Registration number:
Hambleden Capital Partners LLP
for the Year Ended 31 March 2024
Hambleden Capital Partners LLP
Contents
Limited liability partnership information |
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Statement of Members' Responsibilities |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Hambleden Capital Partners LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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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:
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select suitable accounting policies and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 |
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Fixed assets |
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Investments |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
23,451,199 |
16,132,806 |
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23,451,199 |
16,132,806 |
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Total members' interests |
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Amounts due from members |
(728,742) |
(553,742) |
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Loans and other debts due to members |
23,451,199 |
16,132,806 |
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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
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Hambleden Capital Partners LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Total debt |
Total |
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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 |
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Members' capital classified as a liability |
Total debt |
Total |
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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
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
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Investments held as fixed assets |
2024 |
2023 |
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Shares in group undertakings and participating interests |
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Other investments |
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Subsidiary undertakings |
Joint ventures and associates |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
- |
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At 31 March 2024 |
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Provision for impairment |
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At 1 April 2023 |
- |
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At 31 March 2024 |
- |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Hambleden Capital Partners LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Unlisted investments |
Total |
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Cost or valuation |
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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 |
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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 |
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Isle of Man |
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Holding Company |
Associates |
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England |
Ordinary |
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Litigation Financing |
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England |
Ordinary Shares |
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Wine retailer |
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Luxembourg |
Ordinary Shares |
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Holding Company |
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England |
Ordinary Y |
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Property Development |
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England |
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Manufacture and processing of glass and technical glassware |
Hambleden Capital Partners LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
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Stocks |
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- |
Debtors |
2024 |
2023 |
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Trade debtors |
- |
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Loans receivable |
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Other debtors |
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Accrued income |
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- |
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 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Loans payable |
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Accruals |
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Taxation and social security |
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- |
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Hambleden Capital Partners LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
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 |
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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 |
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Terms of loans to related parties
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.