Registered number
OC438132
Earlsfield Capital Partners First LLP
Accounts
31 March 2024
Earlsfield Capital Partners First LLP
Registered number: OC438132
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 1,696,064 1,777,249
Current assets
Debtors 4 - 3,197
Cash at bank and in hand 38,279 39,661
38,279 42,858
Creditors: amounts falling due within one year 5 (3,292) (5,425)
Net current assets 34,987 37,433
Total assets less current liabilities 1,731,051 1,814,682
Net assets attributable to members 1,731,051 1,814,682
Represented by:
Members' other interests
Members' capital classified as equity 1,771,019 1,771,019
Revaluation reserve 93,497 138,367
Other reserves (133,465) (94,704)
1,731,051 1,814,682
1,731,051 1,814,682
Total members' interests
Members' other interests 1,731,051 1,814,682
1,731,051 1,814,682
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 7 October 2024 and signed on their behalf by:
Meraj Alam
Designated member
Earlsfield Capital Partners First LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Division of profits
Each Member shall be allocated a proportion of the Net Profits or Losses (as the case may be) set out in the Annual Accounts on the basis that the Net Profits or Losses (as the case may be) are allocated as closely as possible to reflect the Members’ entitlements to distributions of Proceeds in accordance with Clause 10 of the LLP Agreement. The relevant Net Profits or Losses (as the case may be) shall be debited or credited (as the case may be) to each Capital Member’s Current Account in accordance with Clause 10 of the LLP Agreement.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Fixed asset investments
Other
investments
£
Fair value
At 1 April 2023 1,777,249
Revaluation (38,848)
Disposals (42,337)
At 31 March 2024 1,696,064
Historical cost
At 1 April 2023 1,777,249
At 31 March 2024 1,696,064
Investment transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period these transactions are translated at the closing rate of exchange. Exchange differences arising have been recognised in profit or loss.
4 Debtors 2024 2023
£ £
Other debtors - 3,197
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,276 5,409
Other creditors 16 16
3,292 5,425
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 138,367 38,180
Other movements (44,870) 100,187
At 31 March 2024 93,497 138,367
7 Other information
Earlsfield Capital Partners First LLP is a limited liability partnership incorporated in England. Its registered office is:
6 North Approach
Moor Park
Middlesex
HA6 2JG
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