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REGISTERED NUMBER: SO300122
Lime Rock Management LLP
Unaudited Financial Statements
31 December 2024
Lime Rock Management LLP
Financial Statements
Year ended 31 December 2024
Contents
Page
Members' report
1
Statement of financial position
2
Reconciliation of members' interests
4
Notes to the financial statements
6
Lime Rock Management LLP
Members' Report
Year ended 31 December 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2024 .
Principal activities
The company ceased trading on 31 December 2018.
Designated members
The designated members who served the LLP during the year were as follows:
LRM UK One Limited
LRM UK Two Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which are determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 11 April 2025 and signed on behalf of the members by:
Mark McCall
Chief Executive
Registered office:
2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ
Lime Rock Management LLP
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Current assets
Debtors
4
201,277
201,277
Cash at bank and in hand
3,199
3,285
---------
---------
204,476
204,562
Creditors: amounts falling due within one year
5
24,474
24,560
---------
---------
Net current assets
180,002
180,002
---------
---------
Total assets less current liabilities
180,002
180,002
---------
---------
Net assets
180,002
180,002
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
6
180,000
180,000
Other amounts
6
2
2
---------
---------
180,002
180,002
---------
---------
Members' other interests
Other reserves
---------
---------
180,002
180,002
---------
---------
Total members' interests
Loans and other debts due to members
6
180,002
180,002
Members' other interests
---------
---------
180,002
180,002
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Lime Rock Management LLP
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the members and authorised for issue on 11 April 2025 , and are signed on their behalf by:
Mark McCall Chief Executive
Registered number: SO300122
Lime Rock Management LLP
Reconciliation of Members' Interests
Year ended 31 December 2024
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as debt)
Other amounts
Total
Total 2024
£
£
£
£
Balance at 1 January 2024
180,000
2
180,002
180,002
---------
----
---------
---------
Balance at 31 December 2024
180,000
2
180,002
180,002
---------
----
---------
---------
Lime Rock Management LLP
Reconciliation of Members' Interests (continued)
Year ended 31 December 2024
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as debt)
Other amounts
Total
Total 2023
£
£
£
£
Balance at 1 January 2023
180,000
2
180,002
180,002
---------
----
---------
---------
Balance at 31 December 2023
180,000
2
180,002
180,002
---------
----
---------
---------
Lime Rock Management LLP
Notes to the Financial Statements
Year ended 31 December 2024
1.
General information
The LLP is registered in Scotland. The address of the registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Debtors
2024
2023
£
£
Other debtors
201,277
201,277
---------
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
24,474
24,560
--------
--------
6.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
2
2
Other amounts
180,000
180,000
---------
---------
180,002
180,002
---------
---------