Limited Liability Partnership registration number OC355106 (England and Wales)
CRAIGMORE SUSTAINABLES LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
CRAIGMORE SUSTAINABLES LLP
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
CRAIGMORE SUSTAINABLES LLP
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,177,189
2,200,792
Cash at bank and in hand
157,279
152,755
1,334,468
2,353,547
Creditors: amounts falling due within one year
5
(520,858)
(467,620)
Net current assets
813,610
1,885,927
Total assets less current liabilities
813,610
1,885,927
Represented by:
Members' other interests
7
Members' capital classified as equity
813,610
1,885,927
...................................................................................................................................................................................
Total members' interests
Amounts due from members
4
(503,162)
(1,613,392)
Loans and other debts due to members
5
-
30,082
Members' capital classified as equity
7
813,610
1,885,927
310,448
302,617

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 5 October 2023 and are signed on their behalf by:
05 October 2023
WRN Tapp
Designated member
Limited Liability Partnership Registration No. OC355106
CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Craigmore Sustainables LLP is a limited liability partnership incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future and with the ongoing support from the ultimate parent entity, Craigmore Sustainables Group LP. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents fees receivable for the provision of management and administrative services as an intermediary to the holders of investment funds provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised at the fair value of the consideration receivable which takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover earned in the period is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits will flow to the entity and the costs incurred or to be incurred can be measured reliably. Unbilled revenue is classified as accrued income and included in other debtors.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current period profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant period’s result.

CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant period. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Losses of the LLP are allocated solely to the corporate member but this does not obligate the corporate member to make any contributions to make good any losses.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are not considered to be any estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities of the limited liability partnership.

3
Employees

The average number of persons (excluding members) employed by the partnership during the period, including personnel recharged from the immediate parent undertaking, was as follows:

2023
2022
Number
Number
Total
2
2
CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
603,873
567,035
Amounts owed by group undertakings
5,238
-
Amounts due from members
503,162
1,613,392
Other debtors
64,916
20,365
1,177,189
2,200,792
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,551
57
Amounts due to designated members
-
30,082
Amounts due to group undertakings
355,636
364,586
Other taxation and social security
10,654
5,068
Other creditors
122,017
67,827
520,858
467,620
6
Loans and other debts due to/from  members
2023
2022
£
£
Analysis of loans
Amounts due to members, included in creditors, (note 5)
-
30,082
Amounts due from members, included in debtors, (note 4)
(503,162)
(1,613,392)
(503,162)
(1,583,310)

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Reconciliation of Members' Interests
TOTAL
TOTAL
MEMBERS'
INTERESTS
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Loans and other debts due to/(from) members
Total
2023
Total
2022
£
£
£
£
Amounts due to members
30,082
Amounts due from members
(1,613,392)
Members' interests at 1 July 2022
1,885,927
(1,583,310)
302,617
551,167
Designated members' remuneration charged as an expense
-
255,918
255,918
275,390
Ordinary members' share of the profit
-
1,110,230
1,110,230
88,241
Members' interests after profit and remuneration for the year
1,885,927
(217,162)
1,668,765
914,798
Repayment of capital to ordinary member
(1,072,317)
-
(1,072,317)
(264,791)
Payment of amounts due to designated members
(30,082)
(30,082)
(30,082)
Drawings by designated members
-
(255,918)
(255,918)
(245,308)
Members' interests at 30 June 2023
813,610
(503,162)
310,448
374,617
Amounts due to members, included in creditors, (note 5)
-
Amounts due from members, included in debtors, (note 4)
(503,162)
(503,162)
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Hill FCA
Statutory Auditor:
Rayner Essex LLP
CRAIGMORE SUSTAINABLES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
21,840
10
Related party transactions

Included in turnover is £3,440,692 (2022: £2,835,986) relating to management and administrative services provided during the period on normal commercial terms to various entities incorporated in New Zealand. The entities are ultimately controlled by a limited partnership incorporated in New Zealand whose general partner is a company incorporated in New Zealand which has certain directors who are designated members of the LLP. At the statement of financial position date, the amount due to the LLP from these entities was £603,763 (2022: £566,990). This balance is included in debtors, note 4.

 

During the period, the LLP recharged on commercial terms shared costs £2,162 (2022: £1,430) to various companies incorporated in the UK which have a director who is a designated member of the LLP. At the statement of financial position date, the amount due to the LLP from these companies was £nil (2022: £120). This balance is included in debtors, note 4.

 

During the period, the LLP was charged on commercial terms £nil (2022: £6,250) for consultancy services provided by a company incorporated in the UK which has a director who is a designated member of the LLP.

11
Parent company

The limited liability partnership is controlled by Craigmore Research Limited, whose ultimate parent entity is Craigmore Sustainables Group LP, a limited partnership incorporated in New Zealand.

2023-06-302022-07-01false12 October 2023CCH SoftwareCCH Accounts Production 2023.200This audit opinion is unqualifiedOC3551062022-07-012023-06-30OC3551062023-06-30OC355106bus:PartnerLLP22022-07-012023-06-30OC3551062021-07-012022-06-30OC355106bus:LimitedLiabilityPartnershipLLP2022-07-012023-06-30OC355106bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30OC355106bus:FRS1022022-07-012023-06-30OC355106bus:Audited2022-07-012023-06-30OC355106bus:AbbreviatedAccounts2022-07-012023-06-30xbrli:purexbrli:shares