Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31002025-03-312024-01-01falseFinancial Servicess00falsefalsefalse OC339384 2024-01-01 2025-03-31 OC339384 2023-01-01 2023-12-31 OC339384 2025-03-31 OC339384 2023-12-31 OC339384 2023-01-01 OC339384 1 2024-01-01 2025-03-31 OC339384 1 2023-01-01 2023-12-31 OC339384 5 2024-01-01 2025-03-31 OC339384 5 2023-01-01 2023-12-31 OC339384 9 2024-01-01 2025-03-31 OC339384 9 2023-01-01 2023-12-31 OC339384 d:CurrentFinancialInstruments 2025-03-31 OC339384 d:CurrentFinancialInstruments 2023-12-31 OC339384 d:Non-currentFinancialInstruments 2025-03-31 OC339384 d:Non-currentFinancialInstruments 2023-12-31 OC339384 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 OC339384 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 OC339384 d:ReportableOperatingSegment1 2024-01-01 2025-03-31 OC339384 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 OC339384 e:FRS102 2024-01-01 2025-03-31 OC339384 e:Audited 2024-01-01 2025-03-31 OC339384 e:FullAccounts 2024-01-01 2025-03-31 OC339384 e:LimitedLiabilityPartnershipLLP 2024-01-01 2025-03-31 OC339384 12 2024-01-01 2025-03-31 OC339384 12 2023-01-01 2023-12-31 OC339384 e:PartnerLLP1 2024-01-01 2025-03-31 OC339384 e:PartnerLLP2 2024-01-01 2025-03-31 OC339384 d:OtherCapitalInstrumentsClassifiedAsEquity 2025-03-31 OC339384 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC339384 d:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC339384 d:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC339384 f:PoundSterling 2024-01-01 2025-03-31 iso4217:GBP xbrli:pure
Company registration number: OC339384







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2025


SAGIL CAPITAL LLP






































img21da.png                        

 


SAGIL CAPITAL LLP
 



INFORMATION




Designated Members
A Landgrebe
B Jones

LLP registered number
OC339384

Registered office
4th Floor
95 Gresham Street
London
EC2V 7AB

Trading address
85 Gresham Street
  London  
EC2V 7NQ

Independent auditor
Menzies LLP
Chartered Accountants
4th Floor
95 Gresham Street
London
EC2V 7AB


 


SAGIL CAPITAL LLP
 



CONTENTS



Page
Members' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Reconciliation of members' interests
9
Statement of cash flows
10
Notes to the financial statements
11 - 16


 


SAGIL CAPITAL LLP
 


  
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025

The members present their annual report together with the audited financial statements of Sagil Capital LLP (the "LLP") for the period ended 31 March 2025
 

Principal activities
 
 
The principal activity during the period was that of investment fund management. There have been no significant changes from the prior year.
Sagil Capital LLP is regulated by the Financial Conduct Authority.
 
 
Designated Members
 
 
The following was a designated member during the period:
A Landgrebe
B Jones
 
 

 
Policy with respect to Members' drawings and subscription and repayments of amounts subscribed or otherwise contributed by Members.
 
 
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the LLP. Capital may be repaid to members, but this is at the discretion of the LLP.
 
 
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 judgements 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 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

 


SAGIL CAPITAL LLP
 


 
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
 
 
 
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 auditorMenzies 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 and signed on their behalf by: 



A Landgrebe
Designated member

B Jones
Designated member

Date: 24 June 2025

Date: 24 June 2025
Page 2

 


SAGIL CAPITAL LLP
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL CAPITAL LLP

Opinion

We have audited the financial statements of Sagil Capital LLP (the 'LLP') for the period ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 2025 and of its result 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, 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

 


SAGIL CAPITAL LLP


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL CAPITAL LLP (CONTINUED)

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.

Page 4

 


SAGIL CAPITAL LLP


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL CAPITAL LLP (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 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:

The LLP is subject to laws and regulations that directly affect the financial statements incuding financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) Regulations 2008);
Financial Reporting Standard 102;
Financial Conduct Authority Handbook; and 
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the LLP is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.

We assessed the susceptibility of the LLP financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the LLP to enter into transactions not in its best interests.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation 

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.

Page 5

 


SAGIL CAPITAL LLP


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL CAPITAL LLP (CONTINUED)

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.



Sarah Hallam FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
4th Floor
95 Gresham Street
London
EC2V 7AB

24 June 2025
Page 6

 


SAGIL CAPITAL LLP
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2025

Period ended
31 March
Year ended
31 December
2025
2023
Note
£
£

  

Turnover
 3 
8,407,735
15,775,819

Gross profit
  
 
8,407,735
 
15,775,819

Administrative expenses
  
(2,617,464)
(3,263,901)

Operating profit
 4 
 
5,790,271
 
12,511,918

Interest receivable and similar income
  
153,136
21,851

Profit before tax
  
 
5,943,407
 
12,533,769

Profit for the period before members' remuneration and profit shares
  
 
5,943,407
 
12,533,769

Profit for the period before members' remuneration and profit shares
  
5,943,407
12,533,769

Members' remuneration charged as an expense
  
(5,943,407)
(12,533,769)

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

There was no other comprehensive income for 2025 (2023:£NIL).

The notes on pages 11 to 16 form part of these financial statements.

Page 7

 


SAGIL CAPITAL LLP
REGISTERED NUMBER:OC339384



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

31 March
31 December
2025
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 8 
739,925
-

Debtors: amounts falling due within one year
 8 
1,615,489
11,820,266

Bank and cash balances
  
1,917,334
2,917,238

  
4,272,748
14,737,504

Creditors: Amounts Falling Due Within One Year
 9 
(71,354)
(765,229)

Net current assets
  
 
 
4,201,394
 
 
13,972,275

Total assets less current liabilities
  
4,201,394
13,972,275

  

Net assets
  
4,201,394
13,972,275


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
3,776,384
13,597,265

  
3,776,384
13,597,265

Members' other interests
  

Members' capital classified as equity
  
425,010
375,010

  
 
425,010
 
375,010

  
4,201,394
13,972,275


Total members' interests
  

Loans and other debts due to members
 10 
3,776,384
13,597,265

Members' other interests
  
425,010
375,010

  
4,201,394
13,972,275


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



A Landgrebe
B Jones
Designated member
Designated member
Date: 24 June 2025
Date:24 June 2025

The notes on pages 11 to 16 form part of these financial statements.

Page 8

 


SAGIL CAPITAL LLP
 



RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2025




EQUITY
Members' other interests
DEBT
Loans and other debts due to members
Total members' interests
Members' capital (classified as equity)
Other amounts
Total

£
£
£

Amounts due to members 

9,604,262


Balance at 1 January 2023 
375,010
9,604,262
9,979,272

Members' remuneration charged as an expense
 
-
12,533,769
12,533,769

Members' interests after profit for the period
375,010
22,138,031
22,513,041

Drawings on account and distribution of profit
-
(10,296,902)
(10,296,902)

Other movements
 
-
1,756,136
1,756,136

Amounts due to members
 

13,597,265


Balance at 31 December 2023
375,010
13,597,265
13,972,275

Members' remuneration charged as an expense
 
-
5,943,407
5,943,407

Members' interests after profit for the period
 
375,010
19,540,672
19,915,682

Amounts introduced by members
50,000
-
50,000

Drawings on account and distribution of profit
-
(17,757,276)
(17,757,276)

Other movements
 
-
1,992,988
1,992,988

Amounts due to members
 

3,776,384


Balance at 31 March 2025 
425,010
3,776,384
4,201,394

The notes on pages 11 to 16 form part of these financial statements.

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 9

 


SAGIL CAPITAL LLP
 



STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025

Period ended
31 March
Year ended
31 December
2025
2023
£
£

Profit for the financial period
-
-

Adjustments for:

Members' remuneration charged as an expense
5,943,407
12,533,829

Interest received
(153,136)
(21,851)

Decrease/(increase) in debtors
8,603,113
(3,976,049)

Decrease in amounts owed by groups
861,740
95,360

(Decrease)/increase in creditors
(693,876)
170,725

Net cash generated from operating activities before transactions with members

14,561,248
8,802,014

Cash flows from investing activities

Interest received
153,136
21,851

Net cash from investing activities

153,136
21,851

Cash flows from financing activities

Amounts introduced by members
50,000
-

Drawings paid to members
(15,764,288)
(8,540,826)

Net cash used in financing activities
(15,714,288)
(8,540,826)

Net (decrease)/increase in cash and cash equivalents
(999,904)
283,039

Cash and cash equivalents at beginning of period
2,917,238
2,634,199

Cash and cash equivalents at the end of period
1,917,334
2,917,238


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,917,334
2,917,238

1,917,334
2,917,238


The notes on pages 11 to 16 form part of these financial statements.

Page 10

 


SAGIL CAPITAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

1.


General information

Sagil LLP is a Limited Liability Partnership incorporated and domiciled in England and Wales. The address of its registered office and principal place of business are given on the Company Information page. Details of the principal activities of the LLP are included in the Member's Report.
The financial statements are prepared in GBP, which  is the functional currency of the entity.
These financial statements have been prepared for the 15 months ended 31 March 2025. The reason for the lengthened accounting period is so the reporting date follows the self assessment period or tax year in the England and Wales. The prior period has been presented for the full year to 31 December 2023 and is therefore not fully comparable.

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".

The following principal accounting policies have been applied:

  
2.2

Revenue recognition

Turnover represents fees receivable for investment fund management activities in the period. Turnover is recognised in the period that it occurs.
Management fees
Income is attributable to management services provided by the LLP to the funds it is responsible for managing. The fees earned are principally contingent upon the value of the assets under management per month but will also depend on the share classes held in the fund. Income is recognised in the accounts is with reference to the fees earned in that period for the services provided. 
Performance fees
Income is attributable to the favourable performance of the underlying funds and will be due only if there is an overall increase in the fund value over a specific period. The majority of this income will be receivable at the end of the defined performance period at which point the revenue is recognised. No revenue is recognised over the performance period as the performance obligation is based on performance over the entire period and cannot determine if any performance fee is payable until the end of the defined period. The only exception to this is if an investor withdraws their investment, at which point the performance fees crystallise and become receivable.

  
2.3

Financial instruments

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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including members capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet.  Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of members capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Distributions relating to equity instruments are debited direct to equity.

Page 11

 


SAGIL CAPITAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.4

Foreign currency translation

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

  
2.5

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Statement of Financial Position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of Comprehensive Income and are equity appropriations in the Statement of Financial Position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Statement of Comprehensive Income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

  
2.6

Taxation

In accordance with the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ no taxation is required to be disclosed. Tax is borne by the individual members on their attributable profit shares and not the LLP.

Page 12

 


SAGIL CAPITAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

3.


Turnover

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


Period ended
31 March
Year ended
31 December
2025
2023
£
£

Rendering of Services
8,407,735
15,775,819

8,407,735
15,775,819


All turnover arose within the Caribbean.


4.


Operating loss

The operating loss is stated after charging:

Period ended
31 March
Year ended
31 December
2025
2023
£
£

Exchange differences
43,334
163,536


5.


Auditor's remuneration

During the period, the LLP obtained the following services from the LLP's auditor and its associates:


Period ended
31 March
Year ended
31 December
2025
2023
£
£

Fees payable to the LLP's auditor and its associates for the audit of the LLP's financial statements
7,850
7,000

Fees payable to the LLP's auditor and its associates in respect of:

Taxation compliance services
2,470
2,350

All non-audit services not included above
730
700


6.


Employees




The entity has no employees.

Page 13

 


SAGIL CAPITAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

7.


Information in relation to members

31 March
31 December
2025
2023
Number
Number


The average number of members during the period was
4
4

31 March
31 December
2025
2023
£
£







The amount of profit attributable to the member with the largest entitlement was
3,318,839
7,535,265



8.


Debtors

31 March
31 December
2025
2023
£
£

Due after more than one year

Other debtors
739,925
-

739,925
-


31 March
31 December
2025
2023
£
£

Due within one year

Trade debtors
680,524
9,967,752

Amounts owed by group undertakings
915,854
1,777,594

Other debtors
19,111
74,920

1,615,489
11,820,266



9.


Creditors: Amounts falling due within one year

31 March
31 December
2025
2023
£
£

Accruals
71,354
765,229

71,354
765,229


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SAGIL CAPITAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

10.


Loans and other debts due to members


31 March
31 December
2025
2023
£
£



Other amounts due to members
3,776,384
13,597,265

3,776,384
13,597,265

All amounts are due in less than a year and rank equally with debts due to unsecured creditors in the event of a winding up.



11.


Analysis of net debt





At 1 January 2024
Arising from cash flows
Other non-cash changes
At 31 March 2025
£

£

£

£

Cash at bank and in hand

2,917,238

(999,904)

-

1,917,334

Net debt (before members' debt)
2,917,238
(999,904)
-
1,917,334

Loans and other debts due to members





Other amounts due to members
(13,597,265)

15,764,288

(5,943,407)

(3,776,384)

Net debt


(10,680,027)
14,764,384
(5,943,407)
(1,859,050)


12.


Related party transactions

Sagil Asset Management Ltd is a member of Sagil Capital LLP.
Sagil Asset Management Ltd is a 100% subsidiary of Sagil Asset Management (Cayman), a company incorporated in the Cayman Islands. 
At the period end an amount of £915,854 (2023: £1,777,594) was receivable from Sagil Asset Management (Cayman).
During the period Sagil Asset Management Ltd recharged operating expenses of £1,992,988 (2023: £1,756,136) to Sagil Capital LLP.
 

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SAGIL CAPITAL LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

13.


Controlling party

Sagil Asset Management Limited is a member of the LLP with a majority share of the members capital. Sagil Asset Management Limited is a 100% subsidiary of Sagil Asset Management (Cayman), a company incorporated in the Cayman Islands.
The smallest group in which the results of the partnership are consolidated is that headed by Sagil Asset Management (Cayman). The registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
There is no one controlling party of Sagil Asset Management (Cayman).

 
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