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Registered number: OC323239
KESTER CAPITAL LLP
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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REGISTERED NUMBER:OC323239
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KESTER CAPITAL LLP
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Net assets attributable to members
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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REGISTERED NUMBER:OC323239
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KESTER CAPITAL LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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KESTER CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
Kester Capital LLP is a limited liability partnership incorporated in the UK and registered in England and Wales. Its registered address is 14-16 Bruton Place, London, W1J 6LX.
The financial period under consideration has been extended to 31 March, thus, resulting in a 15-month financial period ending 31 March 2025.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
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Exemption from preparing consolidated financial statements
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The LLP, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Based on predicted revenue and expenses for the next twelve months, the designated members have prepared cash flow forecasts that show that the LLP has sufficient working capital to meet its obligations for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The LLP's turnover primarily consists of management fees received from the General Partner of the Funds and monitoring fees and transaction fees earned from the Funds' investments in conjunction with the LLP's investment management activities, all of which are recognised over the period to which they relate.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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KESTER CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
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.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
The LLP does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The LLP's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
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KESTER CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Members' profit allocations
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Profits are divided amongst the members according to the terms set out in the LLP agreement. A member's discretionary share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves".
Where the LLP has a contractual obligation to deliver cash or another financial asset to the members, the capital is treated as debt. Where the LLP has an unconditional right to avoid delivering cash or other financial assets to the members in respect of such amounts, it is treated as equity.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within "Loans and other debts due to members". Amounts due to members that are classified as equity are shown in the Statement of Financial Position within "Members' other interests".
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The average monthly number of employees, including directors, during the period was 13 (2023 - 11).
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Charge for the period on owned assets
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KESTER CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Investments in subsidiary companies
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Due after more than one year
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to other participating interests
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Other taxation and social security
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Accruals and deferred income
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KESTER CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Loans and other debts due to members
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Amounts due to members in respect of undrawn allocated profits
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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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Commitments under operating leases
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At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The auditor's report on the financial statements for the period ended 31 March 2025 was unqualified and did not contain an emphasis of matter.
The audit report was signed on 4 July 2025 by Simon Lewis (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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