Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseThe principal object of the LLP is to provide investment advisory services.32truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC368802 2024-01-01 2024-12-31 OC368802 2023-01-01 2023-12-31 OC368802 2024-12-31 OC368802 2023-12-31 OC368802 c:OfficeEquipment 2024-01-01 2024-12-31 OC368802 c:OfficeEquipment 2024-12-31 OC368802 c:OfficeEquipment 2023-12-31 OC368802 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC368802 c:ComputerEquipment 2024-01-01 2024-12-31 OC368802 c:ComputerEquipment 2024-12-31 OC368802 c:ComputerEquipment 2023-12-31 OC368802 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC368802 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC368802 c:CurrentFinancialInstruments 2024-12-31 OC368802 c:CurrentFinancialInstruments 2023-12-31 OC368802 c:CurrentFinancialInstruments 2 2024-12-31 OC368802 c:CurrentFinancialInstruments 2 2023-12-31 OC368802 c:Non-currentFinancialInstruments 2024-12-31 OC368802 c:Non-currentFinancialInstruments 2023-12-31 OC368802 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 OC368802 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC368802 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 OC368802 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 OC368802 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-12-31 OC368802 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 OC368802 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 OC368802 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 OC368802 e:FRS102 2024-01-01 2024-12-31 OC368802 e:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 OC368802 e:FullAccounts 2024-01-01 2024-12-31 OC368802 e:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC368802 c:WithinOneYear 2024-12-31 OC368802 c:WithinOneYear 2023-12-31 OC368802 c:BetweenOneFiveYears 2024-12-31 OC368802 c:BetweenOneFiveYears 2023-12-31 OC368802 2 2024-01-01 2024-12-31 OC368802 e:PartnerLLP1 2024-01-01 2024-12-31 OC368802 e:PartnerLLP2 2024-01-01 2024-12-31 OC368802 e:PartnerLLP3 2024-01-01 2024-12-31 OC368802 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-12-31 OC368802 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC368802 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: OC368802









COVE INVESTMENT PARTNERS LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
COVE INVESTMENT PARTNERS LLP
 

INFORMATION



Designated Members
D Zobel
M Goodwin
G Newman (appointed 19 September 2024)

LLP registered number
OC368802

Registered office
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ

Accountants
Rawlinson & Hunter LLP
Chartered Accountants
6 New Street Square
New Fetter Lane
London
EC4A 3AQ


 
COVE INVESTMENT PARTNERS LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 10


 
COVE INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC368802

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,129
3,625

Current assets
  

Debtors: amounts falling due within one year
 5 
315,396
91,411

Cash at bank and in hand
 6 
41,928
42,424

  
357,324
133,835

Creditors: Amounts Falling Due Within One Year
 7 
(95,850)
(8,386)

Net current assets
  
 
 
261,474
 
 
125,449

Total assets less current liabilities
  
271,603
129,074

Creditors: amounts falling due after more than one year
  
(121,529)
-

Net assets
  
150,074
129,074


  

Members' other interests
  

Members' capital classified as equity
  
150,074
129,074

  
 
150,074
 
129,074


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(95,177)
(66,951)

Members' other interests
  
150,074
129,074

  
54,897
62,123


Page 1

 
COVE INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC368802
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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

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

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

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

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

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




D Zobel
Designated member

Date: 23 April 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
COVE INVESTMENT PARTNERS 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)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
79,299
79,299
-
-
79,299

Members' interests after profit for the year
129,074
38,024
167,098
(40,775)
(40,775)
126,323

Other division of profits
-
(38,024)
(38,024)
38,024
38,024
-

Drawings on account and distribution of profit
-
-
-
(64,200)
(64,200)
(64,200)

Amounts due from members
 



(66,951)
(66,951)


Balance at 31 December 2023
129,074
-
129,074
(66,951)
(66,951)
62,123

Profit for the year available for discretionary division among members
 
-
31,123
31,123
-
-
31,123

Members' interests after profit for the year
129,074
31,123
160,197
(66,951)
(66,951)
93,246

Division of profits
-
(31,123)
(31,123)
31,123
31,123
-

Amounts introduced by members
21,000
-
21,000
-
-
21,000

Drawings
-
-
-
(59,349)
(59,349)
(59,349)

Amounts due from members
 



(95,177)
(95,177)


Balance at 31 December 2024 
150,074
-
150,074
(95,177)
(95,177)
54,897

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

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Cove Investment Partners is a Limited Liability Partnership, incorporated in England and Wales with an LLP registration number of OC368802. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 

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 Section 1A FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', requirements of the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, as one of the members has indicated his intention to support the LLP in meeting all liabilities for a period of at least 12 months from the signing 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.

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.

Page 4

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the LLP as lessee

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

 
2.6

Interest income

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

 
2.7

Finance costs

Finance 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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:

Office equipment
-
33%
Straight line
Computer equipment
-
20%
Straight Line

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



  
2.14

Taxation

In accordance with Section 10 of the Limited Liability Partnership Act 2000, any trade, profession or business carried on by the LLP is treated as though that business were carried on in partnership by its members. Accordingly, any liability to taxation is that of the members themselves and not of the LLP. Thus there is no provision for taxation in these financial statements.


3.


Employees




The average monthly number of employees, including members, during the year was 3 (2023 - 2).

Page 7

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
-
6,552
6,552


Additions
529
8,117
8,646



At 31 December 2024

529
14,669
15,198



Depreciation


At 1 January 2024
-
2,927
2,927


Charge for the year on owned assets
72
2,070
2,142



At 31 December 2024

72
4,997
5,069



Net book value



At 31 December 2024
457
9,672
10,129



At 31 December 2023
-
3,625
3,625

Page 8

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
59,742
18,750

Amounts owed by group undertakings
107,893
-

Other debtors
33,521
1,869

Prepayments and accrued income
19,063
3,841

Amounts due from members
95,177
66,951

315,396
91,411



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
41,928
42,424



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
46,629
-

Other creditors
842
2,815

Accruals and deferred income
48,379
5,571

95,850
8,386



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
121,529
-


During the year a loan facility was made available up to $2.5 million, of which $150,000 (£119,854) (2023 - £nil) was drawn down in the year. Interest has been accrued at a rate of 5% on the amounts drawn down at the year end. This loan is repayable over a term of 5 years.

Page 9

 
COVE INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Amounts owed to group undertakings
121,529
-




10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
41,928
42,424




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Commitments under operating leases

At 31 December 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
38,285
-

Later than 1 year and not later than 5 years
64,376
-

102,661
-

 
Page 10