Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseinvestment management00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC438523 2023-04-01 2024-03-31 OC438523 2022-04-01 2023-03-31 OC438523 2024-03-31 OC438523 2023-03-31 OC438523 c:CurrentFinancialInstruments 2024-03-31 OC438523 c:CurrentFinancialInstruments 2023-03-31 OC438523 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC438523 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC438523 d:FRS102 2023-04-01 2024-03-31 OC438523 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC438523 d:FullAccounts 2023-04-01 2024-03-31 OC438523 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC438523 2 2023-04-01 2024-03-31 OC438523 6 2023-04-01 2024-03-31 OC438523 d:PartnerLLP1 2023-04-01 2024-03-31 OC438523 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC438523 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC438523 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC438523 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC438523 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC438523












FAIRHILL INVESTMENT PARTNERS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
REGISTERED NUMBER:OC438523
FAIRHILL INVESTMENT PARTNERS LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
21,532
23,667

  
21,532
23,667

Current assets
  

Debtors: amounts falling due within one year
 5 
12,002
15,820

Current asset investments
  
43,628
-

Cash at bank and in hand
  
62,608
111,897

  
118,238
127,717

Creditors: Amounts Falling Due Within One Year
 7 
(6,617)
(4,638)

Net current assets
  
 
 
111,621
 
 
123,079

Total assets less current liabilities
  
133,153
146,746

  

Net assets
  
133,153
146,746


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
133,053
146,646

  
133,053
146,646

Members' other interests
  

Members' capital classified as equity
  
100
100

  
 
100
 
100

  
133,153
146,746


Total members' interests
  

Loans and other debts due to members
 8 
133,053
146,646

Members' other interests
  
100
100

  
133,153
146,746


Page 1


 
REGISTERED NUMBER:OC438523
FAIRHILL INVESTMENT PARTNERS LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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: 




Henry W A Hillgarth
Designated member

Date: 3 December 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 2

 

FAIRHILL INVESTMENT PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024








EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£
£
£

Amounts due to members 
100
177,180
177,280


Balance at 1 April 2022 
-
(25,665)
(25,665)
100
177,180
177,280
151,615

Loss for the year available for discretionary division among members
 
-
(4,869)
(4,869)
-
-
-
(4,869)

Members' interests after profit for the year
-
(30,534)
(30,534)
100
177,180
177,280
146,746

Other division of losses
-
30,534
30,534
-
(30,534)
(30,534)
-

Amounts introduced by members
100
-
100
-
-
-
100

Repayment of capital
-
-
-
(100)
-
(100)
(100)

Amounts due to members
146,646
146,646

Balance at 31 March 2023
100
-
100
-
146,646
146,646
146,746

Profit for the year available for discretionary division among members
 
-
4,407
4,407
-
-
-
4,407

Members' interests after profit for the year
100
4,407
4,507
-
146,646
146,646
151,153

Other division of profits
-
(4,407)
(4,407)
-
4,407
4,407
-

Repayment of debt
-
-
-
-
(18,000)
(18,000)
(18,000)

Amounts due to members
133,053
133,053

Balance at 31 March 2024 
100
-
100
-
133,053
133,053
133,153
Page 3

 

FAIRHILL INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


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

 

FAIRHILL INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fairhill Investment Partners LLP is a partnership incorporated in England and Wales. The address of its registered office is 4th Floor 16 Great Queen Street, Covent Gardens, London, England, WC2B 5AH.
The principal activity of the LLP is that of investment management services. The LLP is an authorised representative of a firm authorised and regulated by the Financial Conduct Authority.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the members have a reasonable expectation that the partnership has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 

FAIRHILL INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 

FAIRHILL INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.8

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.
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.


3.


Employees




The entity has no employees.

Page 7

 

FAIRHILL INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
23,667


Foreign exchange movement
(2,135)



At 31 March 2024
21,532





5.


Debtors

2024
2023
£
£


Trade debtors
996
833

Other debtors
-
84

Prepayments and accrued income
11,006
14,903

12,002
15,820



6.


Current asset investments

2024
2023
£
£

Investments
43,628
-

43,628
-



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
450
438

Other taxation and social security
467
-

Accruals and deferred income
5,700
4,200

6,617
4,638


Page 8

 

FAIRHILL INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
133,053
146,646

133,053
146,646

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
133,053
146,646

133,053
146,646

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

Page 9