Limited Liability Partnership registration number OC414721 (England and Wales)
WHITECROFT CAPITAL MANAGEMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
WHITECROFT CAPITAL MANAGEMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Whitecroft Capital Advisers Limited
M Sandigursky
Limited liability partnership number
OC414721
Registered office
2 Eaton Gate
London
SW1W 9BJ
Auditor
Affinia
3rd Floor
Chancery House
St Nicholas Way
Sutton
London
SM1 1JB
WHITECROFT CAPITAL MANAGEMENT LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 17
WHITECROFT CAPITAL MANAGEMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity continued to be that of investment advisory and investment management services.

Members' drawings, contributions and repayments

The capital requirements of the limited liability partnership are determined from time to time by the members. Each member is required to subscribe to a proportion of this capital. The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. The retiring members are repaid their capital to the extent of the balance standing to the credit of their capital account.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Whitecroft Capital Advisers Limited
M Sandigursky
Auditor

Affinia were appointed as auditor to the limited liability partnership.

Energy and carbon report

As the limited liability partnership has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under relevant regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of members' responsibilities

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WHITECROFT CAPITAL MANAGEMENT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 9 July 2025 and signed on behalf by:
09 July 2025
M Sandigursky
Designated Member
WHITECROFT CAPITAL MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITECROFT CAPITAL MANAGEMENT LLP
- 3 -
Opinion

We have audited the financial statements of Whitecroft Capital Management LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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:

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 limited liability partnership 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 limited liability partnership’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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WHITECROFT CAPITAL MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECROFT CAPITAL MANAGEMENT LLP
- 4 -
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:

 

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement, 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WHITECROFT CAPITAL MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECROFT CAPITAL MANAGEMENT LLP
- 5 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied 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 limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Seton
Senior Statutory Auditor
For and on behalf of Affinia
10 July 2025
Chartered Accountants
Statutory Auditor
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
WHITECROFT CAPITAL MANAGEMENT LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Year
Period
ended
ended
31 March
31 March
2025
2024
Notes
£
£
Turnover
6,151,540
6,247,311
Cost of sales
(1,139,681)
(1,327,812)
Gross profit
5,011,859
4,919,499
Administrative expenses
(1,273,631)
(1,444,269)
Other operating income
18,507
32,777
Operating profit
2
3,756,735
3,508,007
Share of loss from participating interest
6
(6,696)
-
Gain on financial assets
7
53
-
Profit for the financial year before members' remuneration and profit shares
3,750,092
3,508,007
Members' remuneration charged as an expense
5
(3,750,092)
(3,508,007)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WHITECROFT CAPITAL MANAGEMENT LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
-
277
Investments
9
72,847
72,749
72,847
73,026
Current assets
Debtors
12
343,562
261,971
Cash at bank and in hand
3,529,352
3,944,416
3,872,914
4,206,387
Creditors: amounts falling due within one year
13
(705,669)
(2,170,408)
Net current assets
3,167,245
2,035,979
Total assets less current liabilities and net assets attributable to members
3,240,092
2,109,005
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
3,110,092
1,979,005
Members' other interests
Members' capital classified as equity
130,000
130,000
3,240,092
2,109,005
The financial statements were approved by the members and authorised for issue on 9 July 2025 and are signed on their behalf by:
09 July 2025
M Sandigursky
Designated member
Limited Liability Partnership registration number OC414721 (England and Wales)
WHITECROFT CAPITAL MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2025
£
£
£
£
Members' interests at 1 April 2024
130,000
1,979,005
1,979,005
2,109,005
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
3,750,092
3,750,092
3,750,092
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
130,000
5,729,097
5,729,097
5,859,097
Drawings on account and distributions of profit
-
(2,619,005)
(2,619,005)
(2,619,005)
Members' interests at 31 March 2025
130,000
3,110,092
3,110,092
3,240,092
WHITECROFT CAPITAL MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 January 2023
130,000
1,264,971
1,264,971
1,394,971
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
3,508,007
3,508,007
3,508,007
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the period
130,000
4,772,978
4,772,978
4,902,978
Drawings on account and distributions of profit
-
(2,793,973)
(2,793,973)
(2,793,973)
Members' interests at 31 March 2024
130,000
1,979,005
1,979,005
2,109,005
WHITECROFT CAPITAL MANAGEMENT LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
2,210,682
5,285,422
Investing activities
Investment in subsidiaries
-
(59,369)
Investment in associates
(45)
(100)
Share of loss from participating interest
(6,696)
-
Net cash used in investing activities
(6,741)
(59,469)
Financing activities
Payments to members
(2,619,005)
(2,793,973)
Net cash used in financing activities
(2,619,005)
(2,793,973)
Net (decrease)/increase in cash and cash equivalents
(415,064)
2,431,980
Cash and cash equivalents at beginning of year
3,944,416
1,512,436
Cash and cash equivalents at end of year
3,529,352
3,944,416
WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Limited liability partnership information

Whitecroft Capital Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2 Eaton Gate, London, SW1W 9BJ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The members chose to extend the accounting year end from 31 December 2023 to 31 March 2024 to align the accounting year end to the tax year.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
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.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.5
Members' participating interests

Members' participation rights are the rights of a member against the limited liability partnership 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 limited liability partnership are analysed between those that are, from the limited liability partnership'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 limited liability partnership 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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

The LLP classifies distributions of profits as financing cash flows, because they represent claims on cash flows by the providers of capital to the LLP.

WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.33% straight line
1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the limited liability partnership holds a long-term interest and where the limited liability partnership has significant influence. The limited liability partnership considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8
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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(37,673)
43,892
Depreciation of owned tangible fixed assets
277
463
Operating lease charges
51,056
57,715
3
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
6,500
3,500
WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
4
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
2
2

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
976,055
936,335
Social security costs
127,040
165,912
1,103,095
1,102,247
5
Members' remuneration
2025
2024
Number
Number
Average number of members during the year
3
3
2025
2024
£
£
Profit attributable to the member with the highest entitlement
1,867,546
1,746,504
6
Interest receivable and similar income
2025
2024
£
£
Income from fixed asset investments
Share of loss from participating interests - associates
(6,696)
-
7
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
53
-
WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
8
Tangible fixed assets
Computers
£
Cost
At 1 April 2024 and 31 March 2025
5,627
Depreciation and impairment
At 1 April 2024
5,350
Depreciation charged in the year
277
At 31 March 2025
5,627
Carrying amount
At 31 March 2025
-
At 31 March 2024
277
9
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
10
72,717
72,663
Investments in associates
11
130
86
72,847
72,749
Movements in fixed asset investments
Interests in subsidiaries and associates
£
Cost or valuation
At 1 April 2024
72,749
Additions
45
Valuation changes
53
At 31 March 2025
72,847
Carrying amount
At 31 March 2025
72,847
At 31 March 2024
72,749
WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
10
Subsidiaries

Details of the limited liability partnership's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Whitecroft Capital Fondsmæglerselskab A/S
Strandgade 6, 2., 1401 København K, Denmark
Ordinary
100.00
11
Associates

Details of the limited liability partnership's associates at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Whitecroft Capital Investments LLP
17 Whitecroft Way, Beckenham, England, BR3 3AQ
LLP member
33.33
Whitecroft Capital Strategic Holdings LLP
17 Whitecroft Way, Beckenham, England, BR3 3AQ
LLP member
33.33
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
322,134
240,462
Other debtors
16,608
16,672
Prepayments and accrued income
4,820
4,837
343,562
261,971
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,077
1,056,547
Undertakings in which the LLP has a participating interest
6,696
-
Other creditors
56,194
54,491
Accruals and deferred income
637,702
1,059,370
705,669
2,170,408
14
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
25,200
78,400
WHITECROFT CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
15
Cash generated from operations
2025
2024
£
£
Profit for the financial year
3,750,092
3,508,007
Adjustments for:
Investment income recognised in profit or loss
6,696
-
Depreciation and impairment of tangible fixed assets
277
463
Other gains and losses
(53)
-
Movements in working capital:
(Increase)/decrease in debtors
(81,591)
693,154
(Decrease)/increase in creditors
(1,464,739)
1,083,798
Cash generated from operations
2,210,682
5,285,422
16
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
3,944,416
(415,064)
3,529,352
Loans and other debts due to members:
- Other amounts due to members
(1,979,005)
(1,131,087)
(3,110,092)
Balances including members' debt
1,965,411
(1,546,151)
419,260
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