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| Camrose Capital Investment Partners LLP
| Members' report and financial statements
| For the period ended 31 March 2025
| Registered number: OC450608
Camrose Capital Investment Partners LLP
Information
Designated Members | Yavuz Arikan
| Christopher Patrick Hickey
| Edward Charles Molson
| Sarah Jane Maidens
LLP registered number | OC450608
Registered office | 2nd Floor 21a Kingly Street Carnaby London W1B 5QA
Independent auditors | Buzzacott Audit LLP 130 Wood Street London EC2V 6DL
Camrose Capital Investment Partners LLP
Contents
| Page
Members' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of comprehensive income | 7
Statement of financial position | 8
Reconciliation of members' interests | 9
Statement of cash flows | 10
Notes to the financial statements | 11 - 19
Camrose Capital Investment Partners LLP
Members' report For the period ended 31 March 2025 The members present their annual report together with the audited financial statements of Camrose Capital Investment Partners LLP ('the LLP') for the period from incorporation on 15 January 2024 to 31 March 2025. Principal activities The LLP was incorporated on 15 January 2024. The principal object of the LLP is to provide discretionary investment management services. Designated Members The designated members of the LLP during the period and up to date as of this report were as follows: Christopher Patrick Hickey (appointed on 15 January 2024) Yavuz Arikan (appointed on 7 May 2024) Edward Charles Molson (appointed on 19 June 2024) Sarah Jane Maidens (appointed on 3 July 2024) Members' capital and interests Details of changes in members' capital in the period ended 31 March 2025 are set out in the Reconciliation of members' interests. Members are remunerated from the profits of the LLP. Profits are allocated and divided between members after finalisation of the financial statements. The Managing Member, in conjunction with the Management Committee, may permit members to draw a proportion of their profit share during the year on account of their anticipated profit share for the financial year. The balance of their profit share is distributed once the audited accounts are finalised, subject to the cash and regulatory capital and liquidity requirements of the business. Members' responsibilities statement 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 (United Kingdom Accounting Standards and applicable law). 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 LLP and of the profit or loss of the LLP for that period. Page 1
Camrose Capital Investment Partners LLP
Members' report (continued) For the period ended 31 March 2025 Members's responsibilities statement (continued) In preparing these financial statements, the members are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the members on 17 July 2025 and signed on their behalf by:
Yavuz Arikan Designated member |
Page 2
Independent auditors' report to the members of Camrose Capital Investment Partners LLP For the period ended 31 March 2025
Opinion
We have audited the financial statements of Camrose Capital Investment Partners LLP (the 'LLP') for the period ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Reconciliation of members' interests 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). In our opinion the financial statements: ∙give a true and fair view of the state of the LLP's affairs as at 31 March 2025 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Page 3
Independent auditors' report to the members of Camrose Capital Investment Partners LLP (continued) For the period ended 31 March 2025
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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.
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: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the Members' responsibilities statement set out on page 1, 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 LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. Page 4
Independent auditors' report to the members of Camrose Capital Investment Partners LLP (continued) For the period ended 31 March 2025
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: How the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙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; ∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their 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 LLP through discussions with the members at the planning stage; ∙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 ∙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 LLP including the Companies Act 2006 as applied to LLPs, The Financial Services and Markets Act 2000 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. To address the risk of fraud through management bias and override of controls, we: ∙determined the susceptibility of the LLP to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process; ∙reviewed journal entries throughout the period to identify unusual transactions; ∙performed analytical procedures to identify any large, unusual or unexpected transactions; ∙reviewed accounting estimates and evaluated whether judgements or decisions made by management indicated bias on the part of the LLP’s management; ∙tested the occurrence of revenue by obtaining third party confirmation from the LLPs administrator and reviewing the investment management agreements between the LLP and its managed funds; and ∙carried out substantive testing of expenditure. Page 5
Independent auditors' report to the members of Camrose Capital Investment Partners LLP (continued) For the period ended 31 March 2025 Auditors' 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 Auditors' report.
Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Katherine White (Senior statutory auditor) for and on behalf of Buzzacott Audit LLP 130 Wood Street London EC2V 6DL 17 July 2025 Page 6
Camrose Capital Investment Partners LLP
Statement of comprehensive income For the period ended 31 March 2025
| 2025
Note | £
Revenue | 4 | 807,053
Gross profit |  | 807,053
Administrative expenses |  | (663,225)
Other operating income | 5 | 84,297
Operating profit | 6 | 228,125
Interest receivable and similar income | 11 | 125
Profit before tax |  | 228,250
Profit for the period before members' remuneration and profit shares available for division among members |  | 228,250
There were no recognised gains and losses for 2025 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025.
The notes on pages 11 to 19 form part of these financial statements.
Page 7
Camrose Capital Investment Partners LLP - Registered number: OC450608
Statement of financial position As at 31 March 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Tangible assets | 12 |  | 116,422
Investments | 13 |  | 79
|  |  | 116,501
Current assets |  |  |
Debtors | 14 | 428,090 |
Cash at bank and in hand | 15 | 495,250 |
|  | 923,340 |
Creditors: amounts falling due within one year | 16 | (151,007) |
Net current assets |  |  | 772,333
Provisions for liabilities |  |  |
Dilapidations provision |  | (19,780) |
Net assets |  |  | 869,054
Represented by: |  |  |
Loans and other debts due to members |  |  |
Other amounts |  |  | 230,804
Members' other interests |  |  |
Members' capital classified as equity |  | 410,000 |
Other reserves classified as equity |  | 228,250 |
|  |  | 638,250
|  |  | 869,054
Total members' interests |  |  |
Loans and other debts due to members |  |  | 230,804
|  |  | 230,804
The financial statements were approved and authorised for issue by the members on 17 July 2025 and were signed on their behalf by:
Yavuz Arikan
Designated member
The notes on pages 11 to 19 form part of these financial statements. Page 8
Camrose Capital Investment Partners LLP
Reconciliation of members' interests For the period ended 31 March 2025
| 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 reserves | Total | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £
At Incorporation | - | - | - | - | - | -
Profit for the period available for discretionary division among members | - | 228,250 | 228,250 | - | - | 228,250
Members' interests after profit for the period | - | 228,250 | 228,250 | - | - | 228,250
Amounts introduced by members | 410,000 | - | 410,000 | - | - | 410,000
Other movements | - | - | - | 105,804 | 105,804 | 105,804
Loans introduced by members | - | - | - | 125,000 | 125,000 | 125,000
Amounts due to members |  |  |  | 230,804 | 230,804 |
Balance at 31 March 2025 | 410,000 | 228,250 | 638,250 | 230,804 | 230,804 | 869,054
Page 9
Camrose Capital Investment Partners LLP
Statement of cash flows For the period ended 31 March 2025
|  |  | 2025
|  |  | £
Cash flows from operating activities |
Profit for the financial period | 228,250
Adjustments for: |
Depreciation of tangible assets | 27,217
Interest received | (125)
Increase in debtors | (428,090)
Increase in creditors | 151,007
Increase in provisions | 19,780
Operating transactions with members | 230,804
Net cash generated from operating activities | 228,843
Cash flows from investing activities |
Purchase of tangible fixed assets | (143,639)
Purchase of fixed asset investments | (79)
Interest received | 125
Net cash from investing activities | (143,593)
Cash flows from financing activities |
Members' capital contributed | 410,000
Net cash used in financing activities | 410,000
Net increase in cash and cash equivalents | 495,250
Cash and cash equivalents at the end of period | 495,250
Cash and cash equivalents at the end of period comprise: |
Cash at bank and in hand | 495,250
| 495,250
The notes on pages 11 to 19 form part of these financial statements.
Page 10
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025
1. | General information
Camrose Capital Investment Partners LLP is a limited liability partnership incorporated in England and Wales with registered number OC450608. The registered office and principal place of business is 2nd Floor, 21a Kingly Street, Carnaby, London, United Kingdom, W1B 5QA. 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 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 judgement in applying the LLP's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The LLP has taken an exemption from consolidation as the foreign subsidiary's inclusion is not material for the purpose of giving a true and fair view. Please refer to note 13.
| 2.3 | 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. Page 11
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue comprises revenue recognised by the LLP in respect of investment management services provided during the period, exclusive of Value Added Tax. Management fees are included in the financial statements on an accruals basis. The following criteria must also be met before revenue is recognised: Rendering of services Revenue 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; and ∙it is probable that the LLP will receive the consideration due under the contract.
| 2.5 | Other operating income
Other operating income relates to amounts drawn from the Research Payment Account. It is recognised in the period that the related costs are incurred.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making. The LLP divides profits on a discretionary basis. Discretionary divisions (or allocations) of profits are recognised as amounts due to members, although they may be used to offset amounts which have been drawn by members. Drawings are otherwise recognised as loan assets repayable to the LLP. Profits of the LLP have not yet been allocated between the members and are shown under 'Other reserves' on the Statement of financial position, pending a discretionary decision to allocate the profits in accordance with the LLP's Members' Agreement effective 1 July 2024. The LLP classifies distributions of profits as operating cash flows in the Statement of cash flows.
| 2.8 | Statement of changes in equity
A reconciliation of members' interests has been presented as a primary statement instead of a statement of changes in equity per paragraph 60A of the LLP SORP. Page 12
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025 2.Accounting policies (continued)
| 2.9 | 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:
|  |  |  | Long-term leasehold property | - | 5 years straight line
|  |  |  | Fixtures and fittings | - | 5 years straight line
|  |  |  | Computer equipment | - | 3 years straight line
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.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Page 13
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the LLP’s financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The LLP determines estimates and assumptions that affect the reported amounts of assets and liabilities for the next financial period. All estimates and assumptions required in conformity with FRS 102 are best estimates undertaken in accordance with the applicable standard. Estimates and judgements are evaluated on a continuous basis, and are based on past experience and other factors, including expectations with regard to future events. The application of accounting policies and management’s judgement for certain items are especially critical for the LLP’s results and financial situation due to their materiality. No significant judgements have had to be made by the members in preparing these financial statements.
4. | Turnover
| The whole of the turnover is attributable to the principal activity. All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025
|  |  |  |  | £
| Other operating income | 84,297
|  | 84,297
| Other operating income of £84,297 relates to amounts drawn from the Research Payment Account for research expenses during the period.
Page 14
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025
|  |  |  |  | £
| Exchange differences | 6,519
| Operating Lease rentals | 52,422
7. | Auditors' remuneration
| During the period, the LLP obtained the following services from the LLP's auditors and their associates:
|  |  |  |  | 2025
|  |  |  |  | £
| Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements | 13,500
| Fees payable to the LLP's auditors and their associates in respect of: |
| Audit-related assurance services | 3,000
| Taxation compliance services | 2,500
| All taxation advisory services not included above | 8,575
| All non-audit services not included above | 29,885
8. | Employees
| The entity had no employees during the period ended 31 March 2025.
9. | Information in relation to members
|  |  |  |  | 2025
|  |  |  |  | Number
| The average number of members during the period was | 7
10. | Members' remuneration
| The LLP has not allocated profits for the financial year as at the date of approval of these financial statements. Accordingly, no amount is disclosed in respect of the amount of profit which is attributable to the member with the largest entitlement to profit.
Page 15
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025
11. | Interest receivable
|  |  |  |  | 2025
|  |  |  |  | £
| Other interest receivable | 125
|  | 125
12. | Tangible fixed assets
|  | Leasehold Improvements | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 15 January 2024 | - | - | - | -
| Additions | 88,207 | 12,631 | 42,801 | 143,639
| At 31 March 2025 | 88,207 | 12,631 | 42,801 | 143,639
| Depreciation |  |  |  |
| At 15 January 2024 | - | - | - | -
| Charge for the period | 14,967 | 2,316 | 9,934 | 27,217
| At 31 March 2025 | 14,967 | 2,316 | 9,934 | 27,217
| Net book value |  |  |  |
| At 31 March 2025 | 73,240 | 10,315 | 32,867 | 116,422
Page 16
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 15 January 2024 | -
| Additions | 79
| At 31 March 2025 | 79
| Subsidiary undertaking
| The following was a subsidiary undertaking of the LLP and acts as a general partner to the Camrose Equity US Feeder Fund LP, to which the LLP provides discretionary management services:
| Name | Registered office | Class of shares | Holding
| Camrose Equity US Fund GP Limited | One Nexus Way, Suite 5B201, 2nd Floor, Grand Cayman, KY1-1108. | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| Camrose Equity US Fund GP Limited | 9,017 | (9,094)
14. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Other debtors | 93,873
| Prepayments and accrued income | 334,217
|  | 428,090
Page 17
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025
15. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 495,250
|  | 495,250
16. | Creditors: amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Trade creditors | 45,625
| Other creditors | 16,826
| Accruals and deferred income | 88,556
|  | 151,007
17. | Provisions
|  | Dilapidations provision
|  | £
| Additions | 19,780
| At 31 March 2025 | 19,780
18. | Loans and other debts due to members
|  |  |  |  | 2025
|  |  |  |  | £
| Other amounts due to members | 230,804
|  | 230,804
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Page 18
Camrose Capital Investment Partners LLP
Notes to the financial statements For the period ended 31 March 2025
| 19. | Analysis of net debt
|  |  | Arising from cash flows | Other non-cash changes | At 31 March 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 495,250 | - | 495,250
| Net debt (before members' debt) | 495,250 | - | 495,250
| Loans and other debts due to members |  |  |
| Other amounts due to members | (125,000) | (105,804) | (230,804)
| Net debt | 370,250 | (105,804) | 264,446
20. | Contingent liabilities
There were no contingent liabilities at 31 March 2025.
21. | Capital commitments
The LLP had no capital commitments at 31 March 2025.
22. | Commitments under operating leases
| At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025
|  |  |  |  | £
| Not later than 1 year | 67,760
| Later than 1 year and not later than 5 years | 84,654
|  | 152,414
23. | Related party transactions
| Key management personnel are the members of the LLP, and their interests are included in the Reconciliation of members' interests.
24. | Controlling party
The ultimate controlling party of the LLP is Edward Molson.
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