Caseware UK (AP4) 2024.0.164 2024.0.164 The principal activity of the LLP is the provision of investment advisory services.falsefalse2024-01-01false1820false OC415086 2024-01-01 2024-12-31 OC415086 2023-01-01 2023-12-31 OC415086 2024-12-31 OC415086 2023-12-31 OC415086 c:Buildings c:LongLeaseholdAssets 2024-01-01 2024-12-31 OC415086 c:Buildings c:LongLeaseholdAssets 2024-12-31 OC415086 c:Buildings c:LongLeaseholdAssets 2023-12-31 OC415086 c:FurnitureFittings 2024-01-01 2024-12-31 OC415086 c:FurnitureFittings 2024-12-31 OC415086 c:FurnitureFittings 2023-12-31 OC415086 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC415086 c:OfficeEquipment 2024-01-01 2024-12-31 OC415086 c:OfficeEquipment 2024-12-31 OC415086 c:OfficeEquipment 2023-12-31 OC415086 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC415086 c:ComputerEquipment 2024-01-01 2024-12-31 OC415086 c:ComputerEquipment 2024-12-31 OC415086 c:ComputerEquipment 2023-12-31 OC415086 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC415086 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC415086 c:CurrentFinancialInstruments 2024-12-31 OC415086 c:CurrentFinancialInstruments 2023-12-31 OC415086 c:CurrentFinancialInstruments 2 2024-12-31 OC415086 c:CurrentFinancialInstruments 2 2023-12-31 OC415086 c:CurrentFinancialInstruments 4 2024-12-31 OC415086 c:CurrentFinancialInstruments 4 2023-12-31 OC415086 c:Non-currentFinancialInstruments 2024-12-31 OC415086 c:Non-currentFinancialInstruments 2023-12-31 OC415086 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 OC415086 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC415086 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 OC415086 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 OC415086 e:FRS102 2024-01-01 2024-12-31 OC415086 e:Audited 2024-01-01 2024-12-31 OC415086 e:FullAccounts 2024-01-01 2024-12-31 OC415086 e:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC415086 c:WithinOneYear 2024-12-31 OC415086 c:WithinOneYear 2023-12-31 OC415086 c:BetweenOneFiveYears 2024-12-31 OC415086 c:BetweenOneFiveYears 2023-12-31 OC415086 c:MoreThanFiveYears 2024-12-31 OC415086 c:MoreThanFiveYears 2023-12-31 OC415086 e:Consolidated 2024-12-31 OC415086 e:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 OC415086 6 2024-01-01 2024-12-31 OC415086 e:PartnerLLP1 2024-01-01 2024-12-31 OC415086 e:PartnerLLP2 2024-01-01 2024-12-31 OC415086 e:PartnerLLP3 2024-01-01 2024-12-31 OC415086 e:PartnerLLP4 2024-01-01 2024-12-31 OC415086 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-12-31 OC415086 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC415086 c:FurtherSpecificReserve3ComponentTotalEquity 2024-12-31 OC415086 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC415086 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: OC415086










Deutsche Finance International LLP










Financial statements

For the year ended 31 December 2024

 
Deutsche Finance International LLP
 

Information




Members

DF Deutsche Finance Holding AG
F C Roccogrande
G S C Neilan
P Nearchou

LLP registered number

OC415086

Registered office

4th Floor25 Berkeley SquareLondonW1J 6HN

Independent auditors

Kreston Reeves LLP2nd Floor168 Shoreditch High StreetLondonE6 1RA


 
Deutsche Finance International LLP
 

Contents



Page
Members' report
 
1 - 2
Independent auditors' report
 
3 - 6
Consolidated profit and loss account
 
7
Consolidated statement of comprehensive income
 
8 - 9
Consolidated balance sheet
 
9 - 10
LLP balance sheet
 
11 - 12
Consolidated reconciliation of members' interests
 
13
LLP reconciliation of members' interests
 
14
Notes to the financial statements
 
15 - 27


 
Deutsche Finance International LLP
 

Members' report
For the year ended 31 December 2024

The members present their annual report together with the audited financial statements of Deutsche Finance International LLP (the "LLP and the Group") for the year ended 31 December 2024
 

Principal activities
 
 
The principal object of the LLP and the Group is the provision of investment advisory services.
 
 
Designated Members
 
 
DF Deutsche Finance Holding AG, F C Roccogrande, and G S C Neilan were designated members of the LLP and the Group throughout the year.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by its share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 December 2024 are set out in the Reconciliation of members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits if available being distributed after the year, subject to the cash requirements of the business.
 

Page 1

 
Deutsche Finance International LLP
 

Members' report (continued)
For the year ended 31 December 2024

Members' responsibilities statement
 
 
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 (United Kingdom Accounting Standards and applicable law). 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 LLP, the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments 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 Group will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to 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 the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP, the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 






................................................
F C Roccogrande
Designated member

Date: 29 April 2025
29 April 2025
Page 2

 
Deutsche Finance International LLP
 

 
Independent auditors' report to the members of Deutsche Finance International LLP
 

Opinion
 

We have audited the financial statements of Deutsche Finance International LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of comprehensive income, the Consolidated and LLP Balance sheets, the Consolidated and LLP's Reconciliation of members' interests and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent LLP's affairs as at 31 December 2024 and of the Group's 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 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 3

 
Deutsche Finance International LLP
 

 
Independent auditors' report to the members of Deutsche Finance International LLP (continued)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


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, requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the Group or parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the Group or parent LLP 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 Members' responsibilities statement set out on page 1, 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 Group's and the parent 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 Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
Deutsche Finance International LLP
 

 
Independent auditors' report to the members of Deutsche Finance International LLP (continued)


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 an Auditors' 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 Group 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the LLP and industry, and through discussion with the members and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to: posting inappropriate journal entries to reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statement. Audit procedures performed by the engagement team included:
 
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and
Assessment of identified fraud risk factors; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and
Reading minutes of meetings of those charged with governance.
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Group's internal control.
Page 5

 
Deutsche Finance International LLP
 

 
Independent auditors' report to the members of Deutsche Finance International LLP (continued)


Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.
Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group or the parent LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Group's and the parent LLP to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our 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 an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Anne Dwyer BSc(Hons) FCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
London

29 April 2025
Page 6

 
Deutsche Finance International LLP
 

Consolidated profit and loss account
For the year ended 31 December 2024

2024
2023
£
£

  

Turnover
 4 
9,642,439
10,408,073

Cost of sales
  
(813,955)
(791,886)

Gross profit
  
8,828,484
9,616,187

Administrative expenses
  
(7,128,221)
(8,109,907)

Operating profit
  
1,700,263
1,506,280

Interest and other income
  
20,130
4,920

Interest payable and similar expenses
  
(64,213)
(93,677)

Profit before tax
  
1,656,180
1,417,523

Tax on profit
  
(8,781)
-

Profit for the year before members' remuneration and profit shares
  
1,647,399
1,417,523

Profit for the financial year attributable to:
  

Owners of the parent
  
1,647,399
1,417,523

  
1,647,399
1,417,523

  

Profit for the year before members' remuneration and profit shares
  
1,647,399
1,417,523

Members' remuneration charged as an expense
  
(1,625,829)
(1,388,316)

Profit for the financial year available for discretionary division among members
  
21,570
29,207

The notes on pages 15 to 27 form part of these financial statements.

Page 7

 
Deutsche Finance International LLP
 

Consolidated statement of comprehensive income
For the year ended 31 December 2024

2024
2023
£
£


Profit for the financial year

  

21,570
29,207

Other comprehensive income
  


Currency translation differences
  
(2,493)
(817)

Total comprehensive income for the year
  
19,077
28,390

Profit for the year attributable to:
  


Owners of the parent LLP
  
1,647,399
1,417,523

  
1,647,399
1,417,523

Total comprehensive income attributable to:
  


Owners of the parent LLP
  
19,077
28,390

  
19,077
28,390

The notes on pages 15 to 27 form part of these financial statements.

Page 8

 
Deutsche Finance International LLP
 

Consolidated balance sheet
As at 31 December 2024
Registered number: OC415086
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
920,163
1,185,812

  
920,163
1,185,812

Current assets
  

Debtors: amounts falling due within one year
 10 
3,022,734
2,110,653

Bank and cash balances
  
1,220,571
3,916,981

  
4,243,305
6,027,634

Creditors: amounts falling due within one year
 11 
(3,812,438)
(4,953,028)

Net current assets
  
 
 
430,867
 
 
1,074,606

Total assets less current liabilities
  
1,351,030
2,260,418

  

Creditors: amounts falling due after more than one year
  
(613,417)
(1,117,855)

Provisions for liabilities
  

Dilapidation provision
  
(48,993)
(36,745)

  
 
 
(48,993)
 
 
(36,745)

  

Net assets
  
688,620
1,105,818

Page 9

 
Deutsche Finance International LLP
Registered number: OC415086

Consolidated balance sheet (continued)
As at 31 December 2024

2024
2023
Note
£
£

Capital and reserves
  

Loans and other debts due from members within one year
  

Other amounts
 13 
(844,425)
(407,754)

  
(844,425)
(407,754)

Members' other interests
  

Members' capital classified as equity
  
1,500,108
1,500,100

Other reserves
  
32,937
13,472

  
 
1,533,045
 
1,513,572

  
688,620
1,105,818


Total members' interests
  

Loans due from members (included in debtors)
 10 
(227,976)
(225,821)

Loans and other debts due from members
 13 
(844,425)
(407,754)

Other reserves
  
1,533,045
1,513,572

  
460,644
879,997


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 April 2025.




................................................
F C Roccogrande
Designated member

The notes on pages 15 to 27 form part of these financial statements.

Page 10

 
Deutsche Finance International LLP
Registered number: OC415086

LLP balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
912,766
1,165,273

Investments
 9 
125,850
130,783

  
1,038,616
1,296,056

Current assets
  

Debtors: amounts falling due within one year
 10 
2,879,534
1,932,066

Bank and cash balances
  
1,121,105
3,880,091

  
4,000,639
5,812,157

Creditors: amounts falling due within one year
 11 
(3,721,162)
(4,861,267)

Net current assets
  
 
 
279,477
 
 
950,890

Total assets less current liabilities
  
1,318,093
2,246,946

  

Creditors: amounts falling due after more than one year
  
(613,417)
(1,117,855)

Provisions for liabilities
  

Dilapidation provision
  
(48,993)
(36,745)

  

Net assets
  
655,683
1,092,346

Page 11

 
Deutsche Finance International LLP
Registered number: OC415086

LLP balance sheet (continued)
As at 31 December 2024

2024
2023
Note
£
£


Represented by:
  

Loans and other debts due from members within one year
  

Other amounts
(844,425)
(407,754)

  
(844,425)
(407,754)

Members' other interests
  

Members' capital classified as equity
  
1,500,108
1,500,100

  
1,500,108
1,500,100

  
655,683
1,092,346


Total members' interests
  

Loans due from members (included in debtors)
 10 
(227,976)
(225,821)

Loans and other debts due from members
  
(844,425)
(407,754)

Members' capital classified as equity
  
1,500,108
1,500,100

  
427,707
866,525


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 April 2025.




................................................
F C Roccogrande
Designated member

The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
Deutsche Finance International LLP
 

Consolidated Reconciliation of members' interests
For the year ended 31 December 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
29,207
29,207
-
-
29,207

Members' interests after profit for the year
100
17,201
17,301
(1,019,741)
(1,019,741)
(1,002,440)

Other division of profits
-
(9,417)
(9,417)
1,388,316
1,388,316
1,378,899

Movement in reserves
-
5,688
5,688
-
-
5,688

Amounts introduced by members
1,500,000
-
1,500,000
(2,150)
(2,150)
1,497,850

Drawings
-
-
-
(1,000,000)
(1,000,000)
(1,000,000)

Amounts due to members
(407,754)
(407,754)

Loans due from members
 



(225,821)
(225,821)


Balance at 31 December 2023
1,500,100
13,472
1,513,572
(633,575)
(633,575)
879,997

Profit for the year available for discretionary division among members
 
-
21,570
21,570
-
-
21,570

Members' interests after profit for the year
1,500,100
35,042
1,535,142
(633,575)
(633,575)
901,567

Members remuneration charged as an expense
-
-
-
1,625,829
1,625,829
1,625,829

Movement in reserves
-
(2,105)
(2,105)
-
-
(2,105)

Amounts introduced by members
8
-
8
(2,155)
(2,155)
(2,147)

Drawings
-
-
-
(2,062,500)
(2,062,500)
(2,062,500)

Amounts due from members
(844,425)
(844,425)

Loans due from members
 



(227,976)
(227,976)


Balance at 31 December 2024 
1,500,108
32,937
1,533,045
(1,072,401)
(1,072,401)
460,644

The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
Deutsche Finance International LLP
 

LLP reconciliation of members' interests
For the year ended 31 December 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests

Members' capital (classified as equity)
Total
Other amounts
Total
Total

£
£
£
£
£

Members' interests after profit for the year 
100
100
(1,019,741)
(1,019,741)
(1,019,641)

Other division of profits 
-
-
1,388,316
1,388,316
1,388,316

Amounts introduced by members 
1,500,000
1,500,000
(2,150)
(2,150)
1,497,850

Drawings 
-
-
(1,000,000)
(1,000,000)
(1,000,000)

Amounts due to members 
(407,754)
(407,754)

Loans due from members 



(225,821)
(225,821)


Balance at 31 December 2023
1,500,100
1,500,100
(633,575)
(633,575)
866,525

Members' interests after profit for the year 
1,500,100
1,500,100
(633,575)
(633,575)
866,525

Other division of profits 
-
-
1,625,829
1,625,829
1,625,829

Amounts introduced by members 
8
8
(2,155)
(2,155)
(2,147)

Drawings 
-
-
(2,062,500)
(2,062,500)
(2,062,500)

Amounts due from members 
(844,425)
(844,425)

Loans due from members 



(227,976)
(227,976)

Balance at 31 December 2024

1,500,108
1,500,108
(1,072,401)
(1,072,401)
427,707

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 14

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

The partnership is a limited liability partnership, and is incorporated in England and Wales. The address of the registered office and principal place of business is 4th Floor, 25 Berkely Square, London, W1J 6HN. The principal activity of the LLP and the Group is the provision of investment advisory services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated Group and LLP 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. The disclosure requirements of Section 1A of FRS 12 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of consolidated Group and LLP financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The members have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Therefore, the members continue to adopt the going concern basis of accounting in preparing the
financial statements.

Page 15

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is Pound sterling.

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. Non-monetary 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 Consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Translation
The trading results of group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’.

Page 16

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Turnover

Turnover from provision of investment advisory services is recognised in line with the terms of the asset management agreement, based on the extent of services rendered and when the performance obligations are satisfied. Revenue is measured as the fair value of the consideration received or receivable, less discounts and value added tax. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the extent that services performed as at the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.6

Placement Agency Fees (Cost of Sales)

Placement agent fees relate to fundraising services provided by third party agents and are recorded as cost of sales. Fee payable to the placement agents is capitalised as a prepayment and amortised over the investment period to the relevant fund vehicle to which it relates.

 
2.7

Operating leases: the Group 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.

 
2.8

Finance and borrowing costs

Finance and borrowing 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. Issuance costs are initially recognised as a reduction in the proceeds of the associated debt instrument.

Page 17

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.9

Employee benefits

The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Annual bonus 
The Group operates an annual bonus scheme for employees. An expense is recognised in the profit and loss account when the Group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the Group operate and generate income.


 
2.11

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 18

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
Over the remaining term of the lease
Fixtures and fittings
-
25%-33%
Office 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.

 
2.12

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The group only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments into ordinary shares. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate determined under the contract. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statements of financial position date and the amounts reported for revenues and expenses for the year.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, not always equal the related actual results. There have been no significant estimates or judgements used in applying accounting policies or key sources of estimation uncertainty.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Revenue
9,642,439
10,408,073

9,642,439
10,408,073


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,642,439
10,408,073

9,642,439
10,408,073


Page 20

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

5.


Employees

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,783,936
4,710,056
3,618,843
4,498,598

Social security costs
515,517
632,493
500,108
606,886

Cost of defined contribution scheme
79,859
92,119
79,859
92,119

4,379,312
5,434,668
4,198,810
5,197,603


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:



Group
Group
LLP
LLP
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
20
24
18
20


6.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
4
3










7.


Parent LLP profit for the year

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit of the parent LLP for the year was £1,625,829 (2023 - £1,388,316).

Page 21

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

8.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2024
1,449,713
429,316
106,794
193,944
2,179,767


Additions
-
-
-
29,577
29,577



At 31 December 2024

1,449,713
429,316
106,794
223,521
2,209,344



Depreciation


At 1 January 2024
451,882
333,472
73,342
135,259
993,955


Charge for the year on owned assets
147,021
89,028
22,092
37,085
295,226



At 31 December 2024

598,903
422,500
95,434
172,344
1,289,181



Net book value



At 31 December 2024
850,810
6,816
11,360
51,177
920,163



At 31 December 2023
997,831
95,844
33,452
58,685
1,185,812

Page 22

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

           8.Tangible fixed assets (continued)


LLP






Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£

Cost 


At 1 January 2024
1,430,578
401,878
106,794
191,917
2,131,167


Additions
-
-
-
29,577
29,577



At 31 December 2024

1,430,578
401,878
106,794
221,494
2,160,744



Depreciation


At 1 January 2024
443,773
314,744
73,342
134,035
965,894


Charge for the year on owned assets
143,058
80,520
22,092
36,414
282,084



At 31 December 2024

586,831
395,264
95,434
170,449
1,247,978



Net book value



At 31 December 2024
843,747
6,614
11,360
51,045
912,766



At 31 December 2023
986,805
87,134
33,452
57,882
1,165,273






Page 23

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

9.


Fixed asset investments

LLP





Investments in subsidiary companies

£



Cost


At 1 January 2024
130,783



At 31 December 2024
130,783



Impairment


Charge for the year
4,933



At 31 December 2024

4,933



10.


Debtors

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Trade debtors
996,479
26,498
996,479
26,498

Amounts owed by other related parties
337,000
263,000
337,000
263,000

Other debtors
352,889
445,949
325,679
413,807

Prepayments
387,880
394,519
387,602
394,258

Rent deposits
580,920
582,119
554,600
554,600

Tax recoverable
139,590
172,747
50,198
54,082

Amounts due from members
227,976
225,821
227,976
225,821

3,022,734
2,110,653
2,879,534
1,932,066


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 24

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

11.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Bank loans
340,924
375,924
340,924
375,924

Trade creditors
163,047
186,841
156,840
185,603

Corporation tax
8,598
-
-
-

Other creditors
351,800
655,934
336,999
641,474

Accruals
1,826,332
2,094,613
1,764,662
2,018,550

Deferred income
1,121,737
1,639,716
1,121,737
1,639,716

3,812,438
4,953,028
3,721,162
4,861,267



12.


Creditors: Amounts falling due after more than one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Bank loans
-
375,925
-
375,925

Other creditors
613,417
741,930
613,417
741,930

613,417
1,117,855
613,417
1,117,855


Included in bank loans in Note 11 is a loan balance of £400,000 (2023 Note 11 and 12: £800,000) due to HSBC Innovation Bank Limited repayable over 1 years (2023: 2 years) with an interest rate of 3.5% above base rate. Bank arrangement fees of £167,672 (2023: £117,944) have been capitalised against the loan and amortised over the term of the loan. The carrying amount of the bank arrangement fee at 31 December 2024 is £59,076.


Page 25

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

13.


Loans and other debts due from members


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Other amounts due from members
(844,425)
(407,754)
(844,425)
(407,754)

(844,425)
(407,754)
(844,425)
(407,754)


Loans and other debts due to members may be further analysed as follows:

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Falling due within one year
(844,425)
(407,754)
(844,425)
(407,754)

(844,425)
(407,754)
(844,425)
(407,754)

Loans and other debts due from members rank equally with debts due to ordinary creditors in the event of a winding up.


14.


Commitments under operating leases

At 31 December 2024 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
738,216
693,250
693,250
693,250

Later than 1 year and not later than 5 years
2,799,230
2,773,000
2,773,000
2,773,000

Later than 5 years
552,701
1,245,951
552,701
1,245,951

4,090,147
4,712,201
4,018,951
4,712,201

Page 26

 
Deutsche Finance International LLP
 

 
Notes to the financial statements
For the year ended 31 December 2024

15.


Related party transactions

The Group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the members, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.
The LLP was owed £179,500 (2023: £149,500) by DFI Jersey Holdings LP. During the year, DFI Jersey Holdings LP borrowed a further £30,000. 
The LLP was owed £143,500 (2023: £113,500) by DFI Jersey Holding II LP. During the year, DFI Jersey Holding II LP borrowed a further £30,000. 
The LLP was owed £14,000 (2023: £Nil) by DFI Olympus Jersey Holding LP. During the year, DFI Olympus Jersey Holding LP borrowed £14,000. 
The LLP operated a loan account with one of its members during the year. At the year end, the member was owed £215,000 (2023: £215,000) with interest of 1% accruing totalling £12,976 (2023: £10,821).


16.


Controlling party

The controlling member is DF Deutsche Finance Holding AG, a company incorporated and registered in Germany. The LLP's ultimate controlling party is DF Deutsche Finance Partners GmbH.
Copies of the consolidated financial statements of the parent undertaking can be obtained from their registered office at Hansastrasse 29, D-81373 Munchen.


Page 27