| REGISTERED NUMBER: |
| Report of the Members and |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Helford Capital Partners LLP |
| REGISTERED NUMBER: |
| Report of the Members and |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Helford Capital Partners LLP |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Members' Responsibilities Statement | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 7 |
| Statement of Financial Position | 8 |
| Reconciliation of Members' Interests | 9 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 |
| Helford Capital Partners LLP |
| General Information |
| for the Year Ended 30 September 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Report of the Members |
| for the Year Ended 30 September 2024 |
| The members present their report with the financial statements of the LLP for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The LLP was incorporated on 27 April 2012 and commenced trading on that date. The LLP obtained FCA authorisation on 8 January 2013. |
| The principal objective of the LLP is to provide investment management and advisory services. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The profit for the year before members' remuneration and profit shares was £209,244 (2023 - £140,376 profit). |
| MEMBERS' INTERESTS |
| Subscription and repayment of Members' capital is governed by the LLP deed, dated 2 October 2012. Repayment of capital to retiring Members is subject to the Managing Member determining that sufficient additional capital has been contributed by the remaining or new Members. |
| Details of changes in Members' capital in the year ended 30 September 2024 are set out in the Reconciliation of Members' Interests on page 9. |
| 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' drawings are made following the end of an accounting period and after the Managing Member has made any allowances, allocations and determinations in accordance with the LLP deed. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
| AUDITORS |
| The auditors, WP Audit Services LLP, have indicated their willingness to continue in office. |
| ON BEHALF OF THE MEMBERS: |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Members' Responsibilities Statement |
| for the Year Ended 30 September 2024 |
| The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
| Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
| The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Report of the Independent Auditors to the Members of |
| Helford Capital Partners LLP |
| Opinion |
| We have audited the financial statements of Helford Capital Partners LLP (the 'LLP') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the LLP's affairs as at 30 September 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The members are responsible for the other information. The other information comprises the information in the Report of the Members and the Members' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| Helford Capital Partners LLP |
| Responsibilities of members |
| As explained more fully in the Members' Responsibilities Statement set out on page three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, control environment and business performance including the design of the |
| LLP's profit share policies, key drivers for profit and performance targets; |
| - results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
| - any matters we identified having obtained and reviewed the LLP's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| - the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
| We also obtained an understanding of the legal and regulatory frameworks that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
| In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the LLP's ability to operate or to avoid a material penalty. These included compliance with Financial Conduct Authority regulations. |
| Report of the Independent Auditors to the Members of |
| Helford Capital Partners LLP |
| Audit response to the risks identified |
| Our procedures to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management and external legal counsel concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - reading minutes of meetings of those charged with governance, and reviewing regulatory correspondence with the Financial Conduct Authority; |
| - obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and |
| - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 30 September 2024 |
| 30/9/24 | 30/9/23 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 6 |
| Income from shares in group undertakings |
| Interest receivable and similar income |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Statement of Financial Position |
| 30 September 2024 |
| 30/9/24 | 30/9/23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
377,580 |
279,798 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
13 |
12,055 |
3,142 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 479,269 | 459,269 |
| Other reserves | ( |
) | ( |
) |
| 377,580 | 279,798 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 13 | 12,055 | 3,142 |
| Members' other interests | 365,525 | 276,656 |
| Amounts due from members | 10 | (94,000 | ) | (60,000 | ) |
| 283,580 | 219,798 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Reconciliation of Members' Interests |
| for the Year Ended 30 September 2024 |
| EQUITY |
| Members' other interests |
| Members' |
| capital |
| (classified |
| as | Other |
| equity) | reserves | Total |
| £ | £ | £ |
| Balance at 1 October 2023 | 459,269 | (182,613 | ) | 276,656 |
| Profit for the financial year available for discretionary division among members |
- |
209,244 |
209,244 |
| Members' interests after profit for the year | 459,269 | 26,631 | 485,900 |
| Other divisions of profits | - | (140,375 | ) | (140,375 | ) |
| Introduced by members | 20,000 | - | 20,000 |
| Drawings on account and distributions of profit | - | - | - |
| Other divisions of profit | - | - | - |
| Balance at 30 September 2024 | 479,269 | (113,744 | ) | 365,525 |
| DEBT | TOTAL |
| Loans and other debts due to | MEMBERS' |
| members less any amounts due | INTERESTS |
| from members in debtors |
| Other |
| amounts | Total |
| £ | £ |
| Amount due to members | 3,142 |
| Amount due from members | (60,000 | ) |
| Balance at 1 October 2023 | (56,858 | ) | 219,798 |
| Profit for the financial year available for discretionary division among members |
- |
209,244 |
| Members' interests after profit for the year | (56,858 | ) | 429,042 |
| Other divisions of profits | - | (140,375 | ) |
| Introduced by members | - | 20,000 |
| Drawings on account and distributions of profit | (165,463 | ) | (165,463 | ) |
| Other divisions of profit | 140,376 | 140,376 |
| Amount due to members | 12,055 |
| Amount due from members | (94,000 | ) |
| Balance at 30 September 2024 | (81,945 | ) | 283,580 |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Reconciliation of Members' Interests |
| for the Year Ended 30 September 2024 |
| EQUITY |
| Members' other interests |
| Members' |
| capital |
| (classified |
| as | Other |
| equity) | reserves | Total |
| £ | £ | £ |
| Balance at 1 October 2022 | 459,269 | (246,565 | ) | 212,704 |
| Profit for the financial year available for discretionary division among members |
- |
140,376 |
140,376 |
| Members' interests after profit for the year | 459,269 | (106,189 | ) | 353,080 |
| Other divisions of profits | - | (76,424 | ) | (76,424 | ) |
| Drawings on account and distributions of profit | - | - | - |
| Other divisions of profit | - | - | - |
| Balance at 30 September 2023 | 459,269 | (182,613 | ) | 276,656 |
| DEBT | TOTAL |
| Loans and other debts due to | MEMBERS' |
| members less any amounts due | INTERESTS |
| from members in debtors |
| Other |
| amounts | Total |
| £ | £ |
| Amount due to members | - |
| Amount due from members | (24,000 | ) |
| Balance at 1 October 2022 | (24,000 | ) | 188,704 |
| Profit for the financial year available for discretionary division among members |
- |
140,376 |
| Members' interests after profit for the year | (24,000 | ) | 329,080 |
| Other divisions of profits | - | (76,424 | ) |
| Drawings on account and distributions of profit | (109,281 | ) | (109,281 | ) |
| Other divisions of profit | 76,423 | 76,423 |
| Amount due to members | 3,142 |
| Amount due from members | (60,000 | ) |
| Balance at 30 September 2023 | (56,858 | ) | 219,798 |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Statement of Cash Flows |
| for the Year Ended 30 September 2024 |
| 30/9/24 | 30/9/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 16 |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Interest received |
| Dividends received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Transactions with members and former | members |
| Payments to members | (165,463 | ) | (109,281 | ) |
| Contributions by members | 20,000 | - |
| Net cash from financing activities | (145,463 | ) | (109,281 | ) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
17 |
285,772 |
| Cash and cash equivalents at end of year | 17 | 259,494 | 295,816 |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the majority of the LLP's transactions are denominated. They comprise the financial statements of the LLP drawn up for the year ended 30 September 2024. Except where otherwise indicated, all financial information is presented in GBP. |
| The continuing activities of Helford Capital Partners LLP is that of provision of investment management and advisory services. |
| The LLP is a United Kingdom Limited Liability Partnership. It is both incorporated and domiciled in England and Wales. The address of its registered office is 128 City Road, London, EC1V 2NX. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 (see note 4). |
| The following principal accounting policies have been applied: |
| Preparation of consolidated financial statements |
| The financial statements contain information about Helford Capital Partners LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements. |
| Turnover |
| Turnover comprises fee income receivable for providing investment management, advisory and ancillary services. Income is recognised in accordance with the key terms of the governing agreements. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| 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: |
| Fixtures and fittings | Straight line over 60 months |
| Office equipment | Straight line over 36 months |
| 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 the statement of comprehensive income. |
| Investments in subsidiaries |
| Investments in subsidiary companies are held at cost less accumulated impairment losses. |
| 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 the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Members' profit allocations |
| Under the terms of the LLP agreement, income profits shall be allocated following the end of each accounting period firstly through periodic distributions per the terms of Membership, secondly through discretionary allocations by the Managing Member and thirdly in proportion to the Members' residual profit shares. |
| Capital profits shall be allocated to the Members in proportion to their capital shares. |
| 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. |
| In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management. |
| Financial Instruments |
| The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties. |
| Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Receivables 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. |
| Creditors |
| Creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the LLP's accounting policies, which are described in note 3, the Members are required to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the period end date and the amounts reported for revenues and expenses during the period. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of the estimation means that actual outcomes could differ from these estimates. |
| The Members consider there to be no critical judgements, estimates and assumptions used in the preparation of these financial statements. |
| 5. | EMPLOYEE INFORMATION |
| The entity has no employees other than the Members, who did not receive any remuneration (2023: Nil). |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 30/9/24 | 30/9/23 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Other non-audit services |
| Foreign exchange differences |
| Other operating lease rentals |
| 7. | INFORMATION IN RELATION TO MEMBERS |
| 30/9/24 |
| £ |
| 30 September 2024 attributable to the member with the largest |
| 30/9/24 | 30/9/23 |
| The average number of members during the year was | 5 | 5 |
| Debt represents loans and other debtors due to Members less any amounts due from Members. |
| 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. |
| The amounts due to Members would rank pari passu with other creditors in the event of a winding up of the LLP. |
| 8. | PROPERTY, PLANT AND EQUIPMENT |
| Computer |
| equipment |
| £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 October 2023 |
| and 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| The LLP's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: Walkers Corporate (BVI) Limited, 171 Main Street, PO Box 92, Road Town, Tortola, British Virgin Islands |
| Nature of business: |
| % |
| Class of shares: | holding |
| In the year to 30 September 2024 Coinage Digital Asset Management Ltd commenced trading. |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/9/24 | 30/9/23 |
| £ | £ |
| Trade debtors |
| Amounts due from members | 94,000 | 60,000 |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/9/24 | 30/9/23 |
| £ | £ |
| Trade creditors |
| VAT | - | 6,020 |
| Other creditors |
| Subordinated loan | - | 100,000 |
| Accruals and deferred income |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30/9/24 | 30/9/23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 13. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 30/9/24 | 30/9/23 |
| £ | £ |
| Amounts owed to members in respect of profits | 12,055 | 3,142 |
| Falling due within one year | 12,055 | 3,142 |
| 14. | RELATED PARTY DISCLOSURES |
| During the year, the LLP paid expenses of £Nil (2023: £1,463) on behalf of Root Risk Management Limited, a Member of the LLP. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is the Managing Member, Christophe Sailland. |
| 16. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
| 30/9/24 | 30/9/23 |
| £ | £ |
| Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
209,244 |
140,376 |
| Depreciation charges |
| Finance income | (11,203 | ) | - |
| 200,792 | 142,906 |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations |
| Helford Capital Partners LLP (Registered number: OC374783) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 17. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 September 2024 |
| 30/9/24 | 1/10/23 |
| £ | £ |
| Cash and cash equivalents | 259,494 | 295,816 |
| Year ended 30 September 2023 |
| 30/9/23 | 1/10/22 |
| £ | £ |
| Cash and cash equivalents | 295,816 | 285,772 |
| 18. | ANALYSIS OF CHANGES IN NET FUNDS |
| Other |
| non-cash |
| At 1/10/23 | Cash flow | changes | At 30/9/24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank | 295,816 | (36,322 | ) | 259,494 |
| 295,816 | ( |
) | 259,494 |
| Net funds (before |
| members' debt) | 295,816 | (36,322 | ) | - | 259,494 |
| Loans and other debts |
| due to members |
| Other amounts |
| due to members | (3,142 | ) | 25,087 | (34,000 | ) | (12,055 | ) |
| Net funds | 292,674 | (11,235 | ) | (34,000 | ) | 247,439 |