Limited Liability Partnership registration number OC400277 (England and Wales)
LAK HOLDINGS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LAK HOLDINGS LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
LAK HOLDINGS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Non-current assets
Investments
3
5,175,000
5,175,000
Current assets
Trade and other receivables
4
93
338
Current liabilities
5
(29,812)
(26,758)
Net current liabilities
(29,719)
(26,420)
Total assets less current liabilities
5,145,281
5,148,580
Represented by:
Loans and other debts due to members within one year
Other amounts
17,482
16,042
Members' other interests
Members' capital classified as equity
415
415
Revaluation reserve
5,174,900
5,174,900
Other reserves classified as equity
(47,516)
(42,777)
5,145,281
5,148,580
Total members' interests
Amounts due from members
(93)
(93)
Loans and other debts due to members
17,482
16,042
Members' other interests
5,127,799
5,132,538
5,145,188
5,148,487

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial period 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 (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

LAK HOLDINGS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 19 May 2025 and are signed on their behalf by:
19 May 2025
Animatrix Founders LLP
Designated member
Limited Liability Partnership registration number OC400277 (England and Wales)
LAK HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

LAK Holdings LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5 Fleet Place, London, EC4M 7RD.

 

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The limited liability partnership has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

1.2
Reporting period

The information included in the financial statements in respect of the period ended 31 March 2024 represents a nine month period and is therefore not entirely comparable with the information in respect of the year ended 30 June 2023.

1.3
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.

 

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.

1.4
Non-current investments

Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

LAK HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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 other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

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 other payables, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Investments
5,175,000
5,175,000

The valuation of subsidiary undertakings has been determined by the members with reference to recent negotiations of the undertakings' shares.

LAK HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 5 -
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2023 & 31 March 2024
5,175,000
Carrying amount
At 31 March 2024
5,175,000
At 30 June 2023
5,175,000
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
93
93
Prepayments and accrued income
-
245
93
338
5
Current liabilities
2024
2023
£
£
Other payables
29,812
26,758
6
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.

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