Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312025-05-23002024-03-312025-05-21falsefalse2023-04-01Investment Management12falsefalse OC347227 2023-04-01 2024-03-31 OC347227 2022-04-01 2023-03-31 OC347227 2024-03-31 OC347227 2023-03-31 OC347227 2022-04-01 OC347227 1 2023-04-01 2024-03-31 OC347227 1 2022-04-01 2023-03-31 OC347227 5 2023-04-01 2024-03-31 OC347227 5 2022-04-01 2023-03-31 OC347227 10 2023-04-01 2024-03-31 OC347227 10 2022-04-01 2023-03-31 OC347227 d:MotorVehicles 2023-04-01 2024-03-31 OC347227 d:MotorVehicles 2024-03-31 OC347227 d:MotorVehicles 2023-03-31 OC347227 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC347227 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC347227 d:OfficeEquipment 2023-04-01 2024-03-31 OC347227 d:OfficeEquipment 2024-03-31 OC347227 d:OfficeEquipment 2023-03-31 OC347227 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC347227 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC347227 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC347227 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC347227 d:CurrentFinancialInstruments 2024-03-31 OC347227 d:CurrentFinancialInstruments 2023-03-31 OC347227 d:CurrentFinancialInstruments 2 2024-03-31 OC347227 d:CurrentFinancialInstruments 2 2023-03-31 OC347227 d:Non-currentFinancialInstruments 2024-03-31 OC347227 d:Non-currentFinancialInstruments 2023-03-31 OC347227 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC347227 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 OC347227 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 OC347227 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 OC347227 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 OC347227 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 OC347227 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 OC347227 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 OC347227 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 OC347227 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 OC347227 e:FRS102 2023-04-01 2024-03-31 OC347227 e:Audited 2023-04-01 2024-03-31 OC347227 e:FullAccounts 2023-04-01 2024-03-31 OC347227 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC347227 d:WithinOneYear 2024-03-31 OC347227 d:WithinOneYear 2023-03-31 OC347227 d:BetweenOneFiveYears 2024-03-31 OC347227 d:BetweenOneFiveYears 2023-03-31 OC347227 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 OC347227 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 OC347227 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 OC347227 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 OC347227 6 2023-04-01 2024-03-31 OC347227 e:PartnerLLP1 2023-04-01 2024-03-31 OC347227 e:PartnerLLP2 2023-04-01 2024-03-31 OC347227 e:PartnerLLP3 2023-04-01 2024-03-31 OC347227 e:PartnerLLP4 2023-04-01 2024-03-31 OC347227 e:PartnerLLP5 2023-04-01 2024-03-31 OC347227 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC347227 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC347227 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC347227












ESCHLER ASSET MANAGEMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

ESCHLER ASSET MANAGEMENT LLP

INFORMATION




Designated Members

T de Ris
J Pryce-Robertson

Members

M Anthony
RIPA Holdings S.à r.l.
Eschler Capital Management Ltd (appointed 5 August 2024)

LLP registered number

OC347227

Registered office

6th Floor9 Argyll StreetLondonW1F 7TG

Independent auditor

Blick Rothenberg Audit LLP16 Great Queen StreetCovent GardenLondonWC2B 5AH

Bankers

HSBC plc16 King StreetCovent GardenLondonWC2E 8JF


 

ESCHLER ASSET MANAGEMENT LLP
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Eschler Asset Management LLP (the "LLP") for the year ended 31 March 2024
 

Principal activities
 
The principal activity of the LLP during the year was the provision of investment management and related services.
 
 
Designated Members
 
T de Ris and J Pryce-Robertson were designated members of the LLP during the year.
 

Members


M Anthony and RIPA Holdings S.à r.l. were members of the LLP during the year. Eschler Capital Management Ltd was appointed as a member of the LLP on 5 August 2024.
 
Members' capital and interests
 
Capital has been contributed to the LLP up to the level required under the terms of a Partnership Agreement dated 13 January 2023. The need for any further subscriptions is reviewed by the designated members on an ongoing basis, taking into account the LLP's regulatory and working capital requirements.
 
Profits and losses made by the LLP during a period are divided between the members, in line with the provisions of the agreement.
 
 
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 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 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 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 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.





 
Page 1

 

ESCHLER ASSET MANAGEMENT LLP
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Disclosure of information to auditor
 
 
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 LLP's auditor is 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 LLP's auditor is aware of that information.
 

Auditor
 
 
The auditorBlick Rothenberg Audit LLPhas indicated its willingness to continue in office. The Designated members will propose a motion re-appointing the auditor at a meeting of the members.
 

This report was approved by the members on 21 May 2025 and signed on their behalf by:
 
 

T de Ris
Designated member

Page 2

 

ESCHLER ASSET MANAGEMENT LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ESCHLER ASSET MANAGEMENT LLP
 FOR THE YEAR ENDED 31 MARCH 2024

Opinion
 

We have audited the financial statements of Eschler Asset Management LLP (the 'LLP') for the year ended 31 March 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the 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 LLP's affairs as at 31 March 2024 and of its result 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 Auditor's 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 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 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 other information comprises the information included in the Annual Report other than the financial statements and our auditor's 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.

Page 3

 

ESCHLER ASSET MANAGEMENT LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ESCHLER ASSET MANAGEMENT LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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, 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.

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 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.

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 auditor's 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 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the LLP’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the LLP’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the LLP’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the LLP operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the LLP. The key laws and regulations we considered in this context included the UK Companies Act 2006, as applied to limited liability partnerships, the Financial Services and Markets Act 2000, the rules of the Financial Conduct Authority and applicable tax legislation.

As a result of performing the above, we identified the manipulation of revenues, compliance with the rules of the Financial Conduct Authority and override of controls by the designated members as particular focus areas.

Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing
Page 4

 

ESCHLER ASSET MANAGEMENT LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ESCHLER ASSET MANAGEMENT LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

the bank statements of the LLP for evidence of any large or unusual activity which may be indicative of fraud or the inadvertent receipt of client monies; enquiring of management in relation to any potential litigation and claims; discussing regulatory matters with the appointed officers of the LLP; reviewing correspondence between the LLP and the FCA; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgments made in making accounting estimates are indicative of potential bias, although in the LLP’s case there are no particularly significant accounting estimates.

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.

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 auditor's report.

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 auditor's 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.




Shaun Melvin (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

23 May 2025
Page 5

 

ESCHLER ASSET MANAGEMENT LLP
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
622,009
411,365

Administrative expenses
  
(274,726)
(269,194)

Operating profit
 4 
 
347,283
 
142,171

Interest receivable and similar income
  
1,010
118

Interest payable and similar expenses
  
(3,321)
(1,828)

Gain on current asset investments
  
1,992
1,301

Profit for the year before members' remuneration and profit shares
  
 
346,964
 
141,762

Profit for the year before members' remuneration and profit shares
  
346,964
141,762

Members' remuneration charged as an expense
  
(346,964)
(141,762)

Results for the year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 6


 
REGISTERED NUMBER:OC347227
ESCHLER ASSET MANAGEMENT LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
57,338
1,037

Current assets
  

Debtors: amounts falling due within one year
 8 
488,647
442,763

Current asset investments
 9 
30,140
28,148

Cash at bank and in hand
  
288,524
228,778

  
807,311
699,689

Creditors: falling due wihin one year
 10 
(176,844)
(123,115)

Net current assets
  
 
 
630,467
 
 
576,574

Total assets less current liabilities
  
687,805
577,611

Creditors: amounts falling due after more than one year
 11 
(80,892)
(36,806)

Net assets attributable to members
  
606,913
540,805


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 14 
83,493
17,385

Members' other interests
  

Members' capital classified as equity
  
523,420
523,420

  
606,913
540,805


Total members' interests
  

Amounts due from members (included in debtors)
 8 
(318,838)
(373,583)

Loans and other debts due to members
 14 
83,493
17,385

Members' other interests
  
523,420
523,420

  
288,075
167,222


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 21 May 2025.




T de Ris
Designated member

The notes on pages 10 to 17 form part of these financial statements.

Page 7

 

ESCHLER ASSET MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR 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

£
£
£
£
£

Amounts due to members 
76,290
76,290


Amounts due from members 

(188,911)
(188,911)


Balance at 1 April 2022 
523,420
523,420
(112,621)
(112,621)
410,799

Members' remuneration charged as an expense
 
-
-
141,762
141,762
141,762

Members' interests after profit for the year
523,420
523,420
29,141
29,141
552,561

Drawings on account and distribution of profit
 
-
-
(384,081)
(384,081)
(384,081)

Tax payments
-
-
(1,258)
(1,258)
(1,258)

Amounts due to members
17,385
17,385

Amounts due from members
 


(373,583)
(373,583)


Balance at 31 March 2023
523,420
523,420
(356,200)
(356,200)
167,220

Members' remuneration charged as an expense
 
-
-
346,964
346,964
346,964

Members' interests after profit for the year
523,420
523,420
(9,236)
(9,236)
514,184

Drawings on account and distribution of profit
-
-
(231,000)
(231,000)
(231,000)

Other movements
 
-
-
4,891
4,891
4,891

Amounts due to members
83,493
83,493

Amounts due from members
 


(318,838)
(318,838)


Balance at 31 March 2024 
523,420
523,420
(235,345)
(235,345)
288,075

The notes on pages 10 to 17 form part of these financial statements.

Other than FCA capital requirements 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 8

 

ESCHLER ASSET MANAGEMENT LLP

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£


Profit for the financial year
-
-

Adjustments for:

Members' remuneration charged as an expense
347,172
141,762

Depreciation of tangible assets
11,600
166

Interest payable
3,321
1,828

Interest receivable
(1,010)
(118)

(Increase)/decrease in debtors
(100,629)
69,676

Increase in creditors
46,376
17,339

Net fair value (gains) recognised in P&L
(1,992)
(1,301)

Net cash generated from operating activities

304,838
229,352


Cash flows from investing activities

Purchase of tangible fixed assets
(9,891)
(1,203)

Interest received
1,010
118

Hire purchase interest paid
(1,695)
-

Net cash from investing activities

(10,576)
(1,085)

Cash flows from financing activities

Repayment of loans
(6,837)
(3,850)

Interest paid
(1,626)
(1,828)

Distribution paid to members
(226,109)
(384,081)

Net cash used in financing activities
(234,572)
(389,759)

Net increase/(decrease) in cash and cash equivalents
59,690
(161,492)

Cash and cash equivalents at beginning of year
228,778
390,270

Cash and cash equivalents at the end of year
288,468
228,778


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
288,468
228,778


The notes on pages 10 to 17 form part of these financial statements.

Page 9

 

ESCHLER ASSET MANAGEMENT LLP

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

1.


General information

Eschler Asset Management LLP is a limited liability partnership registered in the UK. Its registered
address is 6th Floor, 9 Argyll Street, London, W1F 7TG. Details of its principal activities are given in the
Members' report.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2021.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

It also requires management to exercise judgment in applying the entity's accounting policies. Due to the straightforward nature of the business, management consider that no critical judgments have been made in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Members consider that the LLP has sufficient resources to continue its operational activities and meet its regulatory capital requirements for the foreseeable future, and are therefore of the opinion that the going concern basis should be adopted in the preparation of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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.

 
2.4

Revenue

Revenue represents fees receivable (net of value added tax) during the year for investment management and other services. Fees are recognised when receivable.

Page 10

 

ESCHLER ASSET MANAGEMENT LLP

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

2.Accounting policies (continued)

  
2.5

Members' remuneration and profit allocations

Automatic allocations of profit to members are included as an expense in the profit and loss account as members' remuneration.
A members' discretionary share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.

 
2.6

Finance leases

Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives.

 
2.7

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.

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:

Motor vehicles
-
3 years
Office equipment
-
3 years

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.

 
2.8

Valuation of investments

Investments whose market value can be reliably determined 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 year.

 
2.9

Financial instruments


All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The LLP’s cash holdings comprise on demand balances only. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 11

 

ESCHLER ASSET MANAGEMENT LLP

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

2.Accounting policies (continued)


2.9
Financial instruments (continued)

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
As the LLP predominantly has short term receivables and payables, its net current asset position, excluding amounts due from members, is a reasonable measure of its liquidity at any given time.

  
2.10

Tax provisions

The taxation payable on profits is the personal liability of the members during the year.


3.


Turnover

The whole of the turnover is attributable to the principal activity.

All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit/(loss) is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
4,431
(3,505)

Operating lease rentals
16,185
25,544

Auditors' remuneration - audit services
12,150
8,500

Auditors' remuneration - non-audit services
10,900
7,500

Depreciation of tangible fixed assets
11,600
166

Page 12

 

ESCHLER ASSET MANAGEMENT LLP

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

5.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
64,917
77,167

Social security costs
2,703
9,615

Cost of defined benefit scheme
1,182
1,214

68,802
87,996


The average monthly number of employees during the year was as follows:


        2024
        2023
            No.
            No.







Full time
1
2


6.


Information in relation to members

2024
2023
Number
Number

The average number of members during the year was
4
4





Page 13

 

ESCHLER ASSET MANAGEMENT LLP

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

7.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost 


At 1 April 2023
-
10,449
10,449


Additions
67,901
-
67,901



At 31 March 2024

67,901
10,449
78,350



Depreciation


At 1 April 2023
-
9,412
9,412


Charge for the year
-
396
396


Charge for the year on financed assets
11,204
-
11,204



At 31 March 2024

11,204
9,808
21,012



Net book value



At 31 March 2024
56,697
641
57,338



At 31 March 2023
-
1,037
1,037


8.


Debtors

2024
2023
£
£


Trade debtors
49,800
7,840

Other debtors
25,533
49,395

Prepayments and accrued income
94,476
11,945

Amounts due from members
318,838
373,583

488,647
442,763



9.


Current asset investments

2024
2023
£
£

Unlisted investments
30,140
28,148


Page 14

 

ESCHLER ASSET MANAGEMENT LLP

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

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
28
-

Bank loans
4,195
4,018

Trade creditors
57,150
65,003

Other taxation and social security
20,375
12,207

Obligations under finance lease and hire purchase contracts
7,148
-

Other creditors
2,208
1,706

Accruals and deferred income
85,740
40,181

176,844
123,115



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
32,611
36,806

Net obligations under finance leases and hire purchase contracts
48,281
-



12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,195
4,018

Amounts falling due 1-2 years

Bank loans
4,379
4,195

Amounts falling due 2-5 years

Bank loans
14,326
13,723

Amounts falling due after more than 5 years

Bank loans
13,906
18,888

36,806
40,824


The LLP's bank loan is repayable by equal monthly installments over a ten year period commencing on the anniversary of drawdown. From the first anniversary interest is charged at 2.5%.

Page 15

 

ESCHLER ASSET MANAGEMENT LLP

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

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
7,148
-

Between 1-5 years
48,281
-

55,429
-


14.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
83,493
17,385

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

2024
2023
£
£



Falling due within one year
83,493
17,385

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

Page 16

 

ESCHLER ASSET MANAGEMENT LLP

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

15.


Analysis of net funds






At 1 April 2023
Arising from cash flows
New finance leases
Other non-cash changes
At 31 March 2024
£

£

£

£

£

Cash at bank and in hand

228,778

59,746

-

-

288,524

Bank overdrafts

-

(28)

-

-

(28)

Borrowings due within 1 year

(4,018)

4,018

-

(4,195)

(4,195)

Borrowings due after 1 year

(36,806)

-

-

4,195

(32,611)

Finance leases

-

4,208

(58,010)

(1,627)

(55,429)

Net funds (before members' debt)
187,954
67,944
(58,010)
(1,627)
196,261

Loans and other debts due to members






Other amounts due to members
(17,385)

-

-

(66,108)

(83,493)

Net funds


170,569
67,944
(58,010)
(67,735)
112,768


16.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
46,956
-

Later than 1 year and not later than 5 years
130,344
-


17.


Controlling party

The ultimate controlling party is Theron de Ris.

Page 17