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Registered number: OC335533
NIMROD CAPITAL LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NIMROD CAPITAL LLP
INFORMATION
Designated Members
M Gordon
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Members
Smyth Investments Limited
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LLP registered number
OC335533
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Registered office
35 Ballards Lane
London
United Kingdom
N3 1XW
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Independent auditors
BKL Audit LLP
Chartered Accountants
35 Ballards Lane
London
United Kingdom
N3 1XW
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NIMROD CAPITAL LLP
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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NIMROD CAPITAL LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The members present their annual report together with the audited financial statements of Nimrod Capital LLP (the "LLP") for the ended 31 March 2025.
Principal activities
The principal object of the LLP is to provide financial services and financial advice, and includes particularly the generating, sourcing and structuring of interesting investment funds and solutions managed by experts in their field for the professional investor marketplace.
The LLP is authorised and regulated by the Financial Conduct Authority (''FCA''). On 15 April 2024, the regulatory status of the LLP changed and it became an Article 3 MIFID Exempt Firm.
Designated Members
The designated members for the entirety of the period were M Gordon and R Bolchover.
Members
Smyth Investments Limited, C Marcus and J Rosenfelder were members of the LLP throughout the period.
Members' capital and interests
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A member's capital requirement is linked to the financing requirement of the limited liability partnership. There is no opportunity for appreciation of capital subscribed. Just as incoming members introduce their capital at ''par'', so the retiring members are repaid their capital at ''par''.
Profits are allocated to the members each year in accordance with the Limited Liability Partnership agreement dated 2008, as amended in 2010.
Review of business
The LLP has had another profitable year, the seventeenth consecutive year since its foundation in 2008, and a further improvement on last year despite an economic and political environment pregnant with considerable uncertainty for numerous spells during this timescale. It has been a solid year for the companies we serve.
Whilst earlier years offered several attractive investment opportunities, we are finding these are now rarer and expected returns lowered. Increasing interest rates, driven by inflationary pressures, slow growth and continued dampened productivity during the year, as well as the consequent central bank response, has injected greater uncertainty. Consequently, the LLP has this year again chosen to turn down a number of propositions made to it, as it did not believe they would be in the best interests of our investor base.
Overall results are considered satisfactory by the members and the LLP continued to service companies it has launched, including Doric Nimrod Air Two Limited in July 2011 and 2012 and Doric Nimrod Air Three Limited in 2013. In excess of £1.25 billion equity was raised by Nimrod for aircraft investment companies. The year in review saw Doric Nimrod Air Two successfully sell its aircraft at the end of the lease periods, and following a capital redemption of the proceeds to shareholders, delisted from the London Stock Exchange.
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NIMROD CAPITAL LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The investment objective of the Doric Nimrod vehicles is to generate an income and a capital return by acquiring, leasing and then selling widebody airplanes. The sole lessee in the case of all these investment companies has been Emirates Airline ("Emirates"). As a result of these leases, the investment companies have targeted a high fixed quarterly distribution to shareholders. Whilst the COVID-19 pandemic caused tremendous damage to the airline business, Emirates Airlines continued to pay all its lease obligations in full and on time. This continued following the outbreak of war in Ukraine, and the knock-on effect on air traffic, including closure of airspace, jet fuel prices, air fares, and the wider economy. Emirates is an impressive operation, and central to the economy of Dubai, and so has emerged from these crises in a strong position. Traffic has now rebounded, and Emirates has been able to report record profits, and the A380 aircraft has remained its highly profitable and highly desirable flagship aircraft. As a consequence, the Doric Nimrod companies and their subsidiaries continued to service their creditors and pay their targeted, regular quarterly dividends in full to shareholders. As each of those companies' Corporate and Shareholder Advisor, the LLP has maintained a regular and healthy dialogue with both the Boards and with shareholders.
The period under review also saw the LLP continuing to receive income from Crystal Amber plc, a quoted investment company Nimrod Capital helped launch in 2008. Crystal Amber commenced an orderly wind down process in 2022 and has been performing well with its remaining assets.
All these activities demonstrate the LLP's ability to both identify differentiated and interesting investment opportunities which will be of use to its discretionary institutional investor network, and to structure and distribute the funds successfully.
The LLP's skills in creating and moulding areas of niche business into a fully formed investment company have been crucial in the LLP's success.
The LLP has continued to engage during the year in a number of other consultancy and introductory arrangements on behalf of its clients. It remains interested in pursuing these activities alongside its core fund advising, arranging and shareholder advisory roles.
Future developments
The members continue to closely monitor the business risks and management information and are open to
adapting the business model to mitigate against any potential significant risks.
MIFIDPRU 8
On 15 April 2024 the regulatory status of the LLP changed and it became an Article 3 MIFID Exempt Firm, and whilst it remains authorised and regulated by the FCA, its changed status means that it is no longer subject to MIFIDPU8.
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 LLP and of the profit or loss of the LLP for that period.
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NIMROD CAPITAL LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filling the accounts with the registrar, whichever is earlier.
This report was approved by the members and signed on their behalf by:
R Bolchover
Designated member
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NIMROD CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIMROD CAPITAL LLP
We have audited the financial statements of Nimrod Capital LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Reconciliation of members' interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the LLP's affairs as at 31 March 2025 and of its result for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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NIMROD CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIMROD CAPITAL LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
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As explained more fully in the Members' responsibilities statement set out on page 2 & 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
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NIMROD CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIMROD CAPITAL LLP (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiring of management around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the LLP's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.
∙Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the LLP to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation.
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NIMROD CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIMROD CAPITAL LLP (CONTINUED)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Wedge FCA (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London
28 May 2025
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NIMROD CAPITAL LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the year before members' remuneration and profit shares
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Profit for the year before members' remuneration and profit shares
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Members' remuneration charged as an expense
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Results for the year available for discretionary division among members
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There was no other comprehensive income for 2025 (2024: £NIL).
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The notes on pages 13 to 22 form part of these financial statements.
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NIMROD CAPITAL LLP
REGISTERED NUMBER: OC335533
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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NIMROD CAPITAL LLP
REGISTERED NUMBER: OC335533
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Members' capital classified as equity
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Loans and other debts due to members
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The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 13 to 22 form part of these financial statements.
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NIMROD CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' capital (classified as debt)
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Members' interests after profit for the year
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Members' remuneration charged as an expense
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Drawings on account and distribution of profit
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Members' interests after profit for the year
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Members' remuneration charged as an expense
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Drawings on account and distribution of profit
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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.
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NIMROD CAPITAL LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit for the financial year
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Depreciation of tangible assets
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Net cash generated from operating activities before transactions with members
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Distribution paid to members
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 13 to 22 form part of these financial statements.
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Nimrod Capital LLP(''the LLP'') is an investment advisory firm. The LLP is authorised and regulated by the Financial Conduct Authority (FCA). On 15 April 2024, the regulatory status of the LLP changed and it became an Article 3 MIFID Exempt Firm.
The LLP is a limited liability partnership incorporated in the United Kingdom. Its principal place of business is 35 Ballards Lane, London, N3 1XW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (''FRS 102'') and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, which assumes that the
LLP will continue to be able to meet its liabilities as they fall due for a period of at least twelve
months from the date of approval of these financial statements.
The LLP made a profit before members' remuneration of £1,368,297 during the year, reporting net current assets of £ 1,985,358 and an overall net asset position of £ 1,985,358. The LLP, as for any business, relies upon the generation of profits and cash to create working capital to meet its liabilities as they fall due. Based on the results to date and future projections, the members are confident that the LLP will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements.
The members have a reasonable expectation that the LLP has adequate resources to meet
Financial Conduct Authority capital adequacy and future working capital requirements and to continue in operational existence for the foreseeable future and they consider it appropriate to prepare the
financial statements on a going concern basis. As a result, the members have prepared the financial
statements on a going concern basis.
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Foreign currency translation
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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'.
Turnover represents commissions received and management charges receivable for services provided in the normal course of business. Turnover is recognised in line with accrual accounting based on fees received for services provided during the financial period.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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.
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.
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Division and distribution of profits
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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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and amounts due from members, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates.
No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.
There are no key assumptions concerning the future and other key sources of estimates uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The whole of the turnover, net of value added tax, is attributable to one continuing activity, the supply of financial services.
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All turnover arose from outside of the UK, within Europe.
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The operating profit is stated after charging:
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Depreciation - owned assets
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Foreign exchange differences
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Fees payable to the LLP's auditors in respect of:
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Audit - related assurance services
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Taxation compliance services
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Information in relation to members
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The average number of members during the year was
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The amount of profit attributable to the member with the largest entitlement was
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Members' remuneration charged as an expense
Partners' salaries
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Interest payable and similar expenses
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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Prepayments and accrued income
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Cash and cash equivalents
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Loans and other debts due to members
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Members' capital treated as debt
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Amounts owed to members in respect of profits
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All amounts fall due within one year.
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In the event of a winding up of the amounts included ''Loans and other debts due to members'' will rank equally with unsecured creditors.
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund. Contributions totalling £0 (2024 - £91) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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In 2020, Smyth Investments Ltd transferred £850,000 to the LLP to hold on trust. Of this original sum, £500,000 was held by the LLP at the year end and is repayable on demand. Under this trust arrangement the LLP paid interest totalling £22,225 during the period under review (2024: £19,104).
In the prior year donations of £5,000 were made to each Etgar and Jewish Blind & Physically Handicapped Society. One of the designated members and one of the members act as trustee to these charitable organisations.
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NIMROD CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There is no controlling party.
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