Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312024-05-080true2023-04-08falseInvestment management0falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC446754 2023-04-07 OC446754 2023-04-08 2024-03-31 OC446754 2022-04-08 2023-04-07 OC446754 2024-03-31 OC446754 1 2023-04-08 2024-03-31 OC446754 c:CurrentFinancialInstruments 2024-03-31 OC446754 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC446754 d:FRS102 2023-04-08 2024-03-31 OC446754 d:AuditExempt-NoAccountantsReport 2023-04-08 2024-03-31 OC446754 d:FullAccounts 2023-04-08 2024-03-31 OC446754 d:LimitedLiabilityPartnershipLLP 2023-04-08 2024-03-31 OC446754 6 2023-04-08 2024-03-31 OC446754 d:PartnerLLP1 2023-04-08 2024-03-31 OC446754 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC446754 e:PoundSterling 2023-04-08 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC446754












FINCH BAY CAPITAL LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024


 
REGISTERED NUMBER:OC446754
FINCH BAY CAPITAL LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

  

Current assets
  

Debtors
  
1,856,746

Current asset investments
 4 
1,270,351

Cash at bank and in hand
 5 
40,825

Creditors: Amounts Falling Due Within One Year
 6 
(4,322)

Net current assets
  
 
 
3,163,600

  

Net assets
  
3,163,600


Represented by:
  

Loans and other debts due from members within one year
  

Members' other interests
  

Members' capital
  
3,163,600

  
3,163,600


Total members' interests
  

Amounts due from members (included in debtors)
  
(1,353,369)

Members' other interests
  
3,163,600

  
1,810,231


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 statement of comprehensive income 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 on 8 May 2024.




L Markel
Designated member
Page 1


 
REGISTERED NUMBER:OC446754
FINCH BAY CAPITAL LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The notes on pages 4 to 6 form part of these financial statements.

Page 2

 

FINCH BAY CAPITAL LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 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

£
£
£
£
£

Balance at 7 April 2023
-
-
-
-
-

At Incorporation
-
-
-
-
-

Other division of losses
-
-
(645,418)
(645,418)
(645,418)

Amounts introduced by members
3,163,600
3,163,600
-
-
3,163,600

Drawings on account and distribution of profit
-
-
(707,951)
(707,951)
(707,951)

Amounts due from members
 


(1,353,369)
(1,353,369)


Balance at 31 March 2024 
3,163,600
3,163,600
(1,353,369)
(1,353,369)
1,810,231

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 3

 

FINCH BAY CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The LLP is registered in England and Wales. The address of the register office is 3rd Floor North, 7-10 Chandos Street, London, W1G 9DQ.

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2021. 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

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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

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.

 
2.3

Valuation of investments

Investments in UK gilts are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period.

 
2.4

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.

 
2.5

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.

 
2.6

Financial instruments

Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.
Page 4

 

FINCH BAY CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 entity has no employees.

The average monthly number of employees, including directors, during the period was 0.


4.


Current asset investments

2024
£

Investments in UK gilts
1,270,351

1,270,351



5.


Cash and cash equivalents

2024
£

Cash at bank and in hand
40,825

Less: bank overdrafts
(722)

40,103



6.


Creditors: Amounts falling due within one year

2024
£

Bank overdrafts
722

Accruals and deferred income
3,600

4,322


Page 5

 

FINCH BAY CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Post balance sheet events

Following the balance sheet date, N Barrett, G Chauvin, G Devereux, V Hoffman, N Rohrmoser and D Urdaneta were appointed members of the LLP. Amounts paid to these members prior to their appointments were recognised in debtors.


8.


Controlling party

The members of the LLP consider L Markel to be the ultimate controlling party.

Page 6