Company No:
Contents
| DESIGNATED MEMBERS | P G Cullum |
| H M Reynolds |
| MEMBERS | Cass Entrepreneurship CI Fund LLP |
| Cullum Family Trust | |
| City Entrepreneurship Limited |
| REGISTERED OFFICE | 106 Bunhill Row |
| London | |
| EC1Y 8TZ | |
| United Kingdom |
| REGISTERED NUMBER | OC359449 (England and Wales) |
| ACCOUNTANT | S&W Partners (South East) Limited |
| Brockbourne House | |
| 77 Mount Ephraim | |
| Royal Tunbridge Wells | |
| TN4 8BS |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 4 |
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| 125,000 | 125,000 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 427,889 | 245,044 | |||
| Creditors: amounts falling due within one year | 6 | (
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(
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| Net current liabilities | (11,176) | (6,861) | ||
| Total assets less current liabilities | 113,824 | 118,139 | ||
| Net assets attributable to members |
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| Represented by | ||||
| Members' other interests | ||||
| Members' capital classified as equity | 1 | 1 | ||
| Other reserves | 113,823 | 118,138 | ||
| 113,824 | 118,139 | |||
| 113,824 | 118,139 | |||
| Total members' interests | ||||
| Members' other interests | 113,824 | 118,139 | ||
| 113,824 | 118,139 |
Members' responsibilities:
The financial statements of Cass Entrepreneurship Fund LLP (registered number:
|
H M Reynolds
Designated member |
| EQUITY Members' other interests |
Total members' interests | |||
|---|---|---|---|---|
| Members' capital (classified as equity) | Other reserves | Total | Total | |
| £ | £ | £ | £ | |
| Balance at 01 April 2023 | 1 | 146,854 | 146,855 | 146,855 |
| Loss for the financial year available for discretionary division among members | 0 | (23,484) | (23,484) | (23,484) |
| Members' interest after loss for the financial year | 1 | 123,370 | 123,371 | 123,371 |
| Other division of losses | 0 | (5,232) | (5,232) | (5,232) |
| Balance at 31 March 2024 | 1 | 118,138 | 118,139 | 118,139 |
| Loss for the financial year available for discretionary division among members | 0 | (4,315) | (4,315) | (4,315) |
| Members' interest after loss for the financial year | 1 | 113,823 | 113,824 | 113,824 |
| Other division of losses | 0 | 0 | 0 | 0 |
| Balance at 31 March 2025 | 1 | 113,823 | 113,824 | 113,824 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cass Entrepreneurship Fund LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 106 Bunhill Row, London, EC1Y 8TZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Cass Entrepreneurship Fund LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The members have made an assessment in preparing these financial statements as to whether the LLP is a going concern and have concluded that, despite only one investment remaining, there are no material uncertainties that may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Specifically, fees earned by the Fund, comprising arrangement and monitoring fees, are recognised as they fall due from the portfolio companies. Costs, primarily representing professional and administration costs, are recognised as they are billed or 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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss. Other investments are measured at cost less impairment.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
In determining the value of the investments held by the LLP, the members consider all relevant available information. The members will use their judgement and apply their experience within the industry and markets to ensure that the investments are measured at cost less any deemed impairment.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed, including members, by the LLP during the year |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Accruals |
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| Other creditors |
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During the year the LLP received income of £244,844 (2024: £92,738) on behalf of LLPs under common control and incurred expenses on behalf of LLPs under common control of £39,120 (2024: £89,516). As at the year end, £435,769 was owed to LLPs under common control (2024: £243,805) and is included within other creditors and £nil was owed by LLPs under common control (2024: £13,260) and is included within other debtors. These amounts are interest free and repayable on demand.