Company Registration No. OC431777 (England and Wales)
LANDSEER ASSET MANAGEMENT UK LLP
FINANCIAL STATEMENTS
31 OCTOBER 2024
LITHGOW PERKINS LLP
Chartered Accountants
Crown Chambers
Princes Street
Harrogate
LANDSEER ASSET MANAGEMENT UK LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
P Graham
A Billett
R J Guy
LLP registration number
OC431777
Registered office
Cavendish House
18 Cavendish Square
2nd Floor
LONDON
W1G 0PJ
Auditor
Lithgow Perkins LLP
LITHGOW PERKINS LLP
Crown Chambers
Princes Street
HARROGATE
HG1 1NJ
LANDSEER ASSET MANAGEMENT UK LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Notes to the financial statements
11 - 15
LANDSEER ASSET MANAGEMENT UK LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Principal activities

The principal activity of the limited liability partnership during the year was investment management.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

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:

P Graham
A Billett
R J Guy
Auditor

The auditor, Lithgow Perkins LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 25 February 2025 and signed on behalf by:
25 February 2025
P Graham
Designated Member
LANDSEER ASSET MANAGEMENT UK LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 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.

LANDSEER ASSET MANAGEMENT UK LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANDSEER ASSET MANAGEMENT UK LLP
- 3 -
Opinion

We have audited the financial statements of Landseer Asset Management UK LLP (the 'limited liability partnership') for the year ended 31 October 2024 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

LANDSEER ASSET MANAGEMENT UK LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDSEER ASSET MANAGEMENT UK LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

LANDSEER ASSET MANAGEMENT UK LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDSEER ASSET MANAGEMENT UK LLP
- 5 -
Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below;

 

Our procedures for detecting irregularities, including fraud, include the following:

 

 

As part of the discussion on fraud, we identified the following areas as having potential for fraud to occur;

 

 

We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below;

 

 

 

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with the laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are inherent limits in the audit procedures performed, not least due to the following;

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

LANDSEER ASSET MANAGEMENT UK LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANDSEER ASSET MANAGEMENT UK LLP
- 6 -
Robert Horner BA FCA (Senior Statutory Auditor)
For and on behalf of
Lithgow Perkins LLP
LITHGOW PERKINS LLP
, Statutory Auditor
Chartered Accountants
Crown Chambers
Princes Street
HARROGATE
HG1 1NJ
11 March 2025
LANDSEER ASSET MANAGEMENT UK LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
as restated
£
£
Turnover
6,686,349
6,944,355
Cost of sales
(856,909)
(664,098)
Gross profit
5,829,440
6,280,257
Administrative expenses
(777,485)
(476,518)
Operating profit
5,051,955
5,803,739
Interest receivable and similar income
62,226
-
Profit for the financial year before members' remuneration and profit shares
5,114,181
5,803,739
Members' remuneration charged as an expense
(5,114,181)
(5,803,739)
Result for the financial year available for discretionary division among members
-
-

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

LANDSEER ASSET MANAGEMENT UK LLP
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,871
16,746
Current assets
Debtors
5
1,709,749
834,452
Cash at bank and in hand
3,323,248
2,093,278
5,032,997
2,927,730
Creditors: amounts falling due within one year
6
(456,815)
(85,863)
Net current assets
4,576,182
2,841,867
Total assets less current liabilities and net assets attributable to members
4,588,053
2,858,613
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
3,841,457
2,132,017
Members' other interests
Members' capital classified as equity
746,596
726,596
4,588,053
2,858,613

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 25 February 2025 and are signed on their behalf by:
25 February 2025
P Graham
Designated member
Limited Liability Partnership registration number OC431777 (England and Wales)
LANDSEER ASSET MANAGEMENT UK LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
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 November 2023
726,596
-
726,596
2,132,017
2,132,017
2,858,613
Profit for the financial year available for discretionary division among members
-
5,114,181
5,114,181
-
-
5,114,181
Members' interests after profit for the year
726,596
5,114,181
5,840,777
2,132,017
2,132,017
7,972,794
Allocation of profit for the financial year
-
-
-
5,114,181
5,114,181
5,114,181
Other divisions of profits
-
(5,114,181)
(5,114,181)
-
-
(5,114,181)
Introduced by members
20,000
-
20,000
-
-
20,000
Drawings on account and distributions of profit
-
-
-
(3,404,741)
(3,404,741)
(3,404,741)
Members' interests at 31 October 2024
746,596
-
746,596
3,841,457
3,841,457
4,588,053
LANDSEER ASSET MANAGEMENT UK LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
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 November 2022
726,596
-
726,596
812,012
812,012
1,538,608
Profit for the financial year available for discretionary division among members
-
5,803,739
5,803,739
-
-
5,803,739
Members' interests after profit for the year
726,596
5,803,739
6,530,335
812,012
812,012
7,342,347
Allocation of profit for the financial year
-
-
-
5,803,739
5,803,739
5,803,739
Other divisions of profits
-
(5,803,739)
(5,803,739)
-
-
(5,803,739)
Drawings on account and distributions of profit
-
-
-
(4,483,734)
(4,483,734)
(4,483,734)
Members' interests at 31 October 2023
726,596
-
726,596
2,132,017
2,132,017
2,858,613
LANDSEER ASSET MANAGEMENT UK LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Landseer Asset Management UK LLP is a limited liability partnership incorporated in England and Wales. The registered office is Cavendish House, 18 Cavendish Square, 2nd Floor, LONDON, W1G 0PJ.

 

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 as applicable to companies subject to the small companies regime. 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 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.

1.2
Going concern

The financial statements are prepared on the going concern basis. Management has assessed the company’s ability to continue as a going concern using all available information and has concluded that the company will continue to trade for the foreseeable future.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

The partnership receives a fee based on the performance of the investments that they manage. The partnership is not entitled to any income until the end of the performance period, defined as 31 December, or when an investor in the fund redeems their holding. Any revenue relating to the redemption of an investment is recognised in the month that it relates to. The partnership is not entitled to any revenue on investments held in the fund until the end of the performance period, and so no revenue is recognised in the financial statements until this date each year.

 

The partnership also receives monthly management fees, which are recognised in the financial statements in the month that they relates to, and research fees, which are recognised when the work has been completed.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

LANDSEER ASSET MANAGEMENT UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Computer equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

LANDSEER ASSET MANAGEMENT UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Payments to defined contribution retirement benefit schemes are charged as an expense when they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.12
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.

LANDSEER ASSET MANAGEMENT UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
3
1
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 November 2023
316
48,288
48,604
Additions
1,580
604
2,184
At 31 October 2024
1,896
48,892
50,788
Depreciation and impairment
At 1 November 2023
121
31,737
31,858
Depreciation charged in the year
267
6,792
7,059
At 31 October 2024
388
38,529
38,917
Carrying amount
At 31 October 2024
1,508
10,363
11,871
At 31 October 2023
195
16,551
16,746
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,472,602
425,636
Other debtors
237,147
408,816
1,709,749
834,452
LANDSEER ASSET MANAGEMENT UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Debtors
(Continued)
- 15 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
342,543
11,975
Taxation and social security
12,954
3,932
Other creditors
101,318
69,956
456,815
85,863
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
252,852
242,318
9
Prior period adjustment

The comparative data has been restated to reflect the change in accounting treatment of the research account. The substance of the research account is that of a client account and so related transactions are not shown in the financial statements. The transactions were previously reflected in the statement of income and retained earnings and statement of financial position.

 

The change has resulted in debts due to members at 31 October 2023 decreasing by £15,100.

 

Summary of prior year accounting impact:

Decrease in turnover                (£825,024)

Decrease in cost of sales                (£816,464)

Increase in administrative expenses              £33,827

Increase in debts due to members brought forward     £27,297

Increase in debtors                  £62,375    

Decrease in cash at bank and in hand         (£83,059)

Decrease in creditors due within one year          (£5,584)

LANDSEER ASSET MANAGEMENT UK LLP
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024
LANDSEER ASSET MANAGEMENT UK LLP
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 OCTOBER 2024
2024
2023
£
£
Administrative expenses
Wages and salaries
252,958
55,348
Employer's national insurance contributions
25,899
1,455
Staff pension costs defined contribution
8,589
550
Rent
186,649
197,138
Repairs and maintenance
9,704
5,203
Insurance
15,765
16,683
Hire of equipment
4,197
3,047
Leasing - motor vehicles
43,108
24,877
Motor running expenses
-
895
Travel and subsistence
90,793
6,457
Legal and professional fees
58,033
23,418
Accountancy
5,685
3,340
Audit fees
7,230
4,000
Bank charges
1,394
1,265
Doubtful debt provision
8,235
-
Printing, postage and stationery
502
-
Advertising
4,177
-
Telecommunications
(1)
1,210
Entertaining
5,403
2,296
Sundry expenses
17,825
4,011
Depreciation
7,059
12,114
Profit or loss on foreign exchange
24,281
113,211
777,485
476,518
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