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REGISTERED NUMBER: OC343656 (England and Wales)















MEMBERS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CASTELLAIN CAPITAL LLP

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

General Information 1

Members' Report 2

Independent Auditors' Report 4

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Reconciliation of Members' Interests 11

Cash Flow Statement 13

Notes to the Financial Statements 14


CASTELLAIN CAPITAL LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







DESIGNATED MEMBERS: S C Ackerman
D Gelber
R S Goldsmith
J Naggar





REGISTERED OFFICE: 34 New Cavendish Street
London
W1G 8UB





REGISTERED NUMBER: OC343656 (England and Wales)





AUDITORS: MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 0DL

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025


The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the limited liability partnership is the provision of investment management and advisory services.

The limited liability partnership is authorised and regulated by the Financial Conduct Authority. MIFIDPRU 8 disclosures for the limited liability partnership, as required by the Financial Conduct Authority, can be found on the limited liability partnership's website: www.cascap.co.uk.

DESIGNATED MEMBERS
The designated members during the year under review were:

S C Ackerman
D Gelber
R S Goldsmith
J Naggar

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £1,379,456 (2024 - £1,134,835 profit).

MEMBERS' INTERESTS
The members' drawing policy allows each member to make drawings against their profit share, subject to the cash
requirements of the business.

A member's capital requirement is linked to the financing requirement of the limited liability partnership. There is no
opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Members' Report and the financial statements in accordance with
applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each
financial year. Under that law the members have elected to prepare the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under legislation applicable to limited liability partnerships the members must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of
the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS
The auditors, MGR Weston Kay LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

ON BEHALF OF THE MEMBERS:





R S Goldsmith - Designated member


22 July 2025

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CASTELLAIN CAPITAL LLP


Opinion
We have audited the financial statements of Castellain Capital LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the LLP's affairs as at 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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information
The members are responsible for the other information. The other information comprises the information in the Members' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CASTELLAIN CAPITAL LLP


Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CASTELLAIN CAPITAL LLP


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:

Based on our understanding of the LLP and the services provided, we have identified that the principal risks of noncompliance with laws and regulations related to the LLP's registration with the Financial Conduct Authority (FCA) and employment regulation. We have considered the extent to which non-compliance might have a material effect on the financial statements. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as 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.

We evaluated the members' incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls and determined that the principal risks were in relation to management bias through judgements and assumptions in accounting estimates and the use of service organisations by the limited liability partnership.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- discussions with the members in relation to their policies and procedures regarding compliance with laws and regulations;
- communicating identified laws and regulations throughout the audit engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- considering the risks of acts by the limited liability partnership which were contrary to the applicable laws and regulation, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- making enquiries of the members on whether they had knowledge of any actual, suspected or alleged fraud;
- gaining an understanding of the internal controls established to mitigate risks relating to fraud;
- gaining an understanding of the internal controls and procedures in place within the service organisation and the flow of information between the members and the service organisation;
- discussions amongst the audit engagement team regarding the risk of fraud; and
- addressing the risks of fraud through management override of controls by performing testing on journal entries and assessing the accounting estimates included in the financial statements.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with the members. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CASTELLAIN CAPITAL LLP


Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in 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.




Nigel Walfisz FCA (Senior Statutory Auditor)
for and on behalf of MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 0DL

22 July 2025

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025

31.3.25 31.3.24
Notes £    £   

TURNOVER 4 2,431,002 2,150,349

Cost of sales (12,344 ) (10,361 )
GROSS PROFIT 2,418,658 2,139,988

Administrative expenses (1,049,249 ) (1,008,318 )
OPERATING PROFIT 6 1,369,409 1,131,670

Interest receivable and similar income 8 10,047 3,165
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES


1,379,456


1,134,835

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES


1,379,456


1,134,835

Members' remuneration charged as an
expense

9

(275,000

)

(275,000

)
PROFIT FOR THE FINANCIAL YEAR AVAILABLE
FOR DISCRETIONARY DIVISION AMONG
MEMBERS


1,104,456


859,835

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

31.3.25 31.3.24
Notes £    £   

PROFIT FOR THE FINANCIAL YEAR AVAILABLE
FOR DISCRETIONARY DIVISION AMONG
MEMBERS


1,104,456


859,835


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,104,456

859,835

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

BALANCE SHEET
31 MARCH 2025

31.3.25 31.3.24
Notes £    £   
FIXED ASSETS
Tangible assets 10 1,153 8,069

CURRENT ASSETS
Debtors 11 833,556 771,339
Cash at bank and in hand 610,990 506,681
1,444,546 1,278,020
CREDITORS
Amounts falling due within one year 12 (71,183 ) (156,208 )
NET CURRENT ASSETS 1,373,363 1,121,812
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,374,516 1,129,881

LOANS AND OTHER DEBTS DUE TO
MEMBERS

14

114

100

MEMBERS' OTHER INTERESTS
Capital accounts 269,946 269,946
Other reserves 1,104,456 859,835
1,374,516 1,129,881

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 14 114 100
Members' other interests 1,374,402 1,129,781
Amounts due from members 11 (596,170 ) (528,830 )
778,346 601,051

The financial statements were approved by the members of the LLP and authorised for issue on 22 July 2025 and were signed by:




R S Goldsmith - Designated member




S C Ackerman - Designated member


CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 April 2024 269,946 859,835 1,129,781
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for
discretionary division among members

-

1,104,456

1,104,456
Members' interests after profit for the year 269,946 1,964,291 2,234,237
Other divisions of profits - (859,835 ) (859,835 )
Drawings on account and distributions of profit - - -
Divisions of profits - - -
Balance at 31 March 2025 269,946 1,104,456 1,374,402

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 100
Amount due from members (528,830 )
Balance at 1 April 2024 (528,730 ) 601,051
Members' remuneration charged as an expense,
including employment and retirement benefit costs

275,000

275,000

Profit for the financial year available for
discretionary division among members

-

1,104,456

Members' interests after profit for the year (253,730 ) 1,980,507
Other divisions of profits - (859,835 )
Drawings on account and distributions of profit (1,202,161 ) (1,202,161 )
Divisions of profits 859,835 859,835
Amount due to members 114
Amount due from members (596,170 )
Balance at 31 March 2025 (596,056 ) 778,346

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 April 2023 229,950 709,608 939,558
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for
discretionary division among members

-

859,835

859,835
Members' interests after profit for the year 229,950 1,569,443 1,799,393
Other divisions of profits - (709,608 ) (709,608 )
Introduced by members 39,996 - 39,996
Other movements - - -
Drawings on account and distributions of profit - - -
Divisions of profits - - -
Balance at 31 March 2024 269,946 859,835 1,129,781

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members -
Amount due from members (259,988 )
Balance at 1 April 2023 (259,988 ) 679,570
Members' remuneration charged as an expense,
including employment and retirement benefit costs

275,000

275,000

Profit for the financial year available for
discretionary division among members

-

859,835

Members' interests after profit for the year 15,012 1,814,405
Other divisions of profits - (709,608 )
Introduced by members - 39,996
Other movements 100 100
Drawings on account and distributions of profit (1,253,450 ) (1,253,450 )
Divisions of profits 709,608 709,608
Amount due to members 100
Amount due from members (528,830 )
Balance at 31 March 2024 (528,730 ) 601,051

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

31.3.25 31.3.24
Notes £    £   
Cash flows from operating activities
Cash generated from operations 18 1,296,803 1,230,621
Net cash from operating activities 1,296,803 1,230,621

Cash flows from investing activities
Purchase of tangible fixed assets (795 ) (1,025 )
Sale of tangible fixed assets 415 -
Interest received 10,047 3,165
Net cash from investing activities 9,667 2,140

Cash flows from financing activities
Transactions with members and former members
Payments to members (1,202,161 ) (1,253,450 )
Contributions by members - 40,096
Net cash from financing activities (1,202,161 ) (1,213,354 )

Increase in cash and cash equivalents 104,309 19,407
Cash and cash equivalents at beginning of
year

19

506,681

487,274

Cash and cash equivalents at end of year 19 610,990 506,681

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


1. STATUTORY INFORMATION

Castellain Capital LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents fees receivable for investment advisory and management services provided. Turnover is recognised when the LLP obtains the right to consideration in exchange for its performance of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - evenly over the period of the lease
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

Impairment of fixed assets
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


2. ACCOUNTING POLICIES - continued

Financial assets and financial instruments
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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

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

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


2. ACCOUNTING POLICIES - continued

Members' participating interests
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members'
remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the limited liability partnership’s accounting policies, the members are required to make
judgements, 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.

The members are not aware of any significant sources of estimation uncertainty in the preparation of the financial statements.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


4. TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by class of business is given below:

31.3.25 31.3.24
£    £   
Investment advisory 2,431,002 2,150,349
2,431,002 2,150,349

5. EMPLOYEE INFORMATION
31.3.25 31.3.24
£    £   
Wages and salaries 478,883 447,320
Social security costs 55,195 50,530
Other pension costs 54,096 50,325
588,174 548,175

The average number of employees during the year was as follows:
31.3.25 31.3.24

Administration 5 5

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25 31.3.24
£    £   
Other operating leases 60,041 57,234
Depreciation - owned assets 7,296 10,037
Foreign exchange differences 661 (961 )

7. AUDITORS' REMUNERATION
31.3.25 31.3.24
£    £   
Fees payable to the LLP's auditors for the audit of the LLP's financial
statements

14,999

12,750
Other non-audit services 2,250 2,100

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.25 31.3.24
£    £   
Bank interest receivable 10,047 3,165

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


9. INFORMATION IN RELATION TO MEMBERS

31.3.25 31.3.24
Number Number

The average number of members during the year was 11 11

31.3.25 31.3.24
£    £   

Profit attributable to the member with the highest entitlement 427,080 437,939

31.3.25 31.3.24
£    £   
Renumeration of members charged as an expense 275,000 275,000

10. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 April 2024 34,013 8,530 26,971 69,514
Additions - - 795 795
Disposals - - (415 ) (415 )
At 31 March 2025 34,013 8,530 27,351 69,894
DEPRECIATION
At 1 April 2024 28,345 8,530 24,570 61,445
Charge for year 5,668 - 1,628 7,296
At 31 March 2025 34,013 8,530 26,198 68,741
NET BOOK VALUE
At 31 March 2025 - - 1,153 1,153
At 31 March 2024 5,668 - 2,401 8,069

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors 25,118 15,844
Amounts due from members 596,170 528,830
Other debtors 13,618 21,562
VAT 96 -
Prepayments and accrued income 198,554 205,103
833,556 771,339

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade creditors 14,938 1,189
Social security and other taxes 12,127 9,861
VAT - 13
Other creditors 5,366 3,837
Accruals and deferred income 38,752 141,308
71,183 156,208

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.25 31.3.24
£    £   
Within one year - 39,822

Post year end, the LLP agreed a renewal of this lease with the landlord.

14. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.25 31.3.24
£    £   
Loans from members 114 100

Falling due within one year 114 100

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

15. RETIREMENT BENEFIT SCHEMES

Defined contribution schemes
The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £54,096 (2024 - £50,325).

16. RELATED PARTY DISCLOSURES

During the year the limited liability partnership entered into the following transactions with related parties:

Performance and management fees for the year of £2,346,274 (2024: £2,051,898) were receivable from Castellain ICAV. One member is a director of Castellain ICAV.

Prepayments and accrued income includes an amount of £158,975 (2024: £146,918) representing amounts owed to the limited liability partnership from Castellain ICAV.

CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


17. ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the members. No single member has control.

18. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG
MEMBERS TO CASH GENERATED FROM OPERATIONS

31.3.25 31.3.24
£    £   
Profit for the financial year available for discretionary division among
members

1,104,456

859,835
Members' remuneration charged as an expense 275,000 275,000
Depreciation charges 7,297 10,037
Finance income (10,047 ) (3,165 )
1,376,706 1,141,707
Decrease/(increase) in trade and other debtors 5,122 (18,669 )
(Decrease)/increase in trade and other creditors (85,025 ) 107,583
Cash generated from operations 1,296,803 1,230,621

19. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 610,990 506,681
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 506,681 487,274


CASTELLAIN CAPITAL LLP (REGISTERED NUMBER: OC343656)

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


20. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.4.24 Cash flow changes At 31.3.25
£    £    £    £   
Net cash
Cash at bank
and in hand 506,681 104,309 610,990
506,681 104,309 610,990
Net funds (before
members' debt) 506,681 104,309 - 610,990

Loans and other debts
due to members
Other amounts
due to members (100 ) 67,326 (67,340 ) (114 )
Net funds 506,581 171,635 (67,340 ) 610,876