Perlus Investment Management Ltd |
Registered number: |
OC332980 |
Balance Sheet |
as at 31 December 2024 |
Notes |
|
2024 |
|
2023 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
371 |
|
584 |
Current assets |
|
|
|
|
|
Debtors |
5 |
|
1,697,506 |
|
175,926 |
Cash at bank and in hand |
|
|
210,372 |
|
113,534 |
|
|
|
1,907,878 |
|
289,460 |
|
Creditors: amounts falling due within one year |
6 |
|
(15,490) |
|
(18,405) |
|
Net current assets |
|
|
1,892,388 |
|
271,055 |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
1,892,759 |
|
271,639 |
|
|
|
Net assets attributable to members |
1,892,759 |
|
271,639 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
7 |
|
1,887,759 |
|
266,639 |
|
|
|
|
|
|
Members' other interests |
Members' capital classified as equity |
|
|
5,000 |
|
5,000 |
|
|
|
|
|
|
|
|
|
1,892,759 |
|
271,639 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
7 |
|
1,887,759 |
|
266,639 |
Members' other interests |
|
|
5,000 |
|
5,000 |
|
|
|
|
1,892,759 |
|
271,639 |
|
|
|
|
|
|
For the year ended 31 December 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
These accounts were approved by the members on 24 February 2025 and signed on their behalf by: |
|
|
J Boucherat |
Designated member |
|
Perlus Investment Management Ltd |
Notes to the Accounts |
for the year ended 31 December 2024 |
|
1 |
Accounting policies |
|
|
Limited liability partnership information |
|
Perlus Investment Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 28 Orchard Road, St Annes on Sea, Lancashire, FY8 1PF. |
|
|
The Limited Liability Partnership's principal activity is to provide investment management services to Perlus Microcap Fund L.P. |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Going concern |
|
|
The limited liability partnership continues to earn management fees chargeable to the fund on a monthly basis which are paid in a timely manner. These fees are calculated on the capital account balances of investors within the fund, which are in turn based upon the performance of the fund and redemptions. Ordinarily a fund such as this could consider itself exposed to risk due to fluctuations in the market, but these risks are mitigated as a result of the various strategies to ensure minimal risk when identifying stocks that the fund will select for investment. The North American markets experienced a robust year in 2024, exhibiting substantial appreciation. The fund eclipsed key market benchmarks by a significant margin, driven by outstanding operational growth from all portfolio constituents. Microcap stocks should be beneficiaries of the changing political dynamics in the US that should favour the more domestic scope of business operations, deregulatory measures and likely continued fiscal and monetary stimulus and support. The partners remain confident in the medium to long-term performance of all companies within the fund and maintain strong conviction in the operational growth trajectories of each, largely underpinned by long-term secular tailwinds. On this basis, the partners have prepared the financial statements on the going concern basis |
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|
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Turnover |
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Turnover comprises revenue recognised by the LLP in respect of management and performance fees earned in accordance with underlying agreements. Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebated, value added tax and other sales taxes. |
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Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
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|
Taxation |
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Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
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Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
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|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the LLP |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 January 2024 |
1,063 |
|
At 31 December 2024 |
1,063 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2024 |
479 |
|
Provided during the year |
213 |
|
At 31 December 2024 |
692 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
371 |
|
At 31 December 2023 |
584 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 January 2024 |
12,598 |
|
At 31 December 2024 |
12,598 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
12,598 |
|
At 31 December 2024 |
12,598 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
- |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
1,697,506 |
|
175,926 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
5,518 |
|
1,430 |
|
Other creditors |
9,972 |
|
16,975 |
|
|
|
|
|
|
15,490 |
|
18,405 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans and other debts due to members |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts due to members in respect of profits |
1,887,759 |
|
266,639 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
1,887,759 |
|
266,639 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
8 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
- |
|
3,750 |
|
|
|
|
|
|
|
|
|
|
9 |
Related party transactions |
|
|
During the year, the Limited Liability Partnership earned management fees of £173,324 (2023: £179,699) and performance fees of £1,408,419 (2023: £165,040) from Perlus Microcap Fund, L.P., a Cayman Islands incorporated fund. |
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|
10 |
Other information |
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|
Perlus Investment Management Ltd is a limited liability partnership incorporated in England. Its registered office is: |
|
28 Orchard Road |
|
St Annes on Sea |
|
Lancashire |
|
FY8 1PF |