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Registration number: OC430065

Hambleden Capital Partners LLP

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Hambleden Capital Partners LLP

Contents

Limited liability partnership information

1

Statement of Members' Responsibilities

2

Financial Statements

3 to 12

Balance Sheet

3

Statement of Changes in Members’ Interests

5

Notes to the Financial Statements

6

 

Hambleden Capital Partners LLP

Limited liability partnership information

Designated members

Ms Ziba Christina Sarikhani

Mr John Stephen Dennis

Mr Nima Habibollah Sarikhani
 

Registered office

5 Wigmore Street
2nd Floor
London
England
W1U 1PB

Accountants

Charter Tax Consulting Limited
8th Floor
1 Southampton Street
London
United Kingdom
WC2R 0LR

 

Hambleden Capital Partners LLP

Statement of Members' Responsibilities for the Year Ended 31 March 2024

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require 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 (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs 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 year. In preparing these financial statements, the Members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The Members are responsible for keeping adequate accounting records that 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 to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). 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.

These responsibilities are exercised by the Board on behalf of the Members.

 

Hambleden Capital Partners LLP

(Registration number: OC430065)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

3

9,452,677

8,332,714

Current assets

 

Stocks

4

64,600

-

Debtors

5

24,351,913

22,642,087

Cash and short-term deposits

 

64,841

212,594

 

24,481,354

22,854,681

Creditors: Amounts falling due within one year

6

(10,482,832)

(15,054,589)

Net current assets

 

13,998,522

7,800,092

Net assets attributable to members

 

23,451,199

16,132,806

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

23,451,199

16,132,806

   

23,451,199

16,132,806

Total members' interests

 

Amounts due from members

 

(728,742)

(553,742)

Loans and other debts due to members

 

23,451,199

16,132,806

   

22,722,457

15,579,064

 

Hambleden Capital Partners LLP

(Registration number: OC430065)
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 and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. 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 Hambleden Capital Partners LLP (registered number OC430065) were approved by the Board and authorised for issue on 17 March 2025. They were signed on behalf of the limited liability partnership by:


Mr John Stephen Dennis
Designated member


Mr Nima Habibollah Sarikhani
Designated member

 
 

Hambleden Capital Partners LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Loans and other debts due to/(from) members

   

Members' capital classified as a liability
£

Total debt
£

Total
2023
£

Members' interest at 1 April 2022

29,233,562

29,233,562

29,233,562

Members' remuneration charged as an expense

(17,292,351)

(17,292,351)

(17,292,351)

Members' interests after total comprehensive income

11,941,211

11,941,211

11,941,211

Members’ capital introduced

3,822,853

3,822,853

3,822,853

Drawings (including tax payments)

(185,000)

(185,000)

(185,000)

Amounts due to members

(16,132,806)

(16,132,806)

(16,132,806)

Amounts due from members

553,742

553,742

553,742

At 31 March 2023

15,579,064

15,579,064

15,579,064


 

 

Loans and other debts due to/(from) members

   

Members' capital classified as a liability
£

Total debt
£

Total
2024
£

Members' interest at 1 April 2023

15,579,064

15,579,064

15,579,064

Members' remuneration charged as an expense

(44)

(44)

(44)

Members' interests after total comprehensive income

15,579,020

15,579,020

15,579,020

Members’ capital introduced

7,318,437

7,318,437

7,318,437

Drawings (including tax payments)

(175,000)

(175,000)

(175,000)

Amounts due to members

(22,507,399)

(22,507,399)

(22,507,399)

Amounts due from members

728,742

728,742

728,742

At 31 March 2024

22,722,457

22,722,457

22,722,457

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

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 & 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 Hambleden Capital Partners LLP is considered to be UK 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 financial statements are prepared and presented in £ and are rounded to the nearest whole £.

Judgements

No significant judgements have been made by management in the preparation of the financial statements.

Going concern

The financial statements have been prepared on a going concern basis as the members intend to continue to support the LLP for the foreseeable future.

Exemption from preparing group accounts

The limited liability partnership is part of a small group. The limited liability partnership has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

Revenue recognition

Revenue comprises the fair value of interest that has accrued to the LLP on loans receivable and the consideration received or receivable for the provision of services in the ordinary course of the LLP's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

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.

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, including associates, which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments in subsidiary companies are recognised at cost less impairment.

The LLP has elected to measure its investments in associate companies and joint venture companies at cost less impairment and has not elected to measure any of these at fair value using the equity accounting model.

Investments in LLPs are recognised at the value of the LLP's capital account at the Balance Sheet date. The LLP's profit or loss share from those investment are recognised through the profit and loss account. The LLP follows the equity method for accounting for LLP investments. The LLP exerts significant influence or joint control over all LLP investments.

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.

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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.

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

Financial instruments

Classification

The LLP only enters into basic financial instruments which include: Trade debtors, loans receivable, trade creditors and loans payable.

Recognition and Measurement

Financial asset and liability debt instruments are measured at their fair value less transaction costs. Subsequently, the financial instrument is measured at amortised cost with the effective rate of interest being recognised in the profit or loss.

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 3 (2023 - 3).

3

Investments held as fixed assets

2024
£

2023
£

Shares in group undertakings and participating interests

215,837

215,818

Other investments

9,236,840

8,116,896

9,452,677

8,332,714


 

Subsidiary undertakings
£

Joint ventures and associates
£

Total
£

Cost

At 1 April 2023

55,000

336,318

391,318

Additions

-

19

19

At 31 March 2024

55,000

336,337

391,337

Provision for impairment

At 1 April 2023

-

175,500

175,500

At 31 March 2024

-

175,500

175,500

Net book value

At 31 March 2024

55,000

160,837

215,837

At 31 March 2023

55,000

160,818

215,818


 

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Unlisted investments
£

Total
£

Cost or valuation

At 1 April 2023

8,116,896

8,116,896

Movement in respect of underlying LLP profits and (losses)

943,800

943,800

Additions

1,275,001

1,275,001

Disposals

(1,098,857)

(1,098,857)

At 31 March 2024

9,236,840

9,236,840

Net book value

At 31 March 2024

9,236,840

9,236,840

At 31 March 2023

8,116,896

8,116,896

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

HFW Ltd

Isle of Man

55%

Holding Company

Associates

Sequator Advisors Limited

England

Ordinary

42.75%

Litigation Financing

Monopole Wine Portfolio Management Ltd

England

Ordinary Shares

50%

Wine retailer

Charter Trust Group SA

Luxembourg

Ordinary Shares

31.47%

Holding Company

Fairfax Land Ventures Limited

England

Ordinary Y

31.67%

Property Development

Sina Medical Glass Limited

England

19%

Manufacture and processing of glass and technical glassware

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Stocks

2024
£

2023
£

Stocks

64,600

-

5

Debtors

2024
£

2023
£

Trade debtors

-

85,000

Loans receivable

23,610,537

22,002,203

Other debtors

1,112

1,142

Accrued income

11,522

-

Amounts due from members

728,742

553,742

Less non-current portion

(1,900,000)

(1,900,000)

Total current trade and other debtors

22,451,913

20,742,087

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

20,040

50,307

Loans payable

10,275,112

14,824,918

Accruals

177,880

179,364

Taxation and social security

9,800

-

10,482,832

15,054,589

 

Hambleden Capital Partners LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Related party transactions

Loans to related parties

2024

Subsidiary
£

Associates
£

At start of period

9,412,368

509,998

Advanced

8,567,875

373,180

Repaid

(3,663,709)

-

Impaired or written-off

-

(74,802)

At end of period

14,316,534

808,376

2023

Subsidiary
£

Associates
£

At start of period

-

15,007,821

Advanced

9,412,368

7,352,655

Repaid

-

(1,600,000)

Interest charged

-

1,098,324

Interest received

-

556,483

Impairment

-

(18,955,240)

Expenses recognised as bad debt

-

(2,950,045)

At end of period

9,412,368

509,998

Terms of loans to related parties

The loan to the subsidiary company is interest free and repayable on demand.

 Loans to associates are interest free and repayable on demand.
 

8

Control

The Members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.