Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-01-01falseNo description of principal activity89truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC415149 2023-01-01 2024-03-31 OC415149 2022-01-01 2022-12-31 OC415149 2024-03-31 OC415149 2022-12-31 OC415149 c:FurnitureFittings 2023-01-01 2024-03-31 OC415149 c:FurnitureFittings 2024-03-31 OC415149 c:FurnitureFittings 2022-12-31 OC415149 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 OC415149 c:FreeholdInvestmentProperty 2023-01-01 2024-03-31 OC415149 c:FreeholdInvestmentProperty 2024-03-31 OC415149 c:FreeholdInvestmentProperty 2022-12-31 OC415149 c:CurrentFinancialInstruments 2024-03-31 OC415149 c:CurrentFinancialInstruments 2022-12-31 OC415149 c:Non-currentFinancialInstruments 2024-03-31 OC415149 c:Non-currentFinancialInstruments 2022-12-31 OC415149 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC415149 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC415149 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC415149 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC415149 d:FRS102 2023-01-01 2024-03-31 OC415149 d:AuditExempt-NoAccountantsReport 2023-01-01 2024-03-31 OC415149 d:FullAccounts 2023-01-01 2024-03-31 OC415149 d:LimitedLiabilityPartnershipLLP 2023-01-01 2024-03-31 OC415149 2 2023-01-01 2024-03-31 OC415149 d:PartnerLLP1 2023-01-01 2024-03-31 OC415149 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC415149 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC415149 e:PoundSterling 2023-01-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC415149









LAUNCELOT PARTNERS I LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
LAUNCELOT PARTNERS I LLP
REGISTERED NUMBER: OC415149

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
2,648
-

Investment property
 4 
8,291,769
7,625,029

  
8,294,417
7,625,029

Current assets
  

Debtors: amounts falling due within one year
 5 
308,798
418,171

Cash at bank and in hand
 6 
499,432
649,299

  
808,230
1,067,470

Creditors: Amounts Falling Due Within One Year
 7 
(750,308)
(433,673)

Net current assets
  
 
 
57,922
 
 
633,797

Total assets less current liabilities
  
8,352,339
8,258,826

Creditors: amounts falling due after more than one year
 8 
(2,800,000)
(2,925,000)

  
5,552,339
5,333,826

  

Net assets
  
5,552,339
5,333,826


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
5,552,339
5,333,826

  
5,552,339
5,333,826

  

  
5,552,339
5,333,826


Total members' interests
  

Loans and other debts due to members
 9 
5,552,339
5,333,826

  
5,552,339
5,333,826


Page 1

 
LAUNCELOT PARTNERS I LLP
REGISTERED NUMBER: OC415149
    
STATEMENT OF FINANCIAL POSITION (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 statement of comprehensive income 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: 




Launcelot Investments Limited
Designated member

Date: 8 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Launcelot Partners I LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 
LAUNCELOT PARTNERS I LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The LLP is registered in England and Wales.The address of the registered office is 122 Wigmore Street, London, England, W1U 3RY. 

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

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.

 
2.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
LAUNCELOT PARTNERS I LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.


Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
LAUNCELOT PARTNERS I LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


Additions
2,837



At 31 March 2024

2,837



Depreciation


Charge for the period on owned assets
189



At 31 March 2024

189



Net book value



At 31 March 2024
2,648



At 31 December 2022
-


4.


Investment property





Investment property

£



Valuation


At 1 January 2023
7,625,029


Additions at cost
666,740



At 31 March 2024
8,291,769

The 2024 valuations were made by the members, on an open market value for existing use basis.







Page 5

 
LAUNCELOT PARTNERS I LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Debtors

31 March
31 December
2024
2022
£
£


Trade debtors
101,932
417,235

Other debtors
58,403
-

Prepayments and accrued income
148,463
936

308,798
418,171



6.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
499,432
649,299

499,432
649,299



7.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Bank loans
100,000
100,000

Trade creditors
65,050
-

Amounts owed to group undertakings
220,000
-

Other taxation and social security
-
15,254

Other creditors
299,126
276,152

Accruals and deferred income
66,132
42,267

750,308
433,673


Page 6

 
LAUNCELOT PARTNERS I LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Bank loans
2,800,000
2,925,000

2,800,000
2,925,000


The bank loan is secured against the investment property held by the LLP.


9.


Loans and other debts due to members


31 March
31 December
2024
2022
£
£



Other amounts due to members
5,552,339
5,333,826

5,552,339
5,333,826

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

31 March
31 December
2024
2022
£
£



Falling due after more than one year
5,552,339
5,333,826

5,552,339
5,333,826

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

 
Page 7