Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3102022-04-01Purchasing listed and unlisted bonds and equitiestruefalse0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC368922 2022-04-01 2023-03-31 OC368922 2021-04-01 2022-03-31 OC368922 2023-03-31 OC368922 2022-03-31 OC368922 c:CurrentFinancialInstruments 2023-03-31 OC368922 c:CurrentFinancialInstruments 2022-03-31 OC368922 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC368922 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC368922 d:FRS102 2022-04-01 2023-03-31 OC368922 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC368922 d:FullAccounts 2022-04-01 2023-03-31 OC368922 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC368922 6 2022-04-01 2023-03-31 OC368922 d:PartnerLLP1 2022-04-01 2023-03-31 OC368922 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC368922 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC368922 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC368922 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC368922 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC368922 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 OC368922 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: OC368922










LANCOURT & CO LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
LANCOURT & CO LLP
REGISTERED NUMBER: OC368922

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
34,973
39,185

Current asset investments
  
2,654,775
2,500,285

Cash at bank and in hand
  
470
475

  
2,690,218
2,539,945

Creditors: Amounts Falling Due Within One Year
 6 
(772,905)
(701,360)

Net current assets
  
 
 
1,917,313
 
 
1,838,585

Total assets less current liabilities
  
1,917,313
1,838,585

  

Net assets
  
1,917,313
1,838,585


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
203,862
230,026

  
203,862
230,026

Members' other interests
  

Members' capital classified as equity
  
2
2

Other reserves classified as equity
  
1,713,449
1,608,557

  
 
1,713,451
 
1,608,559

  
1,917,313
1,838,585


Total members' interests
  

Loans and other debts due to members
 7 
203,862
230,026

Members' other interests
  
1,713,451
1,608,559

  
1,917,313
1,838,585

Page 1

 
LANCOURT & CO LLP
REGISTERED NUMBER: OC368922
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 26 January 2024.




A W Herd
Designated member

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
LANCOURT & CO LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 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

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
310,676
310,676
-
-
310,676

Members' interests after profit for the year
2
1,670,212
1,670,214
282,131
282,131
1,952,345

Other division of profits
-
(61,656)
(61,656)
61,656
61,656
-

Drawings on account and distribution of profit
-
-
-
(113,760)
(113,760)
(113,760)

Amounts due to members
230,026
230,026

Balance at 31 March 2022
2
1,608,557
1,608,559
230,026
230,026
1,838,585

Profit for the year available for discretionary division among members
 
-
216,228
216,228
-
-
216,228

Members' interests after profit for the year
2
1,824,785
1,824,787
230,026
230,026
2,054,813

Other division of profits
-
(111,336)
(111,336)
111,336
111,336
-

Drawings on account and distribution of profit
-
-
-
(137,500)
(137,500)
(137,500)

Amounts due to members
203,862
203,862

Balance at 31 March 2023 
2
1,713,449
1,713,451
203,862
203,862
1,917,313

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 3

 
LANCOURT & CO LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Lancourt & Co LLP is a privately limited liability partnership incorporated in the United Kingdom and registered in England and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 

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 Section 1A of 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 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.

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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover consists of dividends and interest received from listed and unlisted equities and bonds. 

 
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 .

Page 4

 
LANCOURT & CO LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Current asset investments

Unlisted Investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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.

 
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.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are 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 within 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. 

Page 5

 
LANCOURT & CO LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.


3.


Employees

The LLP has no employees.

The average number of members during the year was 2 (2022 - 2)


4.


Debtors

2023
2022
£
£


Other debtors
34,627
39,185

Prepayments and accrued income
346
-

34,973
39,185


Page 6

 
LANCOURT & CO LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Current asset investments

2023
2022
£
£

Listed investments
598,055
879,061

Unlisted investments
2,056,720
1,621,224

2,654,775
2,500,285


Listed investments are valued at the balance sheet date using the readily available market prices. Unlisted investments are valued by the members and are based on the latest issue price of the shares and other recent transactions in the shares. 


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to other participating interests
769,605
697,460

Accruals and deferred income
3,300
3,900

772,905
701,360



7.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
203,862
230,026

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

2023
2022
£
£



Falling due within one year
203,862
230,026

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


8.


Related party transactions

Included in creditors is £769,505 (2022:£697,460) owed to Lancashire Court Capital Limited, a member
of the LLP.

Page 7

 
LANCOURT & CO LLP
 
 
These pages do not form part of the statutory financial statements Page 8