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Registered number: OC310994










DE LISLE PARTNERS LLP

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 JANUARY 2023
 






 



 






 
DE LISLE PARTNERS LLP
 

INFORMATION




Designated Members

R de Lisle
S de Lisle

LLP registered number

OC310994

Registered office

3 Firs LanePooleBH14 8JG

Independent auditors

Wellden Turnbull LimitedAlbany HouseClaremont LaneEsherSurreyKT10 9FQ


 
DE LISLE PARTNERS LLP
 

CONTENTS



Page
Members' report
 
 
1 - 2
Independent auditors' report
 
 
3 - 6
Statement of comprehensive income
 
 
7
Balance sheet
 
 
8
Reconciliation of members' interests
 
 
9
Statement of cash flows
 
 
10
Notes to the financial statements
 
 
11 - 18


 
DE LISLE PARTNERS LLP
 

MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The members present their annual report together with the audited financial statements of De Lisle Partners LLP (the "LLP") for the year ended 31 January 2023
 

Principal activity
 
 
The principal activity of the LLP continued to be that of fund management.
 
 
Designated Members
 
 
R de Lisle and S de Lisle were designated members of the LLP throughout the period.
 

 
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 year ended 31 January 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.
 

Energy and carbon report
 
 
The LLP has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.


Page 1

 
DE LISLE PARTNERS LLP
 

MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

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.

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.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this members' report, incorporating the Energy and Carbon Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware; and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
During the period the previous auditors, Heywards, resigned and were replaced by Wellden Turnbull Limited, who have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
 

This report, incorporating the Energy and Carbon Report was approved by the members on 28 September 2023 and signed on their behalf by:
 
 


R de Lisle


Page 2

 
DE LISLE PARTNERS LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LISLE PARTNERS LLP
 

Opinion
 

We have audited the financial statements of De Lisle Partners LLP (the 'LLP') for the year ended 31 January 2023, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the reconciliation of members' interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

 
DE LISLE PARTNERS LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LISLE PARTNERS LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the members' responsibilities statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
DE LISLE PARTNERS LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LISLE PARTNERS LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and  recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the LLP operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the LLP's operations and reputation. The Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, Financial Conduct Authority regulation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.  
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations; 

Enquiry of management and those charged with governance as to actual and potential litigation and claims;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business; and 

.Assessing the reasonableness of revenue recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards, ensuring that sales are recorded in the correct period.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Page 5

 
DE LISLE PARTNERS LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE LISLE PARTNERS LLP (CONTINUED)


Other matters
 

The financial statements for the year ended 31 January 2022 were audited by Heywards. The audit report was unmodified and signed on  24 May 2022.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Nelligan FCA (senior statutory auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

 
Date: 
28 September 2023
Page 6

 
DE LISLE PARTNERS LLP
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,435,896
781,706

Gross profit
  
 
1,435,896
 
781,706

Administrative expenses
  
(399,193)
(215,937)

Operating profit
  
 
1,036,703
 
565,769

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
1,036,703
 
565,769

Other comprehensive income for the year
  

  

Total comprehensive income for the year
  
1,036,703
565,769

The notes on pages 11 to 18 form part of these financial statements.

Page 7

 
DE LISLE PARTNERS LLP
REGISTERED NUMBER: OC310994

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 9 
177,656
86,513

Cash at bank and in hand
 10 
308,631
569,944

  
486,287
656,457

Creditors: Amounts Falling Due Within One Year
 11 
(22,268)
(35,921)

Net current assets
  
 
 
464,019
 
 
620,536

Total assets less current liabilities
  
464,019
620,536

  

Net assets
  
464,019
620,536


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
356,660
513,177

  
356,660
513,177

Members' other interests
  

Members' capital classified as equity
  
107,359
107,359

  
 
107,359
 
107,359

  
464,019
620,536


Total members' interests
  

Loans and other debts due to members
 12 
356,660
513,177

Members' other interests
  
107,359
107,359

  
464,019
620,536


The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




R de Lisle
Designated member

Date: 28 September 2023

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
DE LISLE PARTNERS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 JANUARY 2023







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Balance at 1 February 2021 
107,359
-
107,359
(24,747)
(24,747)
82,612

Profit for the year available for discretionary division among members
 
-
565,768
565,768
-
-
565,768

Members' interests after profit for the year
107,359
565,768
673,127
(24,747)
(24,747)
648,380

Other division of profits
-
(565,769)
(565,769)
565,769
565,769
-

Drawings on account and distribution of profit
 
-
-
-
(27,845)
(27,845)
(27,845)

Amounts due to members
 



513,177
513,177


Balance at 31 January 2022
107,359
-
107,359
513,177
513,177
620,536

Profit for the year available for discretionary division among members
 
-
1,036,703
1,036,703
-
-
1,036,703

Members' interests after profit for the year
107,359
1,036,703
1,144,062
513,177
513,177
1,657,239

Other division of profits
-
(1,036,703)
(1,036,703)
1,036,703
1,036,703
-

Drawings on account and distribution of profit
 
-
-
-
(1,193,221)
(1,193,221)
(1,193,221)

Amounts due to members
 



356,660
356,660


Balance at 31 January 2023 
107,359
-
107,359
356,660
356,660
464,019

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.

Page 9

 
DE LISLE PARTNERS LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,036,703
565,769

Adjustments for:

Depreciation of tangible assets
-
798

(Increase) in debtors
(91,142)
(53,513)

(Decrease)/increase in creditors
(13,653)
13,448

Net cash generated from operating activities before transactions with members

931,908
526,502


Cash flows from investing activities

Purchase of tangible fixed assets
-
(798)

Net cash from investing activities

-
(798)

Cash flows from financing activities

Drawings paid to members
(1,193,220)
(27,845)

Net cash used in financing activities
(1,193,220)
(27,845)

Net (decrease)/increase in cash and cash equivalents
(261,312)
497,859

Cash and cash equivalents at beginning of year
569,944
72,085

Cash and cash equivalents at the end of year
308,632
569,944


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
308,632
569,944

308,632
569,944


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

De Lisle Partners LLP is a Limited Liability Partnership, registered in England and Wales, registration number OC310994 and it's registered address is 3 Firs Lane, Poole, BH14 8JG.

2.Accounting policies

 
2.1

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP and rounded to the nearest £.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Fees receivable are based on the value of the fund, calculated on a daily basis.

 
2.4

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.

Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the balance sheet, pending a discretionary decision to divide the profits.

The LLP classifies distributions of profits as operating cash flows in the statement of cash flows. [Provide reasons for this choice.]

 
2.5

Tangible fixed assets

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.

Page 12

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

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:

Office equipment
-
100%

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.

 
2.6

Debtors

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.

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are
Page 13

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 14

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
 
Management do not consider the Limited Liability Partnership to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.


4.


Turnover

2023
2022
£
£

United Kingdom
1,435,896
781,706



5.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2023
2022
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
4,540
3,840

6.


Employees




The entity has no employees.

Page 15

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Members

2023
2022
£
£



Average number of members
2
2

2023
2022
£
£

Profit attributable to the member with the largest entitlement to profit


The amount of profit attributable to the member with the largest entitlement was
518,351
282,885


8.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 February 2022
2,648



At 31 January 2023

2,648



Depreciation


At 1 February 2022
2,648



At 31 January 2023

2,648



Net book value



At 31 January 2023
-



At 31 January 2022
-


9.


Debtors

2023
2022
£
£


Prepayments and accrued income
177,655
86,512


Page 16

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
308,631
569,944



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Accruals and deferred income
22,268
35,921



12.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
356,660
513,177

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
356,660
513,177

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 17

 
DE LISLE PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


Analysis of net debt




At 1 February 2022
Arising from cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

569,944

(261,313)

308,631

Net debt (before members' debt)
569,944
(261,313)
308,631

Loans and other debts due to members




Other amounts due to members
(513,177)

156,517

(356,660)

Net debt


56,767
(104,796)
(48,029)


14.


Commitments under operating leases

At 31 January 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
23,357
-

23,357
-


15.


Related party transactions

At the end of the year the designated members, R de Lisle and S de Lisle jointly owned £8,046,009 (2022: £8,983,387) of the fund, representing approximately 3.99% (2022: 7.24%) of the 'VT De Lisle America Fund' for which the partnership charges fees as manager of the fund.


16.


Controlling party

The ultimate controlling party are Mr R de Lisle and Mrs S de Lisle.


Page 18