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REGISTERED NUMBER: OC398053
Devonshire Warwick Capital LLP
Unaudited Financial Statements
31 March 2025
Devonshire Warwick Capital LLP
Financial Statements
Year ended 31 March 2025
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Statement of cash flows
7
Notes to the financial statements
8
Devonshire Warwick Capital LLP
Members' Report
Year ended 31 March 2025
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2025 .
Principal activities
The principal activity of the company during the year was that of fundraising for hedge funds.
Designated members
The designated members who served the LLP during the year were as follows:
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 24 November 2025 and signed on behalf of the members by:
Mr C Utkan
Member
Registered office:
4th Floor
100 Fenchurch Street
London
EC3M 5JD
Devonshire Warwick Capital LLP
Statement of Comprehensive Income
Year ended 31 March 2025
Period from
Year to
1 Mar 23 to
31 Mar 25
31 Mar 24
Note
£
£
Turnover
4
163,937
169,097
Cost of sales
53,308
51,865
---------
---------
Gross profit
110,629
117,232
Administrative expenses
86,658
71,282
---------
---------
Operating profit
6
23,971
45,950
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
23,971
45,950
---------
---------
All the activities of the LLP are from continuing operations.
Devonshire Warwick Capital LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
7
132
3,167
Current assets
Debtors
8
93
18,122
Cash at bank and in hand
3,584
7
-------
--------
3,677
18,129
Creditors: amounts falling due within one year
9
3,500
20,813
-------
--------
Net current assets/(liabilities)
177
( 2,684)
----
-------
Total assets less current liabilities
309
483
----
----
Net assets
309
483
----
----
Represented by:
Loans and other debts due to members
Other amounts
10
309
483
----
----
Members' other interests
Other reserves, including the fair value reserve
–
–
----
----
309
483
----
----
Total members' interests
Amounts due from members
(93)
(174)
Loans and other debts due to members
10
309
483
Members' other interests
–
–
----
----
216
309
----
----
For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
Devonshire Warwick Capital LLP
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 24 November 2025 , and are signed on their behalf by:
Mr C Utkan
Member
Registered number: OC398053
Devonshire Warwick Capital LLP
Reconciliation of Members' Interests
Year ended 31 March 2025
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2025
£
£
£
£
£
Amounts due to members
–
–
Amounts due from members
–
–
----
----
Balance at 1 April 2024
–
–
–
–
–
Profit for the financial year available for discretionary division among members
23,971
23,971
23,971
--------
--------
----
----
--------
Members' interests after profit for the year
23,971
23,971
–
–
23,971
Other division of profits
(23,971)
(23,971)
23,971
23,971
–
Introduced by members
–
309
309
309
Drawings
(24,064)
(24,064)
(24,064)
--------
--------
Amounts due to members
309
309
Amounts due from members
(93)
(93)
--------
--------
--------
--------
--------
Balance at 31 March 2025
–
–
216
216
216
--------
--------
--------
--------
--------
Devonshire Warwick Capital LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2025
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Amounts due to members
54,246
54,246
Amounts due from members
–
–
--------
--------
Balance at 1 March 2023
–
–
54,246
54,246
54,246
Profit for the financial period available for discretionary division among members
45,950
45,950
45,950
--------
--------
--------
--------
---------
Members' interests after profit for the period
45,950
45,950
54,246
54,246
100,196
Other division of profits
(45,950)
(45,950)
45,950
45,950
–
Introduced by members
–
–
–
–
Drawings
(99,887)
(99,887)
(99,887)
--------
--------
Amounts due to members
483
483
Amounts due from members
(174)
(174)
--------
--------
--------
--------
---------
Balance at 31 March 2024
–
–
309
309
309
--------
--------
--------
--------
---------
Devonshire Warwick Capital LLP
Statement of Cash Flows
Year ended 31 March 2025
2025
2024
£
£
Cash flows from operating activities
Profit for the financial year
23,971
45,950
Adjustments for:
Depreciation of tangible assets
3,035
2,871
Accrued income
( 17,313)
( 12,185)
Changes in:
Trade and other debtors
17,948
25,897
--------
--------
Cash generated from operations
27,641
62,533
--------
--------
Net cash from operating activities
27,641
62,533
--------
--------
Cash flows from investing activities
Purchase of tangible assets
–
152
--------
--------
Net cash from investing activities
–
152
--------
--------
Cash flows from financing activities
Capital introduced by members
309
–
Payments to members representing a return on amounts subscribed or otherwise contributed
(24,064)
(99,887)
--------
--------
Net cash used in financing activities
( 23,755)
( 99,887)
--------
--------
Net increase/(decrease) in cash and cash equivalents
3,886
( 37,202)
Cash and cash equivalents at beginning of year
7
1,002
-------
--------
Cash and cash equivalents at end of year
3,893
( 36,200)
-------
--------
Devonshire Warwick Capital LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.
5.
Staff costs
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:
2025
2024
No.
No.
The aggregate employment costs incurred during the year (excluding members) were:
Period from
Year to
1 Mar 23 to
31 Mar 25
31 Mar 24
£
£
Wages and salaries
9,017
5,564
Other pension costs
1,575
2,698
--------
-------
10,592
8,262
--------
-------
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
Year to
1 Mar 23 to
31 Mar 25
31 Mar 24
£
£
Depreciation of tangible assets
3,035
3,076
Impairment of trade debtors
18,479
–
Foreign exchange differences
( 3,395)
298
--------
-------
7.
Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
11,489
658
12,147
--------
----
--------
Depreciation
At 1 April 2024
8,775
205
8,980
Charge for the year
2,871
164
3,035
--------
----
--------
At 31 March 2025
11,646
369
12,015
--------
----
--------
Carrying amount
At 31 March 2025
( 157)
289
132
--------
----
--------
At 31 March 2024
2,714
453
3,167
--------
----
--------
8.
Debtors
2025
2024
£
£
Trade debtors
–
16,033
Prepayments and accrued income
–
1,915
Amounts due from members
93
174
----
--------
93
18,122
----
--------
9. Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
3,500
20,813
-------
--------
10.
Loans and other debts due to members
2025
2024
£
£
Loans from members
309
–
Amounts owed to members in respect of profits
–
483
----
----
309
483
----
----
11.
Analysis of changes in net debt
At 1 Apr 2024
Cash flows
At 31 Mar 2025
£
£
£
Cash at bank and in hand
7
3,577
3,584
----
-------
-------
Net debt (before members' debt)
7
3,577
3,584
----
-------
-------
Loans and other debts due to members
Other amounts
(483)
174
(309)
----
-------
-------
Net debt
( 476)
3,751
3,275
----
-------
-------