Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false0investing in property and securities2023-04-010truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC412089 2023-04-01 2024-03-31 OC412089 2022-04-01 2023-03-31 OC412089 2024-03-31 OC412089 2023-03-31 OC412089 c:CurrentFinancialInstruments 2024-03-31 OC412089 c:CurrentFinancialInstruments 2023-03-31 OC412089 c:CurrentFinancialInstruments 2 2024-03-31 OC412089 c:CurrentFinancialInstruments 2 2023-03-31 OC412089 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC412089 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC412089 e:FRS102 2023-04-01 2024-03-31 OC412089 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC412089 e:FullAccounts 2023-04-01 2024-03-31 OC412089 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC412089 2 2023-04-01 2024-03-31 OC412089 6 2023-04-01 2024-03-31 OC412089 e:PartnerLLP1 2023-04-01 2024-03-31 OC412089 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC412089 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC412089 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC412089 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC412089 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC412089










MANDALA FLAME LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MANDALA FLAME LLP
REGISTERED NUMBER: OC412089

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
5,148,165
5,148,165

  
5,148,165
5,148,165

Current assets
  

Debtors: amounts falling due within one year
 5 
1,348,858
1,327,702

Current asset investments
 6 
3,689,958
3,557,516

Cash at bank
 7 
66,596
264,867

  
5,105,412
5,150,085

Creditors: Amounts Falling Due Within One Year
 8 
(980,011)
(1,338,246)

Net current assets
  
 
 
4,125,401
 
 
3,811,839

Total assets less current liabilities
  
9,273,566
8,960,004

  

Net assets
  
9,273,566
8,960,004


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
522,584
169,022

  
522,584
169,022

Members' other interests
  

Members' capital classified as equity
  
8,750,982
8,790,982

  
 
8,750,982
 
8,790,982

  
9,273,566
8,960,004


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(1,281,252)
(1,260,097)

Loans and other debts due to members
 9 
522,584
169,022

Members' other interests
  
8,750,982
8,790,982

  
7,992,314
7,699,907


Page 1

 
MANDALA FLAME LLP
REGISTERED NUMBER: OC412089
    
BALANCE SHEET (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: 




L. Southgate
Designated member

Date: 26 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Mandala Flame LLP is a limited liability partnership and is incorporated in England and Wales, registration number OC412089. The address of its registered office is 14th Floor, 33 Cavendish Square, London W1G 0PW.

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 LLP has taken exemption from preparing consolidated accounts under FRS 102 on the basis that it is a small group.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Interest income

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

 
2.4

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.

Page 3

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
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.

 
2.12

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102
Page 4

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 5

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


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 LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 6

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees



The entity has no employees.


4.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 April 2023
4,648,085
500,080
5,148,165



At 31 March 2024
4,648,085
500,080
5,148,165





5.


Debtors

2024
2023
£
£


Other debtors
67,606
67,606

Amounts due from members
1,281,252
1,260,096

1,348,858
1,327,702



6.


Current asset investments

2024
2023
£
£

Listed investments
3,689,958
3,557,516

3,689,958
3,557,516


Page 7

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
66,596
264,867

66,596
264,867



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
936,288
1,302,213

Trade creditors
14,964
-

Accruals and deferred income
28,759
36,033

980,011
1,338,246



9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
522,584
169,022

522,584
169,022

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

2024
2023
£
£



Falling due within one year
522,584
169,022

522,584
169,022

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

Page 8

 
MANDALA FLAME LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

Included in Debtors is an interest free loan of £1,281,251 (2023: £1,260,096) due from a member. There are no fixed terms of repayment.

 
Page 9