Spanish Archer LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC404207 (England and Wales)
Spanish Archer LLP
Limited Liability Partnership Information
Designated members
J Studholme
D Wilson
B Yates
M Sneade
Limited liability partnership number
OC404207
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Spanish Archer LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
Spanish Archer LLP
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,686,667
2,686,667
Current assets
Debtors
5
47,897
46,287
Cash at bank and in hand
17,642
54,519
65,539
100,806
Creditors: amounts falling due within one year
6
(115,434)
(111,032)
Net current liabilities
(49,895)
(10,226)
Total assets less current liabilities
2,636,772
2,676,441
Creditors: amounts falling due after more than one year
7
(1,451,191)
(1,587,663)
Net assets attributable to members
1,185,581
1,088,778
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
180,664
83,861
Members' other interests
Members' capital classified as equity
1,004,917
1,004,917
1,185,581
1,088,778
Total members' interests
Loans and other debts due to members
180,664
83,861
Members' other interests
1,004,917
1,004,917
1,185,581
1,088,778
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
Spanish Archer LLP
Balance Sheet (Continued)
As at 31 March 2023
Page 2
For the financial year ended 31 March 2023 the limited liability partnership 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) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
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 11 August 2023 and are signed on their behalf by:
11 August 2023
J Studholme
Designated member
Limited Liability Partnership Registration No. OC404207
Spanish Archer LLP
Reconciliation of Members' Interests
For the year ended 31 March 2023
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
83,861
Members' interests at 1 April 2022
1,004,917
-
1,004,917
83,861
83,861
1,088,778
Profit for the financial year available for discretionary division among members
-
96,803
96,803
-
-
96,803
Members' interests after profit for the year
1,004,917
96,803
1,101,720
83,861
83,861
1,185,581
Allocation of profit for the financial year
-
(96,803)
(96,803)
96,803
96,803
-
Members' interests at 31 March 2023
1,004,917
-
1,004,917
180,664
180,664
1,185,581
Amounts due to members
180,664
180,664
Spanish Archer LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2023
Page 4
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
333,058
Members' interests at 1 April 2021
1,000,000
-
1,000,000
333,058
333,058
1,333,058
Loss for the financial year available for discretionary division among members
-
(244,280)
(244,280)
-
-
(244,280)
Members' interests after loss for the year
1,000,000
(244,280)
755,720
333,058
333,058
1,088,778
Allocation of loss for the financial year
-
244,280
244,280
(244,280)
(244,280)
-
Introduced by members
174,917
-
174,917
-
-
174,917
Repayments of capital
(170,000)
-
(170,000)
-
-
(170,000)
Reclassifications
-
-
-
(4,917)
(4,917)
(4,917)
Members' interests at 31 March 2022
1,004,917
-
1,004,917
83,861
83,861
1,088,778
Amounts due to members
83,861
83,861
Spanish Archer LLP
Notes to the Financial Statements
For the year ended 31 March 2023
Page 5
1
Accounting policies
Limited liability partnership information
Spanish Archer LLP is a limited liability partnership incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 company has adequate resources to continue to trade in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rent receivable in respect of the company's property.
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 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.
Spanish Archer LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 6
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents 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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial
instruments classified as other, or basic financial instruments measured at fair value.
1.8
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.
Spanish Archer LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).
3
Members' remuneration
2023
2022
Number
Number
The average number of members during the year was
4
4
4
Investment property
2023
2022
£
£
Fair value
At 1 April 2022
2,686,667
3,000,000
Fair value (loss) / gain
-
(313,333)
At 31 March 2023
2,686,667
2,686,667
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the members. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,466
41,466
Prepayments and accrued income
6,431
4,821
47,897
46,287
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
61,904
57,615
Trade creditors
6,970
4,957
Accruals and deferred income
46,560
48,460
115,434
111,032
Spanish Archer LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,451,191
1,587,663
The long-term loans are secured by fixed and floating charges over all property and undertakings of the company.
8
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
9
Operating lease commitments
Lessor
At the reporting end date the limited liability partnership had contracted the following minimum lease payments:
2023
2022
£
£
Within one year
165,863
165,863
Between two and five years
331,726
497,589
497,589
663,452
10
Related party transactions
Spanish Archer LLP invoiced Blink Productions Limited £165,863 (2022: £165,863) for rent during the period. Included within trade debtors at the period end was £41,466 (2022: £41,466) due from Blink Productions Limited. No amounts were written off or provided for during the period. Blink Productions Limited is a company under the common control of the members of Spanish Archer LLP. Zingiber London Limited, the parent company of Blink Productions Limited, has provided a guarantee to National Westminster Bank Plc of up to £1,700,000 in respect of a loan taken out by Spanish Archer LLP.
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