Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investments | 4 |
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| 1,825,534 | 2,189,946 | |||
| Current assets | ||||
| Cash at bank and in hand |
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| 38 | 68 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current liabilities | (16,640) | (6,311) | ||
| Total assets less current liabilities | 1,808,894 | 2,183,635 | ||
| Net assets attributable to members |
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| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Members' capital classified as a liability | 1,925,866 | 2,290,228 | ||
| Other amounts | (116,972) | (106,643) | ||
| 1,808,894 | 2,183,585 | |||
| Members' other interests | ||||
| Members' capital classified as equity | 0 | 50 | ||
| 0 | 50 | |||
| 1,808,894 | 2,183,635 | |||
| Total members' interests | ||||
| Loans and other debts due to members | 1,808,894 | 2,183,585 | ||
| Members' other interests | 0 | 50 | ||
| 1,808,894 | 2,183,635 |
Members' responsibilities:
The financial statements of Risk Capital Partners Holdings LLP (registered number:
|
Jon Robert Jenkins
Designated member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
|---|---|---|---|---|---|
| Members' capital (classified as equity) | Members' capital (classified as debt) | Other amounts | Total | Total | |
| £ | £ | £ | £ | £ | |
| Amounts due to members | 2,348,684 | (1,256) | 2,347,428 | ||
| Balance at 31 August 2022 | 50 | 2,348,684 | (1,256) | 2,347,428 | 2,347,478 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | (105,387) | (105,387) | (105,387) |
| Members' interest after result for the financial year | 50 | 2,348,684 | (106,643) | 2,242,041 | 2,242,091 |
| Amounts written down | 0 | (58,456) | 0 | (58,456) | (58,456) |
| Amounts due to members | 2,290,228 | (106,643) | 2,183,585 | ||
| Balance at 30 August 2023 (restated - note 2) | 50 | 2,290,228 | (106,643) | 2,183,585 | 2,183,635 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | (10,329) | (10,329) | (10,329) |
| Members' interest after result for the financial year | 50 | 2,290,228 | (116,972) | 2,173,256 | 2,173,306 |
| Transfers | (50) | 50 | 0 | 50 | 0 |
| Amounts written down | 0 | (364,412) | 0 | (364,412) | (364,412) |
| Amounts due to members | 1,925,866 | (116,972) | 1,808,894 | ||
| Balance at 30 August 2024 | 0 | 1,925,866 | (116,972) | 1,808,894 | 1,808,894 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Risk Capital Partners Holdings LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 31 North Row, London, W1K 6DA, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members note that the business has net assets of £1,808,894. The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The 2023 financial statements have been updated to show the profits/losses as members remuneration charged as an expense rather than being available for discretionary division. The updated presentation more accurately reflects the terms of the LLP agreement.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Investments are initially recognised at cost. Subsequently, they are measured at cost less impairment, with any impairment charged through the profit or loss.
Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at cost.
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.
Financial liabilities are derecognised when the LLP’s contractual obligations expire or are discharged or cancelled.
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 the statement of comprehensive income.
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.
The 2023 financial statements have been updated to show the profits/losses as members remuneration charged as an expense rather than being available for discretionary division. The updated presentation more accurately reflects the terms of the LLP agreement.
| As previously reported | Adjustment | As restated | ||||
| Year ended 30 August 2023 | £ | £ | £ | |||
| Members' remuneration charged as an expense | 0 | 105,387 | 105,387 | |||
| Loans and other debts due to members within one year - other amounts | 0 | (106,643) | (106,643) | |||
| Members' other interests - other reserves | (106,643) | 106,643 | 0 | |||
| Total members' interests - loans and other debts due to members | 2,290,228 | (106,643) | 2,183,585 | |||
| Members' other interests | (106,593) | 106,643 | 50 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 31 August 2023 |
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| At 30 August 2024 |
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| Provisions for impairment | |||
| At 31 August 2023 |
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| Impairment |
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| At 30 August 2024 |
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| Carrying value at 30 August 2024 |
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| Carrying value at 30 August 2023 |
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During the year, there was a novation of an unlisted investment for a total of £394,036.
| 2024 | 2023 | ||
| £ | £ | ||
| Other creditors |
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