Caseware UK (AP4) 2024.0.164 2024.0.164 2025-04-302025-04-302024-05-01falseNo description of principal activity7false7trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC352379 2024-05-01 2025-04-30 OC352379 2023-05-01 2024-04-30 OC352379 2025-04-30 OC352379 2024-04-30 OC352379 c:OfficeEquipment 2024-05-01 2025-04-30 OC352379 c:OfficeEquipment 2025-04-30 OC352379 c:OfficeEquipment 2024-04-30 OC352379 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-05-01 2025-04-30 OC352379 c:ComputerEquipment 2024-05-01 2025-04-30 OC352379 c:ComputerEquipment 2025-04-30 OC352379 c:ComputerEquipment 2024-04-30 OC352379 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-05-01 2025-04-30 OC352379 c:OwnedOrFreeholdAssets 2024-05-01 2025-04-30 OC352379 c:CurrentFinancialInstruments 2025-04-30 OC352379 c:CurrentFinancialInstruments 2024-04-30 OC352379 c:CurrentFinancialInstruments c:WithinOneYear 2025-04-30 OC352379 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 OC352379 d:FRS102 2024-05-01 2025-04-30 OC352379 d:AuditExempt-NoAccountantsReport 2024-05-01 2025-04-30 OC352379 d:FullAccounts 2024-05-01 2025-04-30 OC352379 d:LimitedLiabilityPartnershipLLP 2024-05-01 2025-04-30 OC352379 c:WithinOneYear 2025-04-30 OC352379 c:WithinOneYear 2024-04-30 OC352379 c:BetweenOneFiveYears 2025-04-30 OC352379 c:BetweenOneFiveYears 2024-04-30 OC352379 d:PartnerLLP2 2024-05-01 2025-04-30 OC352379 c:FurtherSpecificReserve1ComponentTotalEquity 2025-04-30 OC352379 c:FurtherSpecificReserve1ComponentTotalEquity 2024-04-30 OC352379 c:FurtherSpecificReserve3ComponentTotalEquity 2025-04-30 OC352379 c:FurtherSpecificReserve3ComponentTotalEquity 2024-04-30 OC352379 e:PoundSterling 2024-05-01 2025-04-30 iso4217:GBP xbrli:pure

Registered number: OC352379









LONSDALE CAPITAL PARTNERS LLP







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

 
LONSDALE CAPITAL PARTNERS LLP
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
4 - 11

 
LONSDALE CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC352379

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,305
7,825

  
4,305
7,825

Current assets
  

Debtors: amounts falling due within one year
 6 
416,586
402,288

Cash at bank and in hand
  
437,601
581,636

  
854,187
983,924

Creditors: amounts falling due within one year
 7 
(831,542)
(955,572)

Net current assets
  
 
 
22,645
 
 
28,352

Total assets less current liabilities
  
26,950
36,177

  

Net assets
  
26,950
36,177


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
984,709
984,709

Other amounts
 8 
(1,975,865)
(1,905,785)

  
(991,156)
(921,076)

Members' other interests
  

Other reserves classified as equity
  
1,018,106
957,253

  
 
1,018,106
 
957,253

  
26,950
36,177


Total members' interests
  

Loans and other debts due to members
 8 
(991,156)
(921,076)

Members' other interests
  
1,018,106
957,253

  
26,950
36,177

Page 1

 
LONSDALE CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC352379
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2025

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income 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 on 23 July 2025.




David Gasparro
Designated member

The notes on pages 4 to 11 form part of these financial statements.
Lonsdale Capital Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
LONSDALE CAPITAL PARTNERS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2025






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

£
£
£
£
£

Amounts due to members 
984,709
(1,799,840)
(815,131)


Balance at 1 May 2023 
929,055
984,709
(1,799,840)
(815,131)
113,924

Profit for the year available for discretionary division among members
 
957,253
-
-
-
957,253

Members' interests after profit for the year
1,886,308
984,709
(1,799,840)
(815,131)
1,071,177

Other division of profits
(929,055)
-
929,055
929,055
-

Drawings on account and distribution of profit
 
-
-
(1,035,000)
(1,035,000)
(1,035,000)

Amounts due to members
 

984,709
(1,905,785)
(921,076)


Balance at 30 April 2024
957,253
984,709
(1,905,785)
(921,076)
36,177

Profit for the year available for discretionary division among members
 
1,018,106
-
-
-
1,018,106

Members' interests after profit for the year
1,975,359
984,709
(1,905,785)
(921,076)
1,054,283

Other division of profits
(957,253)
-
957,253
957,253
-

Drawings on account and distribution of profit
 
-
-
(1,027,333)
(1,027,333)
(1,027,333)

Amounts due to members
 

984,709
(1,975,865)
(991,156)


Balance at 30 April 2025 
1,018,106
984,709
(1,975,865)
(991,156)
26,950

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 3

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

1.


General information

Lonsdale Capital Partners LLP is a Limited Liability Partnership, incorporated in England & Wales, registration number OC352379. The registered office is 21 Upper Brook Street, London, W1K 7PY.

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 Section 1A of 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

Revenue

Revenue consists of fund fees, being quarterly drawdowns from the fund, and director fees, being non-executive consulting fees. These fees are recognised as follows.

Fund fees: represent general partner share paid from the funds managed by the LLP. These are drawn in advance and recongised across the relevant period.

Director fees: recognised quarterly in advance and deferred across the relevant period.

 
2.3

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:

Office equipment
-
Straight line over 3 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 profit or loss.

Page 4

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

 
2.4

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Statement of financial position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 5

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)


2.4
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.5

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 profit or loss 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

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 to a pension plan provider. Once the contributions have been paid the LLP has no further payment obligations.

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

Page 6

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

  
2.7

Member's drawings, capital and profit allocation

Member's drawings, capital and profit allocation have been determined in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, including the Statement of Recommended Practice (2015) and 'Accounting for Limited Liability Partnerships' and the LLP agreement. 
The profits of the LLP shall be divided between the Members in accordance with their respective profit sharing percentages, and shall be credited to the Members' current accounts as soon as the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a) if the LLP agreement. 
To the extent that the share of profits allocated to any Member in respect of any accounting period pursuant to clause 10.1 of the LLP agreement exceeds the aggregate amount of drawings made by the member during the accounting period pursuant to clause 10.5, the LLP shall distribute such profits to the relevant members as soon as reasonably practicable after the annual accounts for the relevant account period are approved by the members. 
The losses of the LLP shall be divided equally between the Members in accordance with their respective profit share percentages, and shall be debited to the Members' current accounts as soon as the annual accounts for the relevant account period are approved by the Members, provided that if a Member's current account has a negative balance in an amount equal to or greater than the amount of his capital contribution, no further losses may be allocated to that Member. 
On the 28th of each month, or the preceding business day if that date is not a business day, each member may draw on account of the profits to be allocated to that member under clause 10.1 of the LLP agreement the amount set out against the members name in schedule 1. 
If, during any accounting period, a Member draws, in aggregate, an amount that is greater than the profit allocated to that member for that accounting period under clause 10.1, that Member shall immediately after the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a), repay the excess drawings to the LLP together with interest on the excess at an interest rate  per cent of the approved bank above the base lending rate from time to time of the bank. 
The Members shall contribute, pro rata to their existing capital contributions, any further capital which the Members may, by unanimous resolution, from time to time determine is required for the purposes of the business, provided that no Member shall be required to contribute any further capital on the insolvency of the LLP. No Member shall be required to contribute any further capital to the LLP, whether on the insolvency of the LLP or otherwise. 
A Members capital shall be repaid only in the following circumstances:
(a)   if the Members by unanimous resolution so agree, provided that such repayment would not
        cause the LLP to have aggregate capital contributions of less than the regulatory capital
        requirement; or
(b)   on the winding up of the LLP;
(c)   If a Member ceases to be a Member and either such repayments would not cause the LLP to
       have aggregate capital contributions of less than the regulatory capital requirement or one or
       more other Members immediately contributes further capital in an aggregate amount equal to or
       greater than the shortfall; or
(d)   upon the LLP ceasing to be authorised by the FCA; or
(e)   if the FCA grants a waiver to the LLP permitting the return of such capital.

Page 7

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Useful economic lives of tangible fixed assets
Fixed assets are depreciated and amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 6 for the carrying amount of tangible fixed assets respectively. 


4.

Employees

The average monthly number of employees, including members, during the year was

2025
2024
        £
        £
Employees

3

3

Members

4

4


7

7


Page 8

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2024
5,585
36,582
42,167



At 30 April 2025

5,585
36,582
42,167



Depreciation


At 1 May 2024
868
33,474
34,342


Charge for the year on owned assets
1,867
1,653
3,520



At 30 April 2025

2,735
35,127
37,862



Net book value



At 30 April 2025
2,850
1,455
4,305



At 30 April 2024
4,717
3,108
7,825


6.


Debtors

2025
2024
£
£


Trade debtors
27,038
59,695

Amounts owed by group undertakings
247,281
223,583

Other debtors
87,830
26,695

Prepayments and accrued income
54,437
92,315

416,586
402,288


Amounts owed by group undertakings relate to standard trading balances and are unsecured, interest-free and repayable on demand.

Page 9

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
43,991
38,458

Other taxation and social security
6,026
11,465

Other creditors
51,924
36,511

Accruals and deferred income
729,601
869,138

831,542
955,572



8.


Loans and other debts due to members


2025
2024
£
£



Members' capital treated as debt
984,709
984,709

Other amounts due to members
(1,975,865)
(1,905,785)

(991,156)
(921,076)

Loans and other debts due to members may be further analysed as follows:

2025
2024
£
£



Falling due after more than one year
991,156
921,076

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 10

 
LONSDALE CAPITAL PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025


9.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £26,048 (2024 - £26,506 ). Contributions totalling £200 (2024 - £200) were payable to the fund at the balance sheet date.


10.


Commitments under operating leases

At 30 April 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
37,314
55,971

Later than 1 year and not later than 5 years
-
37,314

37,314
93,285


11.


Related party transactions

During the year ended 30 April 2024 consultancy services of £187,949 (2024 - £192,662) were provided by a related party by virtue of common ownership. At the year end £Nil (2024 - £Nil) was owed to the related party.
Throughout the year ended 30 April 2024 management recharges of £1,884,165 
(2024 - £1,762,305) were recognised from related parties by virtue of common ownership. At the year end £247,281 (2024 - £223,583) was owed from the related parties.


12.


Controlling party

In the opinion of its members, the LLP was controlled by the designated members throughout the current and previous year.

 
Page 11