|
Registered number: OC447460
REGENTS GATE CAPITAL LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
|
|
REGENTS GATE CAPITAL LLP
INFORMATION
Designated Members
K J Nealis
|
|
|
|
|
LLP registered number
OC447460
|
Registered office
10 Queen Street Place, London, EC4R 1AG
|
Accountants
Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
|
|
|
REGENTS GATE CAPITAL LLP
CONTENTS
|
|
|
|
|
|
|
|
|
Statement of Comprehensive Income
|
|
Statement of Financial Position
|
|
Reconciliation of Members' Interests
|
|
Notes to the Financial Statements
|
|
|
|
REGENTS GATE CAPITAL LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The members present their annual report together with the financial statements of Regents Gate Capital LLP (the "LLP") for the period from incorporation on 23 May 2023 to 31 December 2023.
Principal activities
The principal objective of the LLP is to provide investment management services to Regents Gate Capital US LP (an entity incorporated in the Cayman Islands).
Events after the reporting date
The LLP obtained FCA authorisation on 18 January 2024, FRN: 999700.
Designated Members
K J Nealis and J White were designated members of the LLP throughout the period.
Members
T A Skinner was appointed as a member on 10 November 2023.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the period ended 31 December 2023 are set out in the Reconciliation of Members' Interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash 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.
|
|
REGENTS GATE CAPITAL LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
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 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 21 March 2024 and signed on their behalf by:
................................................
J White
Designated member
|
|
|
|
REGENTS GATE CAPITAL LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REGENTS GATE CAPITAL LLP
FOR THE PERIOD ENDED 31 DECEMBER 2023
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 Regents Gate Capital LLP for the period ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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 dated 8 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Regents Gate Capital LLP and state those matters that we have agreed to state to the Regents Gate Capital 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 Regents Gate Capital LLP and its members for our work or for this report.
It is your duty to ensure that Regents Gate Capital 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 Regents Gate Capital LLP. You consider that Regents Gate Capital LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or review of the financial statements of Regents Gate Capital 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.
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
21 March 2024
|
|
REGENTS GATE CAPITAL LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
|
|
Period ended 31 December 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
Loss for the period before members' remuneration and profit shares
|
|
Loss for the period before members' remuneration and profit shares
|
|
|
Members' remuneration charged as an expense
|
|
|
Loss for the financial period available for discretionary division among members
|
|
|
There was no other comprehensive income for 2023.
|
The notes on pages 8 to 12 form part of these financial statements.
|
|
|
REGENTS GATE CAPITAL LLP
REGISTERED NUMBER: OC447460
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts Falling Due Within One Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members within one year
|
|
|
|
|
|
|
|
|
Members' capital classified as equity
|
|
|
|
Other reserves classified as equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due from members (included in debtors)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGENTS GATE CAPITAL LLP
REGISTERED NUMBER: OC447460
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
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 21 March 2024.
................................................
J White
|
|
|
|
|
REGENTS GATE CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
EQUITY
Members' other interests
|
DEBT
Loans and other debts due to members less any amounts due from members in debtors
|
|
|
|
Members' capital (classified as equity)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' remuneration charged as an expense
|
|
|
|
|
|
|
Loss for the period available for discretionary division among members
|
|
|
|
|
|
|
Members' interests after profit for the period
|
|
|
|
|
|
|
Amounts introduced by members
|
|
|
|
|
|
|
Conversion of members' capital to debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2023
|
|
|
|
|
|
|
The notes on pages 8 to 12 form part of these financial statements.
|
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.
|
|
|
REGENTS GATE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Regents Gate Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 10 Queen Street Place, London, England, EC4R 1AG and its registered number is OC447460.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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 following principal accounting policies have been applied:
|
|
|
Foreign currency translation
|
Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
|
|
|
Operating leases: the LLP as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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 Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
|
|
REGENTS GATE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
|
Division and distribution of profits
|
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.
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.
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.
Short-term debtors are measured at transaction price, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
|
|
REGENTS GATE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments.
The average monthly number of employees, including members, during the period from incorporation to 31 December 2023 was 3.
|
|
REGENTS GATE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £3,300. Contributions totalling £825 were payable to the fund at the reporting date and are included in other creditors.
|
|
REGENTS GATE CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
|
|
Commitments under operating leases
|
|
|
At 31 December 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
As permitted by FRS102 paragraphs 1.12e and 33.1a, the LLP has taken advantage of the exemption from disclosing the transactions entered into between two or more members of a group as all subsidiary undertakings are wholly-owned by a member of that group.
|
The members consider J White to be the ultimate controlling party.
|
