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Registered number: OC392678
WESTRAY CAPITAL MANAGEMENT LLP
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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WESTRAY CAPITAL MANAGEMENT LLP
CONTENTS
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Members' responsibilities statement
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Statement of Financial Position
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Reconciliation of Members' interests
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Notes to the financial statements
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WESTRAY CAPITAL MANAGEMENT LLP
INFORMATION
Designated Members
Selvan Masilamany
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Westray Capital Services Ltd
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LLP registered number
OC392678
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Registered office
BCS, Windsor House
Station Court, Station Road
Great Shelford
Cambridge
CB22 5NE
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Accountants
Wilson Partners Limited
TOR
Saint-Cloud Way
Maidenhead
Berks
SL6 8BN
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WESTRAY CAPITAL MANAGEMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Members present their annual report together with the financial statements of Westray Capital Management LLP (the "Partnership") for the year ended 31 March 2025.
Principal activities
The principal activity of the Partnership in the period under review was to provide investment management services. The Partnership was authorised by the Financial Conduct Authority (the 'FCA') on 2 December 2014.
Members
Selvan Masilamany and Westray Capital Services Ltd are Designated Members. The Members of the Partnership during the period were as follows:
Selvan Masilamany
Westray Capital Services Ltd
Results and distributions
The loss for the year ended 31 March 2025, available for discrectionary division among Members, was £15,497 (2024: £7,598). The Partnership's Statement of Financial Position, as detailed on page 6, shows a negative position with Members' total interests amounting to £162,378 as at 31 March 2024 (2024: £79,131).
Members' profit or loss allocation
Any profits or losses are shared among the Members as decided by the voting Members and governed by
the Limited Liability Partnership Agreement dated 15 April 2015.
Policy for Members' drawings, subscriptions and repayment of Members' capital
Policies for Members' drawings, subscriptions and repayment of Members' capital are governed by the Limited
Liability Partnership Agreement dated 15 April 2015.
Pillar 3 disclosure
The Partnership is required by its regulator, the FCA, to make disclosures in relation to risk management, regulatory capital and remuneration policy in accordance with Pillar 3 of the Capital Requirements Directive. This disclosure is publicly available on the website www.westraycapital.com.
This report was approved by the Members and signed on their behalf by:
Selvan Masilamany
Designated Member
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WESTRAY CAPITAL MANAGEMENT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, 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.
In preparing these financial statements, the Members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments 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 entity 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 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.
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WESTRAY CAPITAL MANAGEMENT LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTRAY CAPITAL MANAGEMENT LLP
FOR THE YEAR ENDED 31 MARCH 2025
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Westray Capital Management LLP for the year ended 31 March 2025 which comprise the Profit and loss account, the Statement of financial position, the Statement of cash flows and the related notes from the LLP's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Westray Capital Management LLP and state those matters that we have agreed to state to the Westray Capital Management LLP's Members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westray Capital Management LLP and its Members for our work or for this report.
It is your duty to ensure that Westray Capital Management LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Westray Capital Management LLP. You consider that Westray Capital Management LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Westray Capital Management LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wilson Partners Limited
TOR
Saint-Cloud Way
Maidenhead
Berks
SL6 8BN
9 December 2025
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WESTRAY CAPITAL MANAGEMENT LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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Total comprehensive income and profit for the financial year
available for discretionary division among Members
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Total comprehensive income for the year
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The notes on pages 10 to 15 form part of these financial statements.
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WESTRAY CAPITAL MANAGEMENT LLP
REGISTERED NUMBER: OC392678
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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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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Total assets less current liabilities
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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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Amounts due from members (included in debtors)
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 9 December 2025.
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WESTRAY CAPITAL MANAGEMENT LLP
REGISTERED NUMBER: OC392678
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The notes on pages 10 to 15 form part of these financial statements.
Westray Capital Management LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
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WESTRAY CAPITAL MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Loss for the year available for discretionary division among Members
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Members' interests after profit for the year
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Loss for the year available for discretionary division among Members
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Members' interests after profit for the year
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The notes on pages 10 to 15 form part of these financial statements.
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WESTRAY CAPITAL MANAGEMENT LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Loss for the financial year
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(Increase)/decrease in debtors
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Net cash generated from operating activities before transactions with members
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Cash flows from financing activities
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Distribution paid to members
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 10 to 15 form part of these financial statements.
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The LLP has no borrowings and therefore no net debt reconciliation has been presented.
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WESTRAY CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Westray Capital Management LLP (“the Partnership”) is a limited liability partnership incorporated in the United Kingdom. The address of its registered office and place of business is BCS, Windsor House, Station Court, Station Road, Great Shelford, Cambridge, CB22 5NE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on the going concern basis, under the historical cost convention and in accordance with United Kingdom accounting standards, incorporating Financial Reporting Standard 102 (“FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2020.
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 Partnership’s accounting policies, see note 3.
The following principal accounting policies have been applied:
The Members have assessed the ability of the LLP to continue as a going concern for the next 12 months from the date of approval of these financial statements.
The Members have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The Members consider that the LLP can maintain sufficient income generating assets under management to provide the LLP with sufficient revenue and liquid resources so that the LLP can cover its costs, pay its liabilities and meet its regulatory capital requirement for the next 12 months from the date of approval of these financial statements.
Based on these assessments and having regard to the resources available to the LLP, the Members have concluded that there are no material uncertainties that may cast significant doubt about the LLP’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the financial statements are prepared on the going concern basis.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
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WESTRAY CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Statement of Comprehensive Income.
Operating leases are those leases where the Partnership has use of an asset but where the significant risks and rewards of ownership remain with the lessor.
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term. The value of any lease incentives are amortised over the life of the lease.
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Foreign currency translation
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Functional and presentation currency
The functional and presentation currency is pounds sterling, being the currency of the primary economic environment in which the Partnership operates.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are translated into pounds sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Comprehensive Income.
No taxation on profits is reflected in the financial statements as tax is borne by the individual Members in a personal capacity on their attributable profit shares and not the Partnership.
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WESTRAY CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Members' capital, remuneration and profit allocation
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Capital contributed by Members is recognised as equity in the financial statements of the Partnership. Repayment of Members’ capital is governed by the Partnership Agreement dated 15 April 2015. Capital is repayable at the discretion of the Members acting unanimously and subject to FCA rules.
Policies for Members' remuneration and profit allocation are governed by the Partnership Agreement dated 15 April 2015.
The Partnership has no fixed obligation to allocate profits to Members and all remuneration is allocated on a discretionary basis. Accordingly, Members’ remuneration is shown as a deduction from Members’ interests.
Any cash drawings withdrawn from the Partnership by Members in advance of a discretionary profit allocation is recognised as a loan due from Members. Where profit allocations exceed drawings made by Members, this is represented as a loan amount due to Members of the Partnership.
In accordance with regulatory requirements the costs of research are borne by the Partnership. They are recovered from the funds to which the Partnership provides investment management services. The recovery from the funds are recorded as other income and the costs are included in administrative expenses. These amounts are equal and opposite. Any difference between amounts paid by the funds and costs incurred by the Partnership are recorded within debtors and as deferred income in the Statement of Financial Position.
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Division and distribution of profits
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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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
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WESTRAY CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the Statement of Financial Position and the amounts reported for revenue and expenses during the year.
Critical judgment in applying the entity’s accounting policies
The Members have not been required to apply any critical judgment in applying the accounting policies.
Critical accounting estimates and assumptions
The Partnership makes estimates and assumptions concerning the future. The resulting accounting estimates may not equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are addressed below.
Useful economic lives and residual values of non financial assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, economic utilization and the physical condition of the assets. See note 6 for the carrying amount of the non financial assets, and note 2.4 for the useful economic lives for each class of assets.
Impairment of debtors
The Partnership makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. Note 7 contains details of the net carrying amount of the debtors.
Administrative expenses include premises costs, service fees, research costs, professional fees, commissions and foreign exchange gains and losses.
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The operating loss is stated after charging:
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The entity has no employees.
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WESTRAY CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Long-term leasehold property
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WESTRAY CAPITAL MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The immediate and ultimate controlling party is Selvan Masilamany.
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