REGISTERED NUMBER: |
Members' Report and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Oakfield Capital Partners LLP |
REGISTERED NUMBER: |
Members' Report and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Oakfield Capital Partners LLP |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Members' Report | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Oakfield Capital Partners LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Sheen Road |
Richmond upon Thames |
Richmond |
Surrey |
TW9 1AD |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Members' Report |
for the Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of investing in and advising growing businesses. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £266,551 (2023 - £442,432 profit). |
MEMBERS' INTERESTS |
The LLP operates a drawings policy which has regard to a cautious estimate of forecast profits. Drawings are restricted to prudent levels, taking into account working capital performance, until the results for the year and individual members’ allocations have been determined. |
Each member shall be entitled to make a capital contribution pro rata to his or its profit sharing percentage, if the Board shall, in its discretion, determine that further capital contributions should be made by the members. |
Loans may be made to the LLP from time to time by any or all of the members on such terms to repayment, interest and otherwise as may be agreed between the board and the member making the loan contribution. |
Members shall at all times keep such capital as it required from time to time in the LLP in order to fulfil the regulatory capital requirements of the FCA for the ongoing conduct of the business. Notwithstanding this, the membership agreement provides the board with discretionary powers from time to time to return capital to the active members (or any of them) in part, either on a pro rata basis or otherwise. |
ON BEHALF OF THE MEMBERS: |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE |
Administrative expenses | ( |
) | ( |
) |
266,031 | 442,432 |
Other operating income |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand | 7 |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
158,086 |
329,048 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
86 |
169,798 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 8,750 | 10,000 |
Revaluation reserve | 10 |
158,086 | 329,048 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 86 | 169,798 |
Members' other interests | 158,000 | 159,250 |
Amounts due from members | 6 | (39,651 | ) | - |
118,435 | 329,048 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Oakfield Capital Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
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. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Computer equipment | : | 33.33% Straight line method |
DEFINED CONTRIBUTION PENSION PLAN |
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. |
The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Pension costs | 1,210 | 2,001 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Bad debts provision | (50,138 | ) | (50,138 | ) |
Oakfield Capital General LLP | 3,730 | 102,587 |
Amounts due from members | 39,651 | - |
Other debtors |
Prepayments and accrued income |
7. | CASH AT BANK AND IN HAND |
2024 | 2023 |
£ | £ |
Bank Account | 44,274 | 93,409 |
Cash in hand |
Oakfield Capital Partners LLP (Registered number: OC340206) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors | ( |
) |
Social security and other taxes |
Pension funds | 100 | 100 |
VAT | 5,193 | 2,373 |
Accruals and deferred income |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of winding up. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
11. | RELATED PARTY DISCLOSURES |
During the year, management fees of £411,843 (2023: £464,653) were charged to Oakfield Capital General Partner LLP, in which Oakfield Capital Partners LLP is the manager & designated member. |
As at the balance sheet date, receivable from Oakfield Capital General Partners LLP £3,730 (2023: £102,588). |