Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| Investments | 5 |
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| 6,870 | 9,160 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 284,390 | 481,323 | |||
| Creditors: amounts falling due within one year | 7 | (
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(
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| Net current assets | 180,591 | 316,325 | ||
| Total assets less current liabilities | 187,461 | 325,485 | ||
| Net assets attributable to members |
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| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | 187,441 | 325,465 | ||
| 187,441 | 325,465 | |||
| Members' other interests | ||||
| Members' capital classified as equity | 20 | 20 | ||
| 20 | 20 | |||
| 187,461 | 325,485 | |||
| Total members' interests | ||||
| Loans and other debts due to members | 187,441 | 325,465 | ||
| Members' other interests | 20 | 20 | ||
| 187,461 | 325,485 |
Members' responsibilities:
The financial statements of Tellon Capital LLP (registered number:
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Phoenixream Limited
Designated member |
| 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 amounts | Total | |
| £ | £ | £ | |
| Amounts due to members | 283,915 | ||
| Balance at 01 January 2023 | 20 | 283,915 | 283,935 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 851,684 | 851,684 |
| Members' interest after result for the financial year | 20 | 1,135,599 | 1,135,619 |
| Drawings | 0 | (810,134) | (810,134) |
| Amounts due to members | 325,465 | ||
| Balance at 31 December 2023 | 20 | 325,465 | 325,485 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 458,726 | 458,726 |
| Members' interest after result for the financial year | 20 | 784,191 | 784,211 |
| Drawings | 0 | (596,750) | (596,750) |
| Amounts due to members | 187,441 | ||
| Balance at 31 December 2024 | 20 | 187,441 | 187,461 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Tellon Capital LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Short term 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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
| Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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.
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.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year, excluding members |
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Profits are shared among the members in accordance with agreed profit sharing arrangements.
| 2024 | 2023 | ||
| Number | Number | ||
| Average number of members during the financial year | 2 | 2 |
| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 6,869 | 6,869 | |
| At 31 December 2023 | 9,159 | 9,159 |
| 2024 | 2023 | ||
| £ | £ | ||
| Participating interests |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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At the balance sheet date, £130,460 (2023 - £109,460) was due from 19-21 East Street Southampton Limited, a company in which the directors and shareholders of Phoenixream Limited and HLO Advisory Limited have a significant interest.
At the balance sheet date, £1,728 (2023 - £1,728) was due from Broadway Ltd, an entity in which Phoenixream Limited and HLO Advisory Limited have a significant interest.
All of these balances are interest free and repayable on demand.