Silverfin false 05/04/2024 06/04/2023 05/04/2024 Alexander Morrice 28/02/2008 James Stark 28/02/2008 09 October 2024 SO301697 2024-04-05 SO301697 bus:Director1 2024-04-05 SO301697 bus:Director2 2024-04-05 SO301697 2023-04-05 SO301697 core:CurrentFinancialInstruments 2024-04-05 SO301697 core:CurrentFinancialInstruments 2023-04-05 SO301697 core:CostValuation 2023-04-05 SO301697 core:AdditionsToInvestments 2024-04-05 SO301697 core:DisposalsRepaymentsInvestments 2024-04-05 SO301697 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2024-04-05 SO301697 core:CostValuation 2024-04-05 SO301697 2023-04-06 2024-04-05 SO301697 bus:FullAccounts 2023-04-06 2024-04-05 SO301697 bus:SmallEntities 2023-04-06 2024-04-05 SO301697 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SO301697 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 SO301697 bus:Director1 2023-04-06 2024-04-05 SO301697 bus:Director2 2023-04-06 2024-04-05 SO301697 2022-04-06 2023-04-05 iso4217:EUR xbrli:pure

Company No: SO301697 (Scotland)

GRANITE INVESTORS (SIMMONS FUND) LLP

Unaudited Financial Statements
For the financial year ended 05 April 2024
Pages for filing with the registrar

GRANITE INVESTORS (SIMMONS FUND) LLP

Unaudited Financial Statements

For the financial year ended 05 April 2024

Contents

GRANITE INVESTORS (SIMMONS FUND) LLP

BALANCE SHEET

As at 05 April 2024
GRANITE INVESTORS (SIMMONS FUND) LLP

BALANCE SHEET (continued)

As at 05 April 2024
Note 2024 2023
Fixed assets
Investments 3 92,441 345,377
92,441 345,377
Current assets
Debtors 4 374,087 65,756
374,087 65,756
Creditors: amounts falling due within one year 5 ( 11,443) ( 12,155)
Net current assets 362,644 53,601
Total assets less current liabilities 455,085 398,978
Net assets attributable to members 455,085 398,978
Represented by
Loans and other debts due to members after more than one year
Other amounts 507,255 503,363
507,255 503,363
Members' other interests
Other reserves (52,170) (104,385)
(52,170) (104,385)
455,085 398,978
Total members' interests
Loans and other debts due to members 507,255 503,363
Members' other interests (52,170) (104,385)
455,085 398,978

For the financial year ending 05 April 2024 the LLP 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.

Members' responsibilities:

The financial statements of Granite Investors (Simmons Fund) LLP (registered number: SO301697) were approved and authorised for issue by the Board of Directors on 09 October 2024. They were signed on its behalf by:

Alexander Morrice
Designated member
GRANITE INVESTORS (SIMMONS FUND) LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2024
GRANITE INVESTORS (SIMMONS FUND) LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Granite Investors (Simmons Fund) LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in EUR which is the functional currency of the Company and rounded to the nearest €.

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the members have continued to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

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.

Members' participation rights

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Fixed asset investments

Other investments Total
Cost or valuation before impairment
At 06 April 2023 345,377 345,377
Additions 53,442 53,442
Disposals ( 363,077) ( 363,077)
Share of partnership gains 56,699 56,699
At 05 April 2024 92,441 92,441
Carrying value at 05 April 2024 92,441 92,441
Carrying value at 05 April 2023 345,377 345,377

4. Debtors

2024 2023
Other debtors 374,087 65,756

5. Creditors: amounts falling due within one year

2024 2023
Other creditors 11,443 12,155

6. 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.