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Registered number: 15162084














CEDARSTONE CAPITAL PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
COMPANY INFORMATION


Directors
Nael Alkujok (appointed 25 September 2023)
Talal Almahroos (appointed 25 September 2023)
Thomas Upton (appointed 25 September 2023)




Registered number
15162084



Registered office
Duo Level 6
280 Bishopsgate

London

EC2M 4RB




Independent auditors
TC Group

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN




Accountants
Sopher + Co LLP
5 Elstree Gate

Elstree Way

Borehamwood

WD6 1JD





 
CEDARSTONE CAPITAL PARTNERS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Comprehensive Income
 
 
10
Statement of Financial Position
 
 
11
Statement of Changes in Equity
 
 
12
Notes to the Financial Statements
 
 
13 - 21


 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction
 
Cedarstone Capital Partners (CCP) is a property asset management business established in September 2023.  This report provides an overview of the business's performance, strategy, and future outlook for the period ending 31 December 2024, in accordance with UK statutory requirements. It includes key financial data, market insights, performance analysis, and an overview of the company's strategy and objectives moving forward.
Principal Activities
The principal activity of the company is advising investors on formulating and executing planning and development strategies in the UK real estate sector.   It operates under asset management agreements and works with landlords, professional advisers and developers to enhance the planning permission and provide a viable scheme for development.   
Since its inception in September 2023 CCP has been appointed to work on five residential and mixed-use schemes.

Business review
 
Financial Performance
For the 15 months ended 31 December 2024, the company delivered a solid performance despite being a new entrant to the real estate market. The following key financial highlights are provided below:
• Turnover: £1.9 million 
• Operating Profit: £1.1 million 
• Profit Before Tax (PBT): £1.1 million 
• Net Profit: £0.8 million 
• Total Assets: £0.8 million
 
Revenue in the period was primarily driven by one-off origination fees earned on sourcing and executing transactions.  These transactions will generate future income for the company through receipt of monthly / quarterly management fees.
The company has not declared a dividend as profits will be retained to reinvest in the growth of the business. 

Page 1

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The company operates in a dynamic and evolving market environment, with various risks that could affect performance. The principal risks include:
 Planning Risk: The UK planning environment is fast-moving and complex, stemming from a multifaceted regulatory framework that includes national policies, local development plans, and a range of planning regulations that vary by region.  This can result in protracted negotiations with local authorities, stakeholders, and communities, which can result in delays or modifications to proposed projects. Additionally, changes in national or local planning policies, such as housing quotas or affordability criteria, can further impact planning decisions and scale of levies applied. The company works with planning consultants, local communities and experts on national and regional government policy to submit applications in line with the requirements relevant for specific locations and asset types.
• 
Market Risk: Fluctuating demand in certain property sectors, particularly in residential real estate, could affect exit values and thus viability of schemes. The company has diversified its portfolio to manage sector-specific risks.
 Regulatory Risk: Changes in property-related legislation and tax policies could affect the cost structure of property ownership and development. The company maintains a close relationship with professional advisors to ensure full compliance with regulations for both itself and the schemes it is working on.
 Environmental and Sustainability Risk: Increasing focus on sustainability and carbon reduction may result in additional development costs to invest in energy-efficient systems and compliance with stricter environmental regulations. While the direct impact of this on the company is limited it may impact the viability of schemes. 
• 
Economic Risk: Economic downturns, inflation, and interest rate fluctuations can impact rental yields, property values, and operational costs. The company actively monitors macroeconomic conditions and adjusts its strategy accordingly.

Financial key performance indicators
 
The following KPIs are used to assess the performance of the business:
• Fee revenue: £1.9m
• EBITDA: £1.1m
• Number of schemes executed in financial period: 5 
• Number of live transactions: 5
The completion of five transactions in 15 months demonstrates the effectiveness of the company's strategy.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. They confirm that, to the best of their knowledge, the financial statements have been prepared in accordance with Financial Reporting Standard 102 and give a true and fair view of the assets, liabilities, financial position, and profit of the company. The directors also confirm that the annual report includes a fair review of the business, key risks, and uncertainties facing the company.
The directors have reviewed the company's internal controls, risk management processes, and compliance with applicable laws and regulations, and are satisfied that appropriate mechanisms are in place.
The business continues to operate in a highly competitive market, and the directors believe the company’s strategy is well-positioned for future growth despite external challenges.

Page 2

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Developments and Business Strategy for 2025
 
Growth and Diversification
• Continue to expand and diversify the portfolio, with a focus on high-demand sectors such as housing, co-living and purpose-built student accommodation.  
• Assess viability of diversifying fee income streams through establishing development or operational strategies.
• Broaden client base and strengthen relationships with third party investors.
• Grow team to enable the company to fulfil deployment of its committed equity and ensure high-quality reporting on all its schemes.
Sustainability and Environmental Focus
• Ensure schemes include renewable energy solutions and energy-efficient technologies to reduce carbon footprint.
Operational Efficiency
• Continue to work on a reporting framework which can be used across the portfolio to reduce time spent on preparing monthly reports and improve immediacy of access to reporting for stakeholders.
• Invest in advanced management systems and technologies to enhance operational efficiency, reduce costs, and improve reporting to stakeholders.
Looking ahead to 2025 and beyond, the company will continue to focus on long-term sustainable growth, with an emphasis on expanding its portfolio and diversifying the investor base for new schemes.  
The company remains committed to delivering value to shareholders while adapting to changing market conditions and regulatory landscapes.


This report was approved by the board and signed on its behalf.



Thomas Upton
Director

Date: 20 February 2025

Page 3

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the period ended 31 December 2024.

Directors

The directors who served during the period were:

Nael Alkujok (appointed 25 September 2023)
Talal Almahroos (appointed 25 September 2023)
Thomas Upton (appointed 25 September 2023)

Results and dividends

The profit for the period, after taxation, amounted to £805,625.

The results for the period are set out on page 10.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Page 4

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsTC Groupwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Thomas Upton
Director

Date: 20 February 2025

Page 5

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEDARSTONE CAPITAL PARTNERS LIMITED
 

Opinion


We have audited the financial statements of Cedarstone Capital Partners Limited (the 'Company') for the period ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 Company's affairs as at 31 December 2024 and of its profit for the period 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.


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 Company 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 directors' 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 Company'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 directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEDARSTONE CAPITAL PARTNERS LIMITED (CONTINUED)

Other information


The other information comprises the information in the strategic report and the report of the directors, but does not include the financial statements and our report of the auditors thereon. The directors are responsible for the other information. 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. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors’ responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEDARSTONE CAPITAL PARTNERS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:
 
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Auditors' Report.
Page 8

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEDARSTONE CAPITAL PARTNERS LIMITED (CONTINUED)



Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Timothy Lindfield (Senior Statutory Auditor)
  
for and on behalf of
TC Group
 
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN

5 June 2025
Page 9

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

Period ended
31 December
2024
£


Turnover
1,890,134

Gross profit
1,890,134

Administrative expenses
(813,361)

Operating profit
1,076,773

Interest payable and similar expenses
(199)

Profit before tax
1,076,574

Tax on profit
(270,949)

Profit for the financial period
805,625

There was no other comprehensive income for 2024.

The notes on pages 13 to 21 form part of these financial statements.

Page 10

 
CEDARSTONE CAPITAL PARTNERS LIMITED
REGISTERED NUMBER:15162084

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Note
£

Fixed assets
  

Tangible assets
 10 
1,397

  
1,397

Current assets
  

Debtors: amounts falling due within one year
 11 
104,773

Cash at bank and in hand
  
1,096,263

Current liabilities
  
1,201,036

Creditors: amounts falling due within one year
 12 
(396,708)

Net current assets
  
 
 
804,328

Total assets less current liabilities
  
805,725

  

Net assets
  
805,725


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
805,625

  
805,725


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Thomas Upton
Director

Date: 20 February 2025

The notes on pages 13 to 21 form part of these financial statements.

Page 11

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£



Profit for the period
-
805,625
805,625

Shares issued during the period
100
-
100


At 31 December 2024
100
805,625
805,725

The notes on pages 13 to 21 form part of these financial statements.

Page 12

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Cedarstone Capital Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Duo Level 6, 280 Bishopsgate, London, United Kingdom, EC2M 4RB.
The principal activity of the Company is the provision of management services.
The Company was incorporated on 25 September 2023. These accounts have been prepared for the period 25 September 2023 to 31 December 2024.
The Company's functional and presentational currency is £ Sterling, rounded to the nearest pound. 

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.

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 Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e),
11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The results of Cedarstone Capital Partners Limited are included in the consolidated financial statements of GFH Partners Limited which are available from its registered office Precinct 3 4th Floor, Unit 401 Level 4, Gate Precinct Building 3, Difc, Dubai, United Arab Emirates.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors believe that this basis is appropriate. In addition to the positive reserves, the directors have reviewed the cash flow and projected income and expenses over the next 12 months from the date of this report and deem the Company has adequate financial resoruces to continue its operations and meet its obligations.

Page 13

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover consists of property management fees. It is recognised by the Company in respect of services supplied in the year, to the extent that it is probable that the economic benefits will flow to the Company, and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, commissions, value added tax and other sales taxes.

 
2.5

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.

 
2.6

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

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.

 
2.9

Debtors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of the transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The company assesses whether there is objective evidence that a debtor or group of debtors is impaired at the end of each reporting period. If there is an indication of impairment, the carrying amount of the receivable is adjusted to reflect the estimated recoverable amount.  Indications of impairment taken into consideration are unpaid debts over 90 days old, creditworthiness of individual debtors, historical collection experience and any relevant external indicators.

 
2.10

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.

 
2.11

Creditors

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

 
2.12

Financial instruments


The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.

Page 15

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
Due to the straightforward nature of the business, the directors do not consider there to have been any key accounting estimates used or critical judgments or assumptions made in applying the company’s accounting policies that would have a material impact on the financial statements.


4.


Turnover

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


Period ended
31 December
2024
£

Asset management fees
425,677

Origination fees
1,464,456

1,890,133


Analysis of turnover by country of destination:

Period ended
31 December
2024
£

United Kingdom
1,890,133

1,890,133


Page 16

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Auditors' remuneration

Period ended
31 December
2024
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
5,000


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Period ended
31 December
2024
£

Wages and salaries
556,782

Social security costs
63,573

Company contributions to defined contribution pension schemes
22,000

642,355


The average monthly number of employees, including the directors, during the period was as follows:


     Period ended
     31 December
        2024
            No.






Directors
3



Admin
1

4

Page 17

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Directors' remuneration

Period ended
31 December
2024
£

Directors' emoluments
379,710

Company contributions to defined contribution pension schemes
15,000

394,710


During the period no retirement benefits were accruing to directors in respect of defined contribution pension schemes. 
During the year, 1 director was under the defined pension contribution scheme. 


8.


Interest payable and similar expenses

Period ended
31 December
2024
£


Other interest payable
199

199


9.


Taxation


Period ended
31 December
2024
£

Corporation tax


Current tax on profits for the year
270,949


Total current tax
270,949
Page 18

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

Period ended
31 December
2024
£


Profit on ordinary activities before tax
1,076,574


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
269,144

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,155

Capital allowances for period in excess of depreciation
(350)

Total tax charge for the period
270,949


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 19

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,132



At 31 December 2024

2,132



Depreciation


Charge for the period on owned assets
735



At 31 December 2024

735



Net book value



At 31 December 2024
1,397


11.


Debtors

2024
£


Other debtors
104,773

104,773



12.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
630

Corporation tax
270,949

Other taxation and social security
116,229

Other creditors
3,300

Accruals and deferred income
5,600

396,708


Page 20

 
CEDARSTONE CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

13.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


Upon incorporation on 25 September 2023, 100 Ordinary shares of £1 each, fully paid. The shares have attached to them full rights to voting, dividends and capital distributions (including on winding up).


14.


Reserves

Profit and loss account

Profit and loss reserves include current period retained profits, all of which are distributable.


15.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,000. Contributions totaling £3,300 were payable to the fund at the reporting date and are included in creditors.


16.


Related party transactions

Included in other debtors as at the year end, were amounts totalling £104,545, owed by entities under
common directorship. These amounts are interest free and repayable on demand.
During the period, the Company made total sales of £1,890,134 to entities under common directorship.


17.


Controlling party

The ultimate parent and controlling company is GFH Financial Group BSC. Their registered address is Harbor House, 2nd Floor, PO Box 10006, Manama, Kingdom of Bahrain.
Cedarstone Capital Partners Limited is a subsidiary of GFH Partners Limited. its registered office is Precinct 3 4th Floor, Unit 401 Level 4, Gate Precinct Building 3, DIFC, Dubai, United Arab Emirates.

 
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