Registration number:
Cassian Capital LLP
for the Year Ended 30 November 2024
Cassian Capital LLP
Contents
Limited liability partnership information |
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Members' Report |
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Statement of Members' Responsibilities |
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Independent Auditor's Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Cash Flow Statement |
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Notes to the Financial Statements |
Cassian Capital LLP
Limited liability partnership information
Designated members |
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Registered office |
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Auditors |
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Cassian Capital LLP
Members' Report for the Year Ended 30 November 2024
The members present their report and the financial statements for the year ended 30 November 2024.
Principal activity
The principal activity of the limited liability partnership is to provide investment research.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
Members share profits and losses at the sole discretion of the managing member.
Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the limited liability partnership.
Details of changes in members' capital and other equity in the year are set out in the reconciliation of members' interests.
Reappointment of auditors
The auditors EVMS Partners LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006, as applied to limited liability partnerships.
Approved by the
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Cassian Capital LLP
Statement of Members' Responsibilities for the Year Ended 30 November 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law as applied 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 limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
• |
select suitable accounting policies and then apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that 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 to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued December 2018). 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.
These responsibilities are exercised by the designated members.
Cassian Capital LLP
Independent Auditor's Report to the Members of Cassian Capital LLP
Opinion
We have audited the financial statements of Cassian Capital LLP (the ‘limited liability partnership’) for the year ended 30 November 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the limited liability partnership's affairs as at 30 November 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships. |
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 entity'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 members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Cassian Capital LLP
Independent Auditor's Report to the Members of Cassian Capital LLP (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the limited liability partnership, 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 Statement of Members' Responsibilities set out on page 3, 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Cassian Capital LLP
Independent Auditor's Report to the Members of Cassian Capital LLP (continued)
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: enquiring of the designated members concerning the limited liability partnership’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of the designated members concerning the limited liability partnership’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of the designated members concerning the limited liability partnership’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the limited liability partnership operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the limited liability partnership. The key laws and regulations we considered in this context included company law as applied to limited liability partnerships, applicable tax legislation and the relevant rules of the Financial Conduct Authority (‘the FCA’).
One particular focus area was the risk of fraud through override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the limited liability partnership for evidence of any large or unusual activity which may be indicative of fraud; enquiring of the designated members in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the FCA. The limited liability partnership was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the limited liability partnership and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the designated members of the limited liability partnership.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the designated members and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Cassian Capital LLP
Independent Auditor's Report to the Members of Cassian Capital LLP (continued)
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 & 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
1st Floor, 5 St Bride Street
EC4A 4AS
Cassian Capital LLP
Profit and Loss Account for the Year Ended 30 November 2024
Note |
2024 |
2023 |
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Turnover |
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|
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Administrative expenses |
( |
( |
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Profit for the year available for discretionary division among members |
|
|
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Cassian Capital LLP
(Registration number: OC301569)
Balance Sheet as at 30 November 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
245,000 |
245,000 |
|
Other reserves |
|
|
|
276,968 |
292,282 |
||
Total members' interests |
|||
Amounts due from members |
(214,381) |
(235,495) |
|
Equity |
|
|
|
62,587 |
56,787 |
The financial statements of Cassian Capital LLP (registered number OC301569) were approved by the
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Cassian Capital LLP
Statement of Changes in Members’ Interests
At 30 November 2024
Equity |
Loans and other debts due to/(from) members |
|||||
Members' capital |
Other reserves |
Total equity |
Members' other amounts |
Total debt |
Total |
|
Members' interest at 1 December 2023 |
245,000 |
47,282 |
292,282 |
(235,495) |
(235,495) |
56,787 |
Profit for the financial year available for discretionary division among members |
- |
31,968 |
31,968 |
- |
- |
31,968 |
Members' interests after total comprehensive income |
245,000 |
79,250 |
324,250 |
(235,495) |
(235,495) |
88,755 |
Allocated profits in respect of the prior year |
- |
(47,282) |
(47,282) |
47,282 |
47,282 |
- |
Other amounts introduced by members |
- |
- |
- |
2,332 |
2,332 |
2,332 |
Drawings |
- |
- |
- |
(28,500) |
(28,500) |
(28,500) |
At 30 November 2024 |
245,000 |
|
276,968 |
(214,381) |
(214,381) |
62,587 |
Cassian Capital LLP
Statement of Changes in Members’ Interests
At 30 November 2024 (continued)
Equity |
Loans and other debts due to/(from) members |
|||||
Members' capital |
Other reserves |
Total equity |
Members' other amounts |
Total debt |
Total |
|
Amounts due from members |
- |
- |
- |
(222,441) |
(222,441) |
(222,441) |
Members' interest at 1 December 2022 |
245,000 |
52,779 |
297,779 |
(222,441) |
(222,441) |
75,338 |
Profit for the financial year available for discretionary division among members |
- |
47,282 |
47,282 |
- |
- |
47,282 |
Members' interests after total comprehensive income |
245,000 |
100,061 |
345,061 |
(222,441) |
(222,441) |
122,620 |
Allocated profits in respect of the prior year |
- |
(52,779) |
(52,779) |
52,779 |
52,779 |
- |
Other amounts introduced by members |
- |
- |
- |
667 |
667 |
667 |
Drawings |
- |
- |
- |
(66,500) |
(66,500) |
(66,500) |
At 30 November 2023 |
245,000 |
|
292,282 |
(235,495) |
(235,495) |
56,787 |
Cassian Capital LLP
Cash Flow Statement for the Year Ended 30 November 2024
Note |
2024 |
2023 |
|
Net cash inflow from operating activities |
|
|
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Cash flows from financing activities |
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Payments to or on behalf of members |
( |
( |
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Other transactions |
|
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Net cash flows used by financing activities |
( |
( |
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Net increase/(decrease) in cash and cash equivalents |
|
( |
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Cash and cash equivalents at 1 December |
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Cash and cash equivalents at 30 November |
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Cassian Capital LLP
Notes to the Financial Statements for the Year Ended 30 November 2024
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Cassian Capital LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Going concern
The financial statements have been prepared on a going concern basis as the members have undertaken to continue to extend support to the limited liability partnership to allow it to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. It is not possible to estimate the effect of the going concern assumption proving to be inappropriate.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is recognised on a straight line basis over the period in which services are provided. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. All revenue arose in the United Kingdom.
Members' remuneration and division of profits
Profit shares which have not been allocated until after the balance sheet date are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Foreign currency
Cassian Capital LLP
Notes to the Financial Statements for the Year Ended 30 November 2024 (continued)
1 |
Accounting policies (continued) |
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, who are also responsible for payments of that liability. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Financial instruments
The limited liability partnership only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The limited liability partnership does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The limited liability partnership's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none of them represent a financing transaction. They are only derecognised when they are extinguished.
As the limited liability partnership only has short term receivable and payables, its net current asset position after adjusting for amounts due from members is a a reasonable measure of its liquidity at any given time.
Members' capital cannot be withdrawn except upon termination and dissolution of the limited liability partnership. Accordingly it is classified as equity.
Cassian Capital LLP
Notes to the Financial Statements for the Year Ended 30 November 2024 (continued)
Operating profit |
Operating profit is stated after charging /(crediting):
2024 |
2023 |
|
Auditors remuneration |
|
|
Particulars of employees |
2024 |
2023 |
|
Designated members |
|
|
|
|
|
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The limited liability partnership has no employees (2021: none).
Members' remuneration |
2024 |
2023 |
|
Average number of members during the year |
2 |
2 |
The profit attributable to the member with the largest entitlement was £31,968 - (2023: £47,282).
Debtors |
2024 |
2023 |
|
Amounts due from members |
214,381 |
235,495 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Other taxes and social security |
|
|
Accruals and deferred income |
|
|
|
|
Cassian Capital LLP
Notes to the Financial Statements for the Year Ended 30 November 2024 (continued)
Cash flow statement |
2024 |
2023 |
|
Operating profit |
|
|
Decrease in debtors |
- |
|
Decrease in creditors |
( |
( |
Net cash inflow from operating activities |
|
|
Related party transactions |
At the balance sheet date and amount of £140,000 (2021: £140,000) was due from an entity under common control and included in amounts due from members.
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is