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Registered number: OC441178










CUSANA CAPITAL LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
CUSANA CAPITAL LLP
 

INFORMATION




Designated Members

Mr R J Marshall-Lee
Mr J T Trusted
SAM Investments AS
Mr T Tøraasen (appointed 6 April 2025)

LLP registered number

OC441178

Registered office

2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ

Independent auditors

Wellers
1 Vincent Square
London
SW1P 2PN


 
CUSANA CAPITAL LLP
 

CONTENTS



Page
Members' Report
1 - 2
Independent Auditors' Report
3 - 6
Income Statement
7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Reconciliation of Members' Interests
11
Statement of Cash Flows
12
Notes to the Financial Statements
13 - 18


 
CUSANA CAPITAL LLP
 

MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

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

Principal activities
 
 
The LLP was incorporated on 23 February 2022 and commenced trading on that date.
 
 
The principal activity of the LLP is to provide financial services.
 
 
Designated Members
 
 
Mr R J Marshall-Lee, Mr J T Trusted and SAM Investments AS were the designated members of the LLP throughout the period. Mr T Tøraasen was appointed a designated member after the year end on the 6th April 2025.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 March 2025 are set out in the Reconciliation of Members' Interests.
 
 
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. During the year, members draw a proportion of their profit share monthly with the balance of profits being distributed after the year-end, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008).
Page 1

 
CUSANA CAPITAL LLP
 

MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

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.
 
Disclosure of information to auditors
 
 
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 auditors are 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 auditors are aware of that information.
 

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




................................................
Mr R J Marshall-Lee


Date: 25 July 2025
25 July 2025
Page 2

 
CUSANA CAPITAL LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSANA CAPITAL LLP
 

Opinion
 

We have audited the financial statements of Cusana Capital LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Income Statement, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 March 2025 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 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 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 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.


Page 3

 
CUSANA CAPITAL LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSANA CAPITAL LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.


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; or
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.


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

 
CUSANA CAPITAL LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSANA 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 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. 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:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the company and therefore may have a material effect on the financial statements include compliance with FCA
regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 5

 
CUSANA CAPITAL LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSANA 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 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr James Tillotson (Senior Statutory Auditor)
  
for and on behalf of
Wellers
 
1 Vincent Square
London
SW1P 2PN

25 July 2025
Page 6

 
CUSANA CAPITAL LLP
 

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
1,113,995
795,898

Cost of sales
  
(180,910)
(43,657)

Gross profit
  
933,085
752,241

Administrative expenses
  
(660,225)
(544,597)

Operating profit
 5 
272,860
207,644

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
272,860
207,644

  

Profit for the year before members' remuneration and profit shares
  
272,860
207,644

Profit for the financial year available for discretionary division among members
  
272,860
207,644

The notes on pages 13 to 18 form part of these financial statements.

Page 7

 
CUSANA CAPITAL LLP
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£


Profit for the financial year
  
272,860
207,644

  

Total comprehensive income for the year
  
272,860
207,644

The notes on pages 13 to 18 form part of these financial statements.

Page 8

 
CUSANA CAPITAL LLP
REGISTERED NUMBER: OC441178

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 9 
6,746
11,681

  
6,746
11,681

Current assets
  

Debtors: amounts falling due within one year
 10 
443,475
356,308

Cash at bank and in hand
 11 
189,629
324,185

  
633,104
680,493

Creditors: Amounts Falling Due Within One Year
 12 
(124,850)
(177,174)

Net current assets
  
 
 
508,254
 
 
503,319

Total assets less current liabilities
  
515,000
515,000

  

Net assets
  
515,000
515,000


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
515,000
515,000

  
 
515,000
 
515,000

  
515,000
515,000


Total members' interests
  

Amounts due from members (included in debtors)
 10 
(256,131)
(98,494)

Members' other interests
  
515,000
515,000

  
258,869
416,506


Page 9

 
CUSANA CAPITAL LLP
REGISTERED NUMBER: OC441178

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

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

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




................................................
Mr R J Marshall-Lee
Designated member
Date: 25 July 2025

The notes on pages 13 to 18 form part of these financial statements.

Page 10

 
CUSANA CAPITAL LLP
 

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







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due from members 

(201,521)
(201,521)


Balance at 1 April 2023 
300,000
-
300,000
(201,521)
(201,521)
98,479

Profit for the year available for discretionary division among members
 
-
207,644
207,644
-
-
207,644

Members' interests after profit for the year
300,000
207,644
507,644
(201,521)
(201,521)
306,123

Other division of profits
-
(207,644)
(207,644)
207,644
207,644
-

Amounts introduced by members
215,000
-
215,000
-
-
215,000

Drawings on account and distribution of profit
-
-
-
(104,617)
(104,617)
(104,617)

Amounts due from members
 



(98,494)
(98,494)


Balance at 31 March 2024
515,000
-
515,000
(98,494)
(98,494)
416,506

Profit for the year available for discretionary division among members
 
-
272,860
272,860
-
-
272,860

Members' interests after profit for the year
515,000
272,860
787,860
(98,494)
(98,494)
689,366

Other division of profits
-
(272,860)
(272,860)
272,860
272,860
-

Drawings on account and distribution of profit
-
-
-
(430,497)
(430,497)
(430,497)

Amounts due from members
 



(256,131)
(256,131)


Balance at 31 March 2025 
515,000
-
515,000
(256,131)
(256,131)
258,869

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 11

 
CUSANA CAPITAL LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
272,860
207,644

Adjustments for:

Depreciation of tangible assets
6,986
5,299

Decrease/(increase) in debtors
70,470
(125,057)

(Decrease)/increase in creditors
(52,323)
19,681

Net cash generated from operating activities before transactions with members

297,993
107,567


Cash flows from investing activities

Purchase of tangible fixed assets
(2,052)
(5,805)

Net cash from investing activities

(2,052)
(5,805)

Cash flows from financing activities

Members' capital contributed
-
215,000

Distribution paid to members
(430,497)
(104,617)

Net cash used in financing activities
(430,497)
110,383

Net (decrease)/increase in cash and cash equivalents
(134,556)
212,145

Cash and cash equivalents at beginning of year
324,185
112,040

Cash and cash equivalents at the end of year
189,629
324,185


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
189,629
324,185

189,629
324,185


The notes on pages 13 to 18 form part of these financial statements.

Page 12

 
CUSANA CAPITAL LLP
 

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

1.


General information

Cusana Capital LLP is a limited liability partnership, registered in England and Wales. The partnership's registered number and registered office address can be found on the Company Information page.

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 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 3).

The following principal accounting policies have been applied:

 
2.2

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 Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

Page 13

 
CUSANA CAPITAL LLP
 

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

2.Accounting policies (continued)

 
2.3

Revenue

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

Rendering of services

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

Cusana LLP provides investment management services to the Cusana Global Emerging Markets Fund (CGEM) and the Cusana Emerging Markets Equities Fund (CEME) ("The Funds") from its offices in London. The Funds are domiciled in Ireland and both are managed on behalf of Sector Asset Management, which is an asset management group based in Oslo, Norway.

 
2.4

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Balance Sheet, pending a discretionary decision to divide the profits.

Page 14

 
CUSANA CAPITAL LLP
 

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

2.Accounting policies (continued)

 
2.6

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 4 years
Computer equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

Creditors

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Page 15

 
CUSANA CAPITAL LLP
 

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

4.


Turnover

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


2025
2024
£
£

Sales
1,113,995
795,898

1,113,995
795,898



5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
5,777
219


6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2025
2024
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
9,000
9,000

7.


Employees

2025
2024
£
£

Wages and salaries
223,856
169,921

Social security costs
23,574
15,971

Other pension costs
14,176
15,158

261,606
201,050


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2025
        2024
            No.
            No.







Employees
2
2

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CUSANA CAPITAL LLP
 

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

8.


Information in relation to members

2025
2024
£
£







The amount of profit attributable to the member with the largest entitlement was
136,430
103,823



9.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2024
447
19,674
20,121


Additions
-
2,052
2,052



At 31 March 2025

447
21,726
22,173



Depreciation


At 1 April 2024
91
8,349
8,440


Charge for the year on owned assets
112
6,875
6,987



At 31 March 2025

203
15,224
15,427



Net book value



At 31 March 2025
244
6,502
6,746



At 31 March 2024
356
11,325
11,681


10.


Debtors

2025
2024
£
£


Trade debtors
-
170,825

Other debtors
21,000
7,310

Prepayments and accrued income
166,344
79,679

Amounts due from members
256,131
98,494

443,475
356,308


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CUSANA CAPITAL LLP
 

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

11.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
189,629
324,185

189,629
324,185



12.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
20,396
40,095

Other taxation and social security
14,420
31,219

Other creditors
26,244
24,405

Accruals and deferred income
63,790
81,455

124,850
177,174



13.


Pension commitments

As at the year end 31 March 2025 the pension liability was £1,125 (2024: £1,244). The pension liability is recognised in accordance with applicable accounting standards and reflects the company's commitment to provide pension benefits to its employees.


14.


Ultimate controlling party

In the opinion of the members there is no controlling party.


15.


Commitments under operating leases

At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
44,110
-

44,110
-


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