REGISTRAR OF COMPANIES |
Registration number: OC335345
Armeria (UK) LLP
Unaudited
Financial Statements
31 March 2024
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Armeria (UK) LLP
Contents
Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Armeria (UK) LLP
for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Armeria (UK) LLP for the year ended 31 March 2024 set out on pages 2 to 10 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of Armeria (UK) LLP, as a body, in accordance with the terms of our engagement letter dated 3 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of Armeria (UK) LLP and state those matters that we have agreed to state to the members of Armeria (UK) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Armeria (UK) LLP and its members as a body for our work or for this report.
It is your duty to ensure that Armeria (UK) LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Armeria (UK) LLP. You consider that Armeria (UK) LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Armeria (UK) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
5 July 2024
Armeria (UK) LLP
(Registration number: OC335345)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
37,645 |
75,288 |
|
Tangible assets |
3,132,743 |
3,182,346 |
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Investments |
17,109 |
12,081 |
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3,187,497 |
3,269,715 |
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Current assets |
|||
Stocks |
962,905 |
895,938 |
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Debtors |
711,911 |
301,805 |
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Cash and short-term deposits |
535,936 |
566 |
|
2,210,752 |
1,198,309 |
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Creditors: Amounts falling due within one year |
(1,512,300) |
(532,341) |
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Net current assets |
698,452 |
665,968 |
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Total assets less current liabilities |
3,885,949 |
3,935,683 |
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Creditors: Amounts falling due after more than one year |
(1,119,738) |
(1,501,342) |
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Net assets attributable to members |
2,766,211 |
2,434,341 |
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Represented by: |
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Loans and other debts due to members |
|||
Members’ other interest |
652,978 |
364,108 |
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Members’ other interests |
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Members' capital classified as equity |
2,113,233 |
2,070,233 |
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2,766,211 |
2,434,341 |
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Total members' interests |
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Loans and other debts due to members |
652,978 |
364,108 |
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Equity |
2,113,233 |
2,070,233 |
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2,766,211 |
2,434,341 |
Armeria (UK) LLP
(Registration number: OC335345)
Balance Sheet as at 31 March 2024
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Armeria (UK) LLP (registered number OC335345) were approved by the
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Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Armeria (UK) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
The address of the registered office is:
Castletown Estate Office
Rockcliffe
CARLISLE
CA6 4BN
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Government grants
Government grants such as the basic payment scheme are included in the profit and loss account
when all the necessary conditions for receipt have been met.
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.
Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.
Basic payment scheme amortisation
The amount paid in connection with the purchase of the basic payment scheme entitlement is being amortised over the useful economic life of that entitlement. In addition, an annual impairment review is being performed.
Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
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.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
20 years straight line basis, and no depreciation |
Plant and equipment |
20% reducing balance basis |
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Intangible fixed assets |
Basic payment entitlements |
Total |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Land and buildings |
Plant and machinery |
Total |
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Cost |
|||
At 1 April 2023 |
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|
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 March 2024 |
|
|
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Depreciation |
|||
At 1 April 2023 |
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Charge for the year |
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Eliminated on disposals |
- |
( |
( |
At 31 March 2024 |
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|
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Net book value |
|||
At 31 March 2024 |
|
|
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At 31 March 2023 |
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|
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Investments held as fixed assets |
2024 |
2023 |
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Other investments |
|
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Other investments
Listed investments |
Total |
|
Cost |
||
At 1 April 2023 |
12,081 |
12,081 |
Revaluation |
3 |
3 |
Additions |
5,025 |
5,025 |
At 31 March 2024 |
17,109 |
17,109 |
Net book value |
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At 31 March 2024 |
17,109 |
17,109 |
At 31 March 2023 |
12,081 |
12,081 |
Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
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Stocks |
|
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Debtors |
2024 |
2023 |
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Trade debtors |
|
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Other debtors |
|
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Prepayments and accrued income |
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|
711,911 |
301,805 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Trade creditors |
|
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Other creditors |
|
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Accruals and deferred income |
|
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Taxation and social security |
|
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Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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Bank loans and overdrafts |
368,029 |
253,523 |
Other creditors |
15,761 |
15,761 |
383,790 |
269,284 |
Bank loans and overdrafts are secured by way of a legal charge over the LLP's assets.
Other creditors include hire purchase liabilities which are secured against the assets they relate to.
Armeria (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Bank loans and overdrafts |
|
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Other creditors |
|
|
|
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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Bank loans and overdrafts |
1,094,604 |
1,460,443 |
Other creditors |
25,135 |
40,899 |
1,119,739 |
1,501,342 |
Bank loans and overdrafts are secured by way of a legal charge over the LLP's assets.
Other creditors include hire purchase liabilities which are secured against the assets they relate to.
Included in the creditors are the following amounts due after more than five years:
2024 |
2023 |
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After more than five years by instalments |
826,311 |
1,168,998 |