Playfair Capital LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC382714 (England and Wales)
Playfair Capital LLP
Limited Liability Partnership Information
Designated members
F Pirzio-Biroli
Playfair Capital Investments Limited
Limited liability partnership number
OC382714
Registered office
8 Warner Yard
Clerkenwell
London
EC1R 5EY
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Playfair Capital LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Playfair Capital LLP
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
246,823
181,695
Investment properties
5
4,499,942
4,499,942
4,746,765
4,681,637
Current assets
Debtors
6
198,571
232,345
Cash and cash equivalents
100,364
908,796
298,935
1,141,141
Creditors: amounts falling due within one year
7
(332,185)
(165,439)
Net current (liabilities)/assets
(33,250)
975,702
Total assets less current liabilities
4,713,515
5,657,339
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
100
100
Other amounts
4,713,415
5,657,239
4,713,515
5,657,339
Total members' interests
Loans and other debts due to members
4,713,515
5,657,339

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

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.

Playfair Capital LLP
Balance Sheet (Continued)
As at 31 March 2023
Page 2
The financial statements were approved by the members and authorised for issue on 16 April 2024 and are signed on their behalf by:
16 April 2024
F Pirzio-Biroli
Designated member
Limited Liability Partnership Registration No. OC382714
Playfair Capital LLP
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Limited liability partnership information

Playfair Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 8 Warner Yard, Clerkenwell, London, EC1R 5EY.

 

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rent and memberships.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Playfair Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
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.

1.7
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.

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.

Playfair Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
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.

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.

Derecognition of financial liabilities

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

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.9
Retirement benefits and post retirement payments to members

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

Playfair Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 6
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.

1.11

Members' Drawings, and Subscription and Repayment of Members' Capital

The amount of drawings is determined in accordance with the membership agreement and is paid as the cash flow of the LLP allows. Members subscribe capital to the LLP depending on the capital requirements of the business and in accordance with the membership agreement.

1.12

Other Amounts Due to Members

No loan arrangements are made with members other than those with respect to the distribution of profits.

 

Amounts due to members rank at par with unsecured creditors in the event of a winding up of the LLP.

 

No legally enforceable protection is provided to unsecured creditors over that provided to members.

2
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
30,146
8,806
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was 7 (2022 - 6)

Playfair Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
132,518
110,227
242,745
Additions
-
95,274
95,274
At 31 March 2023
132,518
205,501
338,019
Depreciation and impairment
At 1 April 2022
3,533
57,517
61,050
Depreciation charged in the year
2,650
27,496
30,146
At 31 March 2023
6,183
85,013
91,196
Carrying amount
At 31 March 2023
126,335
120,488
246,823
At 31 March 2022
128,985
52,710
181,695
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
4,499,942
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
150,417
212,943
Other debtors
19,650
7,475
Prepayments and accrued income
28,504
11,927
198,571
232,345
Playfair Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
39,508
18,788
Taxation and social security
160,380
26,940
Other creditors
127,418
115,711
Accruals and deferred income
4,879
4,000
332,185
165,439
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.

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