Limited Liability Partnership registration number OC397230 (England and Wales)
CAMBRIA MGMT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CAMBRIA MGMT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Cambria Holdings UK Limited
Cambria Scotland GP Limited
LLP registration number
OC397230
Registered office
Connect House
133 - 137 Alexandra Road
Wimbledon
London
SW19 7JY
Accountants
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
CAMBRIA MGMT LLP
CONTENTS
Page
Members' report
1
Accountants' report
3
Statement of comprehensive income
4
Balance sheet
5
Reconciliation of members' interests
6 - 7
Notes to the financial statements
8 - 10
CAMBRIA MGMT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership is to act as the General Partner.

Members' drawings, contributions and repayments

The capital is contributed by each Member upon admission to the Partnership and is repayable upon the death, retirement or expulsion of the Member or with a written consent of the other Designated Member. No Member shall be entitled to withdraw from the LLP any part of its capital contribution without the prior written consent of the other Designated Members until the dissolution of the LLP.

 

Members are permitted to make drawings in anticipation of profits which will be allocated to them. Profits are allocated with a prior consent of all Designated Members.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Cambria Holdings UK Limited
Cambria Scotland GP Limited

 

Approved by the members on 29 January 2025 and signed on behalf by:
29 January 2025
Cambria Scotland GP Limited
Designated Member
CAMBRIA MGMT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAMBRIA MGMT LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CAMBRIA MGMT LLP FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cambria MGMT LLP for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and the related notes 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 https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of Cambria MGMT LLP, as a body, in accordance with the terms of our engagement letter dated 13 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Cambria MGMT LLP and state those matters that we have agreed to state to the limited liability partnership's members of Cambria MGMT 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 Cambria MGMT LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Cambria MGMT LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cambria MGMT LLP. You consider that Cambria MGMT 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 financial statements of Cambria MGMT 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 financial statements.

Mercer & Hole LLP
30 January 2025
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
CAMBRIA MGMT LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
Notes
£
£
Turnover
8,663
8,572
Administrative expenses
(2,101)
(1,260)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
6,562
7,312

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CAMBRIA MGMT LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
79,295
70,723
Creditors: amounts falling due within one year
6
(24,613)
(22,603)
Net current assets and net assets attributable to members
54,682
48,120
Represented by:
Members' other interests
Members' capital classified as equity
100
100
Other reserves classified as equity
54,582
48,020
54,682
48,120
Total members' interests
Amounts due from members
(79,295)
(70,723)
Members' other interests
54,682
48,120
(24,613)
(22,603)

For the financial year ended 31 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts of the LLP.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 29 January 2025 and are signed on their behalf by:
29 January 2025
Cambria Scotland GP Limited
Designated member
Limited Liability Partnership Registration No. OC397230
CAMBRIA MGMT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
100
48,020
48,120
(70,723)
(70,723)
(22,603)
Profit for the financial year available for discretionary division among members
-
6,562
6,562
-
-
6,562
Members' interests after profit for the year
100
54,582
54,682
(70,723)
(70,723)
(16,041)
Other movements
-
-
-
(8,572)
(8,572)
(8,572)
Members' interests at 31 March 2024
100
54,582
54,682
(79,295)
(79,295)
(24,613)
CAMBRIA MGMT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
100
40,708
40,808
(61,491)
(61,491)
(20,683)
Profit for the financial year available for discretionary division among members
-
7,312
7,312
-
-
7,312
Members' interests after profit for the year
100
48,020
48,120
(61,491)
(61,491)
(13,371)
Other movements
-
-
-
(9,232)
(9,232)
(9,232)
Members' interests at 31 March 2023
100
48,020
48,120
(70,723)
(70,723)
(22,603)
CAMBRIA MGMT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Limited liability partnership information

Cambria MGMT LLP is a limited liability partnership incorporated in England and Wales. The registered office is Connect House, 133 - 137 Alexandra Road, Wimbledon, London, SW19 7JY.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This limited liability partnership is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this limited liability partnership, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The limited liability partnership has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
Going concern

The financial statements have been prepared on a going concern basis. As at 31 March 2024, the company had positive net assets of £54,682 (2023: £48,120) however it is dependent upon the continues financial support of the members. The members have agreed to continue to provide financial support as required.

1.3
Turnover

Turnover represents consideration receivable from Cambria Scotland GP Limited for retaining the right to receive a priority profit share.

The profits and losses of the LLP shall (as the case may be) be credited to or debited against the Members' Current Accounts in accordance with the agreed profit sharing arrangements.

1.4
Financial instruments
Financial assets

Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

CAMBRIA MGMT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CAMBRIA MGMT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2
Judgements and key sources of estimation uncertainty

The LLP makes estimates and assumptions concerning the future. Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

In the opinion of the members, no critical judgements or accounting estimates have been made in the preparation of these financial statements.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
91
(660)
4
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
79,295
70,723
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
11,415
11,415
Accruals and deferred income
13,198
11,188
24,613
22,603
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