interests after profit for the year
286,001
379,611
665,612
301,773
301,773
967,385
Allocation of profit for the financial year
-
(379,611)
(379,611)
379,611
379,611
-
Drawings on account and distributions of profit
-
-
-
(246,392)
(246,392)
(246,392)
Members' interests at 31 March 2023
286,001
-
286,001
434,992
434,992
720,993
PROMETHEAN INVESTMENTS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
286,873
273,137
Interest paid
(60)
-
Net cash inflow from operating activities
286,813
273,137
Investing activities
Purchase of tangible fixed assets
(503)
(17,415)
Net cash used in investing activities
(503)
(17,415)
Financing activities
Payments to members
(409,570)
(246,392)
Net cash used in financing activities
(409,570)
(246,392)
Net (decrease)/increase in cash and cash equivalents
(123,260)
9,330
Cash and cash equivalents at beginning of year
576,517
567,187
Cash and cash equivalents at end of year
453,257
576,517
PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting Policies
1.1
General information

Promethean Investments LLP is a limited liability partnership and is incorporated and domiciled in England and Wales. The registered office address and trading address are detailed on the members information

page at the front of these financial statements.

 

Principle activities

The principal objective of the LLP is to provide discretionary investment management services. The firm is authorised and regulated by the Financial Conduct Authority.

1.2
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" issued in December 2021.

 

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 2).

 

The following principal accounting policies have been applied:

1.3
Going concern

After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.4
Foreign exchange

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. Nonmonetary 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'.

PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting Policies
(Continued)
- 13 -
1.5
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:

 

1.6

Interest Income    

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

1.7

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.

1.8
Pensions

Defined contribution pension plan

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

 

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

 

1.9
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.

 

Depreciation is provided on the following basis:

Fixtures and fittings
Over 2 - 3 years
PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting Policies
(Continued)
- 14 -

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.

1.10
Valuation of investments

Investments in unlisted company shares are measured at cost less accumulated impairment.

1.11
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.

1.12
Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

 

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.

 

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 LLP after deducting all of its liabilities.

 

The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including trade and other debtors, and cash and bank balances, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

 

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, 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 for a

similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

 

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

PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting Policies
(Continued)
- 15 -

Impairment of financial assets

 

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

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.

Derecognition of financial assets and financial liabilities

 

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.

 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

Offsetting of financial assets and financial liabilities

 

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting Policies
(Continued)
- 16 -
1.13
Members' remuneration

Members’ participation rights are the rights of a member against the LLP that arise under the agreements issued to members by the Class A members (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. A member’s participation rights results in a liability unless the right to any payment is discretionary on the part of the Partnership.

 

Amounts subscribed or otherwise contributed by members, for example members’ capital, are classified as equity if the LLP has an unconditional right to refuse payment to members. If the Partnership does not have such an unconditional right, such amounts are classified as liabilities.

 

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are liabilities. They are therefore treated as an expense in the Income Statement. To the extent that they remain unpaid at the end of the period, they are shown as liabilities in the Statement of Financial Position.

 

Profits available for discretionary division are divided only after a decision by the Class A members of the LLP to allocate such profits and are shown as a residual amount available for discretionary division amongst members in the Income Statement and are equity appropriations in the Statement of Financial Position.

 

Where the LLP incurs a loss, no member shall be obliged to make any further capital or loan contributions to the Partnership to cover any loss allocated to the members which may be allocated at the discretion of the Class A members of the LLP.

 

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within ‘Loans and other debts due to members’. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within ‘Members’ other interests’.

PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting Policies
(Continued)
- 17 -
Leases

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.

2
Judgements and key sources of estimation uncertainty

The members considered in detail the requirements of FRS 102 and have concluded that the existing accounting policies, as detailed in Note 1, are still appropriate to the partnership's circumstances.

 

In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Doubtful debt provisions

 

Provisions for doubtful debts are made periodically based upon the partners assessment of the likelihood of collection of the trade debtors from related party undertakings.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Monitoring fees
743,406
602,566
Management fees
983,524
987,876
Promote fees
100,000
25,000
Advisory fees
15,000
6,440
1,841,930
1,621,882
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,541,930
1,321,882
Rest of Europe
300,000
300,000
1,841,930
1,621,882
PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
49,087
(32,154)
Depreciation of owned tangible fixed assets
9,500
8,197
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
18,700
10,287
6
Employees

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

2024
2023
Number
Number
1
-
0

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
20,000
6,250
Social security costs
10
-
Pension costs
475
110
20,485
6,360
7
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
3
3
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
60
-
PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
28,778
Additions
503
At 31 March 2024
29,281
Depreciation and impairment
At 1 April 2023
17,507
Depreciation charged in the year
9,500
At 31 March 2024
27,007
Carrying amount
At 31 March 2024
2,274
At 31 March 2023
11,271
10
Fixed asset investments
2024
2023
£
£
Unlisted investments
45,360
45,360
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
88,647
(26,835)
Other debtors
185,287
239,729
Prepayments and accrued income
146,321
217,900
420,255
430,794
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,647
43,066
Other taxation and social security
21,869
25,622
Other creditors
515
2,657
Accruals and deferred income
148,512
271,604
210,543
342,949
PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
475
110

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

14
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
424,602
434,992

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

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
21,492
21,492
Between two and five years
46,566
3,582
68,058
25,074
PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
16
Related party transactions

During the year, Promethean Investments LLP made payments of £1,500 (2023: £1,800) to 19 Street (GP) Limited, a company with common officers, on behalf of the company, and received £nil (2023: £nil) from the company. The LLP charged and received £189,856 (2023: £189,855) from the company in regards to management fees. As at the balance sheet date, 19 Street (GP) Limited owed £nil (2023: £33,421) to Promethean Investments LLP due to a write off of irrecoverable inter-company balance to a total of £34,921.

 

During the year, Promethean Investments LLP made payments of £15,222 (2023: £28,920) to 19 Street (GP) Jersey Limited, a company with common officers, on behalf of the company. As at the balance sheet date, the company owed the LLP £nil (2023: £nil) due to a write off of irrecoverable inter-company balances totaling £15,222.

 

During the year, Promethean Investments LLP made payments on behalf of Promethean UK Opportunities Fund II LP totaling £nil (2023: £124) and received £nil (2023: £19,655) from the LP, an entity with common officers. As at the balance sheet date, the LP owed the LLP £244 (2023: £244).

 

During the year, Promethean Investments LLP made payments on behalf of Promethean US Group Adviser LP totaling £nil (2023: £nil), an entity with common officers. Promethean Investments LLP made payments to the LP of £nil (2023: £nil) in respect of consulting services. As at the balance sheet date, the LP owed the LLP £1,453 (2023: £1,453).

 

During the year, Promethean Investments LLP made payments on behalf of Promethean Investments III (GP) Limited totaling £8,381 (2023: £8,069) and received £1,800 (2023: £nil) from the company, an entity with common officers. As at the balance sheet date, Promethean Investments Ill (GP) Limited owed the LLP £nil (2023: £24,038) due to a write off of irrecoverable inter-company balances totaling £30,620.

 

During the year, Promethean Investments LLP made payments on behalf of Promethean Fund III LP and it's fellow Fund III vehicles, entities with common officers, totaling £57,262 (2023: £50,570) and received £82,092 (2023: £150,158) from the LP and it's fellow Fund III vehicles. The LLP charged and received £605,155 (2023: £629,316) in regards to management fees. As at the balance sheet date, the LP and its fellow Fund III vehicles owed the LLP £19,799 (2023: £44,630).

 

During the year, Promethean Investments LLP made payments of £1,800 (2023: £10,493) to Promethean Investments Bird LP, a limited partnership (LP) with common officers, on behalf of the company, and received £2,507 (2023: £28,568) from the LP. The LLP charged and received £165,236 (2023: £145,423) from the LP in regards to management fees. As at the balance sheet date, Promethean Investments Bird LP owed £10,671 (2023: £11,378) to Promethean Investments LLP.

 

During the year rental income was received from a portfolio company of the fund, this amounted to £nil (2023: £nil). During the year, the LLP received monitoring fees of £743,406 (2023: £550,067) from companies with common officers. As at the balance sheet date the companies owed the LLP £2,471,979 (2023: £1,950,000) of which £2,383,333 (2023: £1,950,000) is provided as a doubtful debt.

 

During the year, Promethean Investments LLP made payments of £73,385 (2023: £67,255) to Promethean Fund IV LP, a limited partnership (LP) with common officers, on behalf of the company, and received £nil (2023: £nil) from the LP. As at the balance sheet date, Promethean Fund IV LP owed £140,639 (2023: £67,255) to Promethean Investments LLP.

 

During the year, Promethean Investments LLP made payments of £6,250 (2023: £nil) to Promethean RB LLC, a limited liability corporation (LLC) with common officers, on behalf of the company, and received £nil (2023: £nil) from the LP. As at the balance sheet date, Promethean RB LLC owed £6,250 (2023: £nil) to Promethean Investments LLP.

 

 

 

PROMETHEAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
17
Ultimate controlling party

The ultimate controlling party of Promethean Investments LLP is M Burt for the current and preceding year.

18
Cash generated from operations
2024
2023
£
£
Profit for the year
399,180
379,611
Adjustments for:
Finance costs recognised in profit or loss
60
-
Depreciation and impairment of tangible fixed assets
9,500
8,197
Movements in working capital:
Decrease/(increase) in debtors
10,539
(61,756)
Decrease in creditors
(132,406)
(52,915)
Cash generated from operations
286,873
273,137
19
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
576,517
(123,260)
453,257
Loans and other debts due to members:
- Other amounts due to members
(434,992)
10,390
(424,602)
Balances including members' debt
141,525
(112,870)
28,655
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.301falseOC3134552023-04-012024-03-31OC313455bus:PartnerLLP12023-04-012024-03-31OC313455bus:PartnerLLP22023-04-012024-03-31OC313455bus:PartnerLLP32023-04-012024-03-31OC3134552024-03-31OC3134552022-04-012023-03-31OC313455bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC313455bus:FRS1022023-04-012024-03-31OC313455bus:Audited2023-04-012024-03-31OC313455bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP