Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-312false2022-04-01No description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC423323 2022-04-01 2023-03-31 OC423323 2021-04-01 2022-03-31 OC423323 2023-03-31 OC423323 2022-03-31 OC423323 c:OfficeEquipment 2022-04-01 2023-03-31 OC423323 c:OfficeEquipment 2023-03-31 OC423323 c:OfficeEquipment 2022-03-31 OC423323 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC423323 c:ComputerEquipment 2022-04-01 2023-03-31 OC423323 c:ComputerEquipment 2023-03-31 OC423323 c:ComputerEquipment 2022-03-31 OC423323 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC423323 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC423323 c:CurrentFinancialInstruments 2023-03-31 OC423323 c:CurrentFinancialInstruments 2022-03-31 OC423323 c:CurrentFinancialInstruments 2 2023-03-31 OC423323 c:CurrentFinancialInstruments 2 2022-03-31 OC423323 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC423323 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC423323 e:FRS102 2022-04-01 2023-03-31 OC423323 e:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC423323 e:FullAccounts 2022-04-01 2023-03-31 OC423323 e:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC423323 2 2022-04-01 2023-03-31 OC423323 e:PartnerLLP1 2022-04-01 2023-03-31 OC423323 e:PartnerLLP2 2022-04-01 2023-03-31 OC423323 f:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure


Registered number: OC423323












TOLLYMORE INVESTMENT PARTNERS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

TOLLYMORE INVESTMENT PARTNERS LLP

CONTENTS



Page
LLP information
 
1
Balance sheet
 
2 - 3
Reconciliation of members' interests
 
4
Notes to the financial statements
 
5 - 10


 

TOLLYMORE INVESTMENT PARTNERS LLP

INFORMATION



Designated Members
M. Walker
J.B.Watt

LLP registered number
OC423323

Registered office
Birchin Court
20 Birchin Lane
London
EC3V 9DU

Accountants
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC423323
TOLLYMORE INVESTMENT PARTNERS LLP

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
125
464

Current assets
  

Debtors: amounts falling due within one year
 5 
341,919
360,510

Cash at bank and in hand
  
134,068
175,876

  
475,987
536,386

Creditors: Amounts Falling Due Within One Year
 6 
(10,603)
(9,290)

Net current assets
  
 
 
465,384
 
 
527,096

Net assets
  
465,509
527,560


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
325,085
392,828

Other amounts
 7 
140,424
134,732

  

  
465,509
527,560


Total members' interests
  

Due from LLP members (included in debtors)
  
(314,368)
(314,368)

Loans and other debts due to members
 7 
465,509
527,560

  
151,141
213,192


Page 2


 
REGISTERED NUMBER:OC423323
TOLLYMORE INVESTMENT PARTNERS LLP
    
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 profit and loss account 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 by: 




M. Walker
Designated member

Date: 19 February 2024

Tollymore Investment Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

TOLLYMORE INVESTMENT PARTNERS 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
Other reserves
As restated
Members' capital (classified as debt)
As restated
 
 
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 

392,828
326,772
719,600


Balance at 1 April 2021 
-
392,828
326,772
719,600
719,600

Members' remuneration charged as an expense
-
-
100,000
100,000
100,000

Profit for the year available for discretionary division among members
 
28,607
-
-
-
28,607

Members' interests after profit for the year
28,607
392,828
426,772
819,600
848,207

Other division of profits
(28,607)
-
28,607
28,607
-

Drawings
-
-
(635,015)
(635,015)
(635,015)

Amounts due to members
392,828
134,732
527,560

Amounts due from members
 


(314,368)
(314,368)


Balance at 31 March 2022
-
392,828
(179,636)
213,192
213,192

Members' remuneration charged as an expense
-
-
100,000
100,000
100,000

Loss for the year available for discretionary division among members
 
(62,051)
-
-
-
(62,051)

Members' interests after profit for the year
(62,051)
392,828
(79,636)
313,192
251,141

Other division of profits
62,051
-
5,692
5,692
67,743

Other movements
-
(67,743)
-
(67,743)
(67,743)

Drawings
-
-
(100,000)
(100,000)
(100,000)

Amounts due to members
325,085
140,424
465,509

Amounts due from members
 


(314,368)
(314,368)


Balance at 31 March 2023 
-
325,085
(173,944)
151,141
151,141

The notes on pages 5 to 10 form part of these financial statements.

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 4

 

TOLLYMORE INVESTMENT PARTNERS LLP

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

1.


General information

Tollymore Investment Partners LLP is a limited liability partnership incorporated in England and Wales with its registered office at Birchin Court, 20 Birchin Lane, London, England, EC3V 9DU. The LLP is an appointed representatives of a firm authorised and regulated by the Financial Conduct Authority ('FCA').
The financial statements are presented in Sterling (£).

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

Going concern

After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue its operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

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.

Page 5

 

TOLLYMORE INVESTMENT PARTNERS LLP

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 6

 

TOLLYMORE INVESTMENT PARTNERS LLP

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

2.Accounting policies (continued)

 
2.7

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.

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
-
33%
Straight line
Computer equipment
-
33%
Straight line

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.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


2.9

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

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 LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 7

 

TOLLYMORE INVESTMENT PARTNERS LLP

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

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 8

 

TOLLYMORE INVESTMENT PARTNERS LLP

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

2.Accounting policies (continued)

  
2.10

Taxation

The taxation payable on profits is the personal liability of the members.


3.


Employees




The entity has no employee.


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
616
1,319
1,935



At 31 March 2023

616
1,319
1,935



Depreciation


At 1 April 2022
308
1,163
1,471


Charge for the year on owned assets
205
134
339



At 31 March 2023

513
1,297
1,810



Net book value



At 31 March 2023
103
22
125



At 31 March 2022
308
156
464


5.


Debtors

2023
2022
£
£


Trade debtors
1,415
-

Other debtors
3,663
2,757

Prepayments and accrued income
22,473
43,385

Amounts due from members
314,368
314,368

341,919
360,510


Page 9

 

TOLLYMORE INVESTMENT PARTNERS LLP

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,403
-

Accruals
9,200
9,290

10,603
9,290



7.


Loans and other debts due to members


As restated
2023
2022
£
£



Members' capital treated as debt
325,085
392,828

Other amounts due to members
140,424
134,732

465,509
527,560

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




8.


Prior year adjustment

The LLP has restated members' interests by £107,172 so that members' capital treated as debt and other
amounts due to members are correctly reflected. There has been no change to the overall profit figure.

 
Page 10