Information
Contents
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)
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.
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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:
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:
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Independent auditors' report to the members of Camrose Capital Investment Partners LLP
For the period ended 31 March 2025
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).
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.
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.
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Independent auditors' report to the members of Camrose Capital Investment Partners LLP (continued)
For the period ended 31 March 2025
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.
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Independent auditors' report to the members of Camrose Capital Investment Partners LLP (continued)
For the period ended 31 March 2025
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:
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.
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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.
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.
for and on behalf of
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
For the period ended 31 March 2025
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Statement of financial position
As at 31 March 2025
The financial statements were approved and authorised for issue by the members on 17 July 2025 and were signed on their behalf by:
The notes on pages 11 to 19 form part of these financial statements.
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Reconciliation of members' interests
For the period ended 31 March 2025
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Statement of cash flows
For the period ended 31 March 2025
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Notes to the financial statements
For the period ended 31 March 2025
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
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:
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.
purpose of giving a true and fair view. Please refer to note 13.
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the period ended 31 March 2025
2.Accounting policies (continued)
Other operating income relates to amounts drawn from the Research Payment Account. It is recognised in the period that the related costs are incurred.
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.
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.
changes in equity per paragraph 60A of the LLP SORP.
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Notes to the financial statements
For the period ended 31 March 2025
2.Accounting policies (continued)
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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the period ended 31 March 2025
2.Accounting policies (continued)
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.
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.
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.
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Notes to the financial statements
For the period ended 31 March 2025
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Notes to the financial statements
For the period ended 31 March 2025
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Notes to the financial statements
For the period ended 31 March 2025
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Notes to the financial statements
For the period ended 31 March 2025
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Notes to the financial statements
For the period ended 31 March 2025
There were no contingent liabilities at 31 March 2025.
The LLP had no capital commitments at 31 March 2025.
The ultimate controlling party of the LLP is Edward Molson.
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