REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
REDHEDGE ASSET MANAGEMENT LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
REDHEDGE ASSET MANAGEMENT LLP |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Reconciliation of Members' Interests | 12 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 17 |
REDHEDGE ASSET MANAGEMENT LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
38 Craven Street |
London |
WC2N 5NG |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of investment management services. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was €1,387,943 (2023 - €934,382 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of the financial year, taking into account the anticipated cash needs of the LLP. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships 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 LLP and of the profit or loss of the LLP for that period. 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; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs 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 LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
AUDITORS |
The auditors, Belluzzo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE MEMBERS: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
REDHEDGE ASSET MANAGEMENT LLP |
Opinion |
We have audited the financial statements of Redhedge Asset Management LLP (the 'LLP') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 LLP's affairs as at 31 December 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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 LLP'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 in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
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 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. |
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 LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
REDHEDGE ASSET MANAGEMENT LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
REDHEDGE ASSET MANAGEMENT LLP |
Auditors' 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 a Report of the Auditors 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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 or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations. |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity. |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection. |
- We understood how Redhedge Asset Management LLP is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the company's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance. |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Company as a holding entity, we identified management override of controls as our fraud risk. |
- To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias; |
- investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation. |
- reading the minutes of meetings of those charged with governance. |
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 directors and other management 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
REDHEDGE ASSET MANAGEMENT LLP |
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 Report of the Auditors. |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs 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 LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
38 Craven Street |
London |
WC2N 5NG |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | € | € |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,427,870 | 1,051,243 |
Other operating income |
Gain/loss on revaluation of assets | (60,562 | ) | (116,861 | ) |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | € | € |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | € | € |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,579,738 |
1,590,205 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
BALANCE SHEET - continued |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | € | € |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
14 |
763,536 |
777,718 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 816,202 | 812,487 |
1,579,738 | 1,590,205 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 14 | 763,536 | 777,718 |
Members' other interests | 816,202 | 812,487 |
1,579,738 | 1,590,205 |
The financial statements were approved by the members of the LLP and authorised for issue on |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
€ | € | € |
Balance at 1 January 2024 | 812,487 | - | 812,487 |
Profit for the financial year available for discretionary division among members |
- |
1,387,943 |
1,387,943 |
Members' interests after profit for the year | 812,487 | 1,387,943 | 2,200,430 |
Other divisions of profit | - | (1,387,943 | ) | (1,387,943 | ) |
Introduced by members | 3,715 | - | 3,715 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2024 | 816,202 | - | 816,202 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
€ | € |
Amount due to members | 777,718 |
Amount due from members | - |
Balance at 1 January 2024 | 777,718 | 1,590,205 |
Profit for the financial year available for discretionary division among members |
- |
1,387,943 |
Members' interests after profit for the year | 777,718 | 2,978,148 |
Other divisions of profit | 1,387,943 | - |
Introduced by members | - | 3,715 |
Drawings on account and distributions of profit | (1,402,125 | ) | (1,402,125 | ) |
Amount due to members | 763,536 |
Amount due from members | - |
Balance at 31 December 2024 | 763,536 | 1,579,738 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
€ | € | € |
Balance at 1 January 2023 | 816,204 | - | 816,204 |
Profit for the financial year available for discretionary division among members |
- |
934,382 |
934,382 |
Members' interests after profit for the year | 816,204 | 934,382 | 1,750,586 |
Other divisions of profit | - | (934,382 | ) | (934,382 | ) |
Introduced by members | (3,717 | ) | - | (3,717 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2023 | 812,487 | - | 812,487 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
€ | € |
Amount due to members | 1,799,193 |
Amount due from members | - |
Balance at 1 January 2023 | 1,799,193 | 2,615,397 |
Profit for the financial year available for discretionary division among members |
- |
934,382 |
Members' interests after profit for the year | 1,799,193 | 3,549,779 |
Other divisions of profit | 934,382 | - |
Introduced by members | - | (3,717 | ) |
Drawings on account and distributions of profit | (1,955,857 | ) | (1,955,857 | ) |
Amount due to members | 777,718 |
Amount due from members | - |
Balance at 31 December 2023 | 777,718 | 1,590,205 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | € | € |
Cash flows from operating activities |
Cash generated from operations | 2 |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (215,996 | ) | - |
Sale of fixed asset investments |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Transactions with members and former | members |
Payments to members | (1,402,125 | ) | (1,955,857 | ) |
Contributions by members | 3,715 | (3,717 | ) |
Net cash from financing activities | (1,398,410 | ) | (1,959,574 | ) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
3 |
1,236,341 |
Cash and cash equivalents at end of year | 3 | 551,017 | 703,249 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
Profit distributions are classified as operating cash flows as they are paid out of operating cash flows and for services rendered to the LLP as part of its revenue generating activities. |
2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
€ | € |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
1,387,943 |
934,382 |
Depreciation charges |
Loss on disposal of fixed assets |
Loss on revaluation of fixed assets | 60,562 | 116,861 |
- | (3 | ) |
1,486,316 | 1,090,395 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2024 |
31.12.24 | 1.1.24 |
€ | € |
Cash and cash equivalents | 551,017 | 703,249 |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
€ | € |
Cash and cash equivalents | 703,249 | 1,236,341 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.24 | Cash flow | changes | At 31.12.24 |
€ | € | € | € |
Net cash |
Cash at bank | 703,249 | (152,232 | ) | 551,017 |
703,249 | ( |
) | 551,017 |
Net funds (before |
members' debt) | 703,249 | (152,232 | ) | - | 551,017 |
Loans and other debts |
due to members |
Other amounts |
due to members | (777,718 | ) | 1,402,125 | (1,387,943 | ) | (763,536 | ) |
Net debt | (74,469 | ) | 1,249,893 | (1,387,943 | ) | (212,519 | ) |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Redhedge Asset Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in euros. |
The Members regard EURO as the currency of the primary economic environment in which the company |
operate |
Turnover |
Turnover represents income receivable from providing investment services, advisory services, net of Value Added Tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences are being amortised evenly over their estimated useful life of ten years. |
Tangible fixed assets |
Leasehold improvements: over the duration of the lease |
Plant & Machinery: 25% straight line |
Motor Vehicle: 25% straight line |
When the item is derecognized, the entity recognize any gain or loss in the income statement as the difference between the net disposal proceeds, if any, and the carrying amount of the item. |
The date of disposal of the asset is determined by applying the revenue recognition criteria in section 23 of FRS 102. This will normally be the date when risks and rewards of ownership of the assets are transferred to the buyer. |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the futurepayments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are eitherassessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The members of the company have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Members' report and financial statements. |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Members' participation rights |
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP 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 in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
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' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. |
3. | TURNOVER |
The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
€ | € |
Europe |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | EMPLOYEE INFORMATION |
2024 | 2023 |
€ | € |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
€ | € |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Patents and licences amortisation |
Auditors remuneration |
Foreign exchange differences |
6. | INFORMATION IN RELATION TO MEMBERS |
2024 | 2023 |
€ | € |
The amount of profit attributable to the member with the largest entitlement was | 809,923 |
701,753 |
2024 | 2023 |
The average number of members during the year was | 4 | 6 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
€ |
COST |
Additions |
At 31 December 2024 |
AMORTISATION |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
8. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
€ | € | € |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
9. | FIXED ASSET INVESTMENTS |
Listed |
investments |
€ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
Impairments | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
€ | € |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
€ | € |
Trade creditors |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
€ | € |
Other creditors |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
€ | € |
Within one year |
Between one and five years |
REDHEDGE ASSET MANAGEMENT LLP (REGISTERED NUMBER: OC396432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
14. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
€ | € |
Amounts owed to members in respect of profits | 763,536 | 777,718 |
Falling due within one year | 763,536 | 777,718 |