Company Information
Contents
Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for Cyrus Capital Partners Limited ('the company') and its subsidiary undertaking, together referred to as 'the Group', for the year ended 31 December 2024.
Capital Partners L.P.
The directors who served during the year were:
The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Directors' report (continued)
For the year ended 31 December 2024
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 30 September 2025 and signed on its behalf by:
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Independent auditor's report to the members of Cyrus Capital Partners Limited
For the year ended 31 December 2024
We have audited the financial statements of Cyrus Capital Partners Limited ('the parent company') and its subsidiary ('the Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated and Company Statements of changes in equity, the Consolidated Statement of cash flows and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' 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 Group's or the parent company'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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors 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.
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Independent auditor's report to the members of Cyrus Capital Partners Limited (continued)
For the year ended 31 December 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.
∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
not been received from branches not visited by us; or
∙the parent company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors'
report and from the requirements to prepare a Strategic report.
report and from the requirements to prepare a Strategic report.
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Independent auditor's report to the members of Cyrus Capital Partners Limited (continued)
For the year ended 31 December 2024
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 Group 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:
How the audit was considered capable of detecting irregularities including fraud
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing investment advisory firms;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing investment advisory firms;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the Group and parent company through discussions with the directors and other management at the planning stage, and from our knowledge and experience of investment advisory firms;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct
material effect on the financial statements or the operations of the Group and parent company including the Companies Act 2006, Financial Services and Markets 2000, employment legislation and taxation legislation.
material effect on the financial statements or the operations of the Group and parent company including the Companies Act 2006, Financial Services and Markets 2000, employment legislation and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙inspecting legal correspondence throughout the period for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with
laws and regulations.
laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the Group and parent company to management override of controls by checking the
implementation of controls and enquiring of individuals involved in the financial reporting process;
implementation of controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries throughout the year to identify unusual transactions;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated
bias on the part of the Group’s management;
bias on the part of the Group’s management;
∙tested the occurrence of revenue by obtaining the service agreement between the Group and its ultimate parent undertaking and investigated any material variances to expectation; and
∙carried out substantive testing to check the occurrence and cut-off of expenditure.
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Independent auditor's report to the members of Cyrus Capital Partners Limited (continued)
For the year ended 31 December 2024
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company'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 parent company and the parent company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Consolidated statement of comprehensive income
For the year ended 31 December 2024
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Consolidated statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board on 30 September 2025 and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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Company statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board on 30 September 2025 and were signed on its behalf by:.
The notes on pages 13 to 24 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 31 December 2024
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Company statement of changes in equity
For the year ended 31 December 2024
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Consolidated statement of cash flows
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
The company is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is 4 Cork Street, 1st Floor, London, W1S 3LB. Its registered number is 05251255.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its subsidiary ('the Group') as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under
FRS 102, para 1.12(b) not to present the company Statement of cash flows.
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under
FRS 102, para 1.12(b) not to present the company Statement of cash flows.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably;
∙and the costs incurred and the costs to complete the contract can be measured reliably.
Turnover represents income derived from the Group's principal activity of providing investment advisory services to Cyrus Capital Partners L.P. in accordance with the Service Agreement. Fees are accrued monthly and are presented exclusive of Value Added Tax.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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.
The estimated useful lives range as follows:
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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The Group makes contributions into the personal pension plans of its employees. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
Staff costs, during the year, including directors' remuneration, were as follows:
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income. The profit after tax of the parent company for the year was £17,103 (2023 - £18,289).
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Profit and loss account
Includes all current and prior period retained profits and losses.
Includes all current and prior period retained profits and losses.
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Notes to the financial statements
For the year ended 31 December 2024
An analysis of changes in net debt has not been presented as all of the company’s cash flows relate to movements
in cash, and the company has no items to include in such an analysis other than the cash flows in the Statement of
cash flows.
in cash, and the company has no items to include in such an analysis other than the cash flows in the Statement of
cash flows.
The Group and company had no contingent liabilities at 31 December 2024 or 31 December 2023.
The Group and company had no capital commitments at 31 December 2024 or 31 December 2023.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund ('the Fund'). The pension cost charge represents contributions payable by the Group to the Fund and amounted to £54,585 (2023 - £23,195). Contributions totalling £40,000 (2023 - £2,076) were payable to the Fund at the reporting date and are included in 'other creditors'.
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Notes to the financial statements
For the year ended 31 December 2024
The company's immediate and ultimate controlling parent undertaking is Cyrus Capital Partners L.P ., an entity established in the United States of America, with its registered office at 65 East 55th Street, 35th Floor, New York, NY 10022.
The ultimate controlling party of the Group, by virtue of a majority holding in Cyrus Capital Partners L.P., is S Freidheim.
The largest and smallest group for which consolidated financial statements are prepared of which the company is a member is that headed by Cyrus Capital Partners Limited.
The ultimate controlling party of the Group, by virtue of a majority holding in Cyrus Capital Partners L.P., is S Freidheim.
The largest and smallest group for which consolidated financial statements are prepared of which the company is a member is that headed by Cyrus Capital Partners Limited.
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