Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-319The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity9truetruefalse OC368854 2023-01-01 2023-12-31 OC368854 2022-01-01 2022-12-31 OC368854 2023-12-31 OC368854 2022-12-31 OC368854 c:FurnitureFittings 2023-01-01 2023-12-31 OC368854 c:FurnitureFittings 2023-12-31 OC368854 c:FurnitureFittings 2022-12-31 OC368854 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC368854 c:ComputerEquipment 2023-01-01 2023-12-31 OC368854 c:ComputerEquipment 2023-12-31 OC368854 c:ComputerEquipment 2022-12-31 OC368854 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC368854 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC368854 c:CurrentFinancialInstruments 2023-12-31 OC368854 c:CurrentFinancialInstruments 2022-12-31 OC368854 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC368854 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC368854 d:FRS102 2023-01-01 2023-12-31 OC368854 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC368854 d:FullAccounts 2023-01-01 2023-12-31 OC368854 d:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC368854 2 2023-01-01 2023-12-31 OC368854 6 2023-01-01 2023-12-31 OC368854 d:PartnerLLP4 2023-01-01 2023-12-31 OC368854 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC368854 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC368854 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


Registered number: OC368854












GLOBAL ASSET CAPITAL EUROPE LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

GLOBAL ASSET CAPITAL EUROPE LLP

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8



 
REGISTERED NUMBER:OC368854
GLOBAL ASSET CAPITAL EUROPE LLP

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
26,391
33,428

Current assets
  

Debtors: amounts falling due within one year
 5 
1,784,401
1,156,551

Cash at bank and in hand
  
251,412
1,328,673

  
2,035,813
2,485,224

Creditors: amounts falling due within one year
 6 
(1,708,319)
(2,167,281)

Net current assets
  
 
 
327,494
 
 
317,943

Total assets less current liabilities
  
353,885
351,371

  

Net assets
  
353,885
351,371


Represented by:
  

Loans and other debts due to members within one year
  
341,885
339,371

Members' other interests
  

Members' capital classified as equity
  
12,000
12,000

  
353,885
351,371


Total members' interests
  

Loans and other debts due to members
  
341,885
339,371

Members' other interests
  
12,000
12,000

Net assets attributable to members
  
353,885
351,371


Page 1


 
REGISTERED NUMBER:OC368854
GLOBAL ASSET CAPITAL EUROPE LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

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




Elbert Acquisition LLC
Designated member

Date: 5 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Global Asset Capital Europe LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 

GLOBAL ASSET CAPITAL EUROPE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Global Asset Capital Europe LLP is a limited liability partnership incorporated in England and Wales. The address of its registered office is 7 Cromwell Place, London, SW7 2JN.
The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents amounts receivable for services.
If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

  
2.3

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.
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.

Page 3

 

GLOBAL ASSET CAPITAL EUROPE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the profit and loss account.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 

GLOBAL ASSET CAPITAL EUROPE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 5

 

GLOBAL ASSET CAPITAL EUROPE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

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 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, bank loans and loans from fellow group companies 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.
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 LLP 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.
 
Page 6

 

GLOBAL ASSET CAPITAL EUROPE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).


4.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
91,809
22,039
113,848


Additions
-
1,509
1,509



At 31 December 2023

91,809
23,548
115,357



Depreciation


At 1 January 2023
66,230
14,190
80,420


Charge for the year on owned assets
6,395
2,151
8,546



At 31 December 2023

72,625
16,341
88,966



Net book value



At 31 December 2023
19,184
7,207
26,391



At 31 December 2022
25,579
7,849
33,428

Page 7

 

GLOBAL ASSET CAPITAL EUROPE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
745,860
32,373

Other debtors
1,017,924
893,613

Prepayments and accrued income
20,617
230,565

1,784,401
1,156,551



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
726,777
759,411

Other taxation and social security
111,104
64,326

Other creditors
857,769
1,118,898

Accruals and deferred income
12,669
224,646

1,708,319
2,167,281



7.


Related party transactions

The LLP paid rent to 7CP Commercial Limited of £252,300 (2022 - £252,300) and 7CP Residential Limited of £78,000 (2022 - £78,000). At the year end, the LLP owed £731,670 to 7CP Commercial Limited (2022 - £731,670) in respect of rent.
At the balance sheet date, the LLP owed 7CP Residential Limited £47,031 (2022 - £47,031). The LLP was owed £42,949 (2021 - £42,959) by 7CP Commercial Limited and £826,890 (2022 - £826,890) by 7 Cromwell Place Limited. All three entities are under common ownership.
During the year, the LLP paid advisory fees to GACE Luxembourg Sarl of £174,024 (2022 - £320,449). At the year end, the LLP owed £657,053 (2022 - £657,053) to GACE Luxembourg Sarl. The company is under common ownership.
At the year end, the LLP owed Global Asset Capital LLC an amount of £136,704 (2022 - £356,704). The company is under common ownership.

 
Page 8