| REGISTERED NUMBER: |
| RAMPART CAPITAL LLP |
| Report of the Members and |
| Financial Statements |
| For The Year Ended 31 March 2024 |
| REGISTERED NUMBER: |
| RAMPART CAPITAL LLP |
| Report of the Members and |
| Financial Statements |
| For The Year Ended 31 March 2024 |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Contents of the Financial Statements |
| For The Year Ended 31 March 2024 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Report of the Independent Auditors | 4 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Reconciliation of Members' Interests | 11 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 16 |
| RAMPART CAPITAL LLP |
| General Information |
| For The Year Ended 31 March 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Hilden Park House |
| 79 Tonbridge Road |
| Hildenborough |
| Tonbridge |
| Kent |
| TN11 9BH |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Report of the Members |
| For The Year Ended 31 March 2024 |
| The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the LLP in the year under review was that of the provision of fund management services. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The loss for the year before members' remuneration and profit shares was £339,314 (2023 - £87,513 profit). |
| MEMBERS' 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 their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
| ENERGY AND CARBON REPORT |
| As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. |
| 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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. |
| In preparing these financial statements, the members are required to: |
| - select suitable accounting policies and then apply them consistently; |
| - make judgements and accounting estimates that are reasonable and prudent; |
| - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the |
| limited liability partnership will continue in business. |
| The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Report of the Members |
| For The Year Ended 31 March 2024 |
| STATEMENT OF DISCLOSURE TO AUDITOR |
| Each of the members in office at the date of approval of this annual report confirms that: |
| - so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditors are unaware, and |
| - the members have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. |
| ON BEHALF OF THE MEMBERS: |
| Report of the Independent Auditors to the Members of |
| Rampart Capital LLP |
| Opinion |
| We have audited the financial statements of Rampart Capital LLP (the 'LLP') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 2024 and of its profit 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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
| Basis for opinion |
| 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 UK, including the FRC'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 |
| 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. |
| Other information |
| The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, 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 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 |
| We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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. |
| Report of the Independent Auditors to the Members of |
| Rampart Capital LLP |
| Responsibilities of members |
| As explained more fully in the Members' Responsibilities Statement set out on page two, 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 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. |
| Report of the Independent Auditors to the Members of |
| Rampart Capital LLP |
| Auditors' responsibilities for the audit of the financial statements |
| 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 a Report of the Auditors 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. |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the Limited Liability Partnership, and determined that the most significant which have a direct material effect on the amounts and disclosures in the financial statements are the Companies Act 2006, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued December 2021. |
| We also identified other laws and regulations which do not have a direct effect on the amounts and disclosures in the financial statements, but which compliance is fundamental to the entity's operations including Data Protections Laws (including UK General Data Protection Regulation (GDPR) and the Financial Conduct Authority (FCA) Regulations and enquires were made with management regarding procedures in place to ensure compliance. |
| Having reviewed the laws and regulations applicable to the Limited Liability Partnership, we designed and performed audit procedures to obtain sufficient appropriate evidence. Specifically we: |
| - Assigned an engagement team to the audit that collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
| - Enquired with management on any non compliance with laws and regulations. |
| - Reviewed the legal expense accounts and legal correspondence to identify potential litigation or claims involving the entity. |
| - Reviewed internal policies and procedures and external guidance. |
| - Reviewed the completeness and accuracy of associated disclosures made in the financial statements. |
| We assessed the susceptibility of the Limited Liability Partnership's financial statements to material misstatement and fraud and in doing so: |
| - Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired with management as to any known or suspected instances of fraud and their assessment of fraud risk. |
| - Considered whether management have incentives and opportunities to manipulate financial results and determined the key audit risks related to completeness of income, management override of controls, debtors and creditors. |
| - The risk of management override of controls has been reviewed and audited, including through testing journal entries, accounting estimates and other adjustments for appropriateness. Furthermore, analytical procedures were undertaken to identify any unusual or unexpected relationships and transactions and the rationale behind these was investigated. |
| - The risk of completeness of income has been reviewed and audited, including through substantive testing, along with a review of the appropriateness of the accounting policy concerning income recognition and completing detailed cut off testing either side of the balance sheet date. |
| - Designed and performed audit procedures to obtain sufficient appropriate evidence including substantive testing in relation to debtors and creditors. |
| The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains 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, override of controls, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Rampart Capital LLP |
| Use of our report |
| 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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Hilden Park House |
| 79 Tonbridge Road |
| Hildenborough |
| Tonbridge |
| Kent |
| TN11 9BH |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Income Statement |
| For The Year Ended 31 March 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Administrative expenses |
| 88,288 | 141,759 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Write off of loans | 7 |
| (343,417 | ) | 143,489 |
| Interest receivable and similar income | 8 |
| (338,493 | ) | 146,796 |
| Amounts written off investments | 9 | - | 58,221 |
| (338,493 | ) | 88,575 |
| Interest payable and similar expenses | 10 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(339,314 |
) |
87,513 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(339,314 |
) |
87,513 |
| Members' remuneration charged as an expense | 11 | 339,314 | (87,513 | ) |
| PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Other Comprehensive Income |
| For The Year Ended 31 March 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Balance Sheet |
| 31 March 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 14 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
250,859 |
507,042 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
16 |
66,859 |
323,042 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 184,000 | 184,000 |
| 250,859 | 507,042 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 16 | 66,859 | 323,042 |
| Members' other interests | 184,000 | 184,000 |
| Amounts due from members | 12 | (83,131 | ) | - |
| 167,728 | 507,042 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Reconciliation of Members' Interests |
| For The Year Ended 31 March 2024 |
| EQUITY |
| Members' other interests |
| Members' |
| capital |
| (classified |
| as | Other |
| equity) | reserves | Total |
| £ | £ | £ |
| Balance at 1 April 2023 | 184,000 | - | 184,000 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
| Profit for the financial year available for discretionary division among members |
- |
- |
- |
| Members' interests after profit for the year | 184,000 | - | 184,000 |
| Balance at 31 March 2024 | 184,000 | - | 184,000 |
| DEBT | TOTAL |
| Loans and other debts due to | MEMBERS' |
| members less any amounts due | INTERESTS |
| from members in debtors |
| Other |
| amounts | Total |
| £ | £ |
| Amount due to members | 323,042 |
| Amount due from members | - |
| Balance at 1 April 2023 | 323,042 | 507,042 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs |
(339,314 |
) |
(339,314 |
) |
| Profit for the financial year available for discretionary division among members |
- |
- |
| Members' interests after profit for the year | (16,272 | ) | 167,728 |
| Amount due to members | 66,859 |
| Amount due from members | (83,131 | ) |
| Balance at 31 March 2024 | (16,272 | ) | 167,728 |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Reconciliation of Members' Interests |
| For The Year Ended 31 March 2024 |
| EQUITY |
| Members' other interests |
| Members' |
| capital |
| (classified |
| as | Other |
| equity) | reserves | Total |
| £ | £ | £ |
| Balance at 1 April 2022 | 184,000 | - | 184,000 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
| Profit for the financial year available for discretionary division among members |
- |
- |
- |
| Members' interests after profit for the year | 184,000 | - | 184,000 |
| Balance at 31 March 2023 | 184,000 | - | 184,000 |
| DEBT | TOTAL |
| Loans and other debts due to | MEMBERS' |
| members less any amounts due | INTERESTS |
| from members in debtors |
| Other |
| amounts | Total |
| £ | £ |
| Amount due to members | 235,529 |
| Amount due from members | - |
| Balance at 1 April 2022 | 235,529 | 419,529 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs |
87,513 |
87,513 |
| Profit for the financial year available for discretionary division among members |
- |
- |
| Members' interests after profit for the year | 323,042 | 507,042 |
| Amount due to members | 323,042 |
| Amount due from members | - |
| Balance at 31 March 2023 | 323,042 | 507,042 |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Cash Flow Statement |
| For The Year Ended 31 March 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 2 | ( |
) | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from investing activities |
| Interest received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
3 |
299,033 |
| Cash and cash equivalents at end of year | 3 | 31,071 | 227,621 |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Cash Flow Statement |
| For The Year Ended 31 March 2024 |
| 1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
| 1. Automatic and discretionary distributions of profits are classified as financing cash flows, because the represent either costs of obtaining financial resources or claims on cash flows by the providers of capital to the LLP. |
| 2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit for the financial year available for discretionary division among members |
- |
- |
| Members' remuneration charged as an expense | (339,314 | ) | 87,513 |
| Finance costs | 821 | 1,062 |
| Finance income | (4,924 | ) | (3,307 | ) |
| (343,417 | ) | 85,268 |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) | ( |
) |
| 3. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 31,071 | 227,621 |
| Year ended 31 March 2023 |
| 31.3.23 | 1.4.22 |
| £ | £ |
| Cash and cash equivalents | 227,621 | 299,033 |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Cash Flow Statement |
| For The Year Ended 31 March 2024 |
| 4. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1.4.23 | Cash flow | changes | At 31.3.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank | 227,621 | (196,550 | ) | 31,071 |
| 227,621 | ( |
) | 31,071 |
| Debt |
| Debts falling due |
| within 1 year | (9,728 | ) | (247 | ) | - | (9,975 | ) |
| Debts falling due |
| after 1 year | (31,466 | ) | 9,976 | - | (21,490 | ) |
| (41,194 | ) | 9,729 | - | (31,465 | ) |
| Net funds/(debt) (before |
| members' debt) | 186,427 | (186,821 | ) | - | (394 | ) |
| Loans and other debts |
| due to members |
| Other amounts |
| due to members | (323,042 | ) | - | 256,183 | (66,859 | ) |
| Net debt | (136,615 | ) | (186,821 | ) | 256,183 | (67,253 | ) |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2024 |
| 1. | STATUTORY INFORMATION |
| Rampart Capital LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| 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. |
| 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. The principal accounting policies adopted are set out below. |
| Turnover |
| Turnover represents amounts receivable for investment management services provided during the period and arising from continuing activities net of VAT. Management fees are recognised as the services are provided. Performance fees are recognised when receivable. |
| If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress. |
| Financial instruments |
| The Limited Liability Partnership only has financial instruments which are classified as basic financial instruments. Short-term receivables and payables are measured at the settlement value. Any losses from impairment are recognised in the income statement. |
| Foreign exchange |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
| Retirement benefits and post retirement payments to members |
| On the retirement of any member, the member shall not be entitled to receive any share of the profit of the LLP for the period after his cessation date. There shall be due to that member from the other members the amount of members' funds belonging to that member as shown in the accounts as at the cessation date. |
| Going concern |
| At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2024 |
| 3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The work in progress value in the financial statements is estimated on the basis of the cost of work performed, but not yet invoiced at the balance sheet date. |
| 4. | TURNOVER |
| The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| 5. | EMPLOYEE INFORMATION |
| There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
| The average number of employees during the year was NIL (2023 - NIL). |
| 6. | OPERATING PROFIT |
| 2024 | 2023 |
| £ | £ |
| Operating (loss)/profit for the year is stated after charging/(crediting): |
| Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss | 2,834 | (281 | ) |
| Government grants | - | (1,730 | ) |
| Fees payable to the LLP's auditor for the audit of the LLP's financial statements | 5,000 | 3,250 |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2024 |
| 7. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Write off of loans | ( |
) |
| 8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £ | £ |
| Interest income |
| Interest on bank deposits | 4,924 | 1,370 |
| Other interest income | - | 1,937 |
| Total income | 4,924 | 3,307 |
| 9. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Amounts written back to/(written off) current loans | - | (58,221 | ) |
| 10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2024 |
| 11. | INFORMATION IN RELATION TO MEMBERS |
| 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. |
| 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. |
| Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
| Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities. |
| Losses are automatically divided as they arise giving the LLP the right to seek payment from members. Therefore they are presented within members’ remuneration charged as an expense and, to the extent they remain unpaid and are considered recoverable, shown as debtors in the Statement of Financial position and as amounts due from members within members’ interests |
| The members’ participation rights that are classified as liabilities are repayable upon demand, or at short notice (e.g. upon termination of membership), and as such whilst they are financing transactions, the effect of discounting is considered immaterial and so they are not discounted to present value. |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts due from members | 83,131 | - |
| Other debtors |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 15) |
| 15. | LOANS |
| 2024 | 2023 |
| £ | £ |
| Bank loans | 41,296 | 41,296 |
| Payable within one year | 9,975 | 9,725 |
| Payable after one year | 21,490 | 31,571 |
| During the 2021 year the LLP took out a bounce back loan secured by the UK Government. The rate of interest charged is 2.5%, repayments commenced in June 2022 and are to be made over a period of 5 years. |
| 16. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2024 | 2023 |
| £ | £ |
| Analysis of loans |
| Amounts falling due within one year | 105,968 | 323,042 |
| In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
| RAMPART CAPITAL LLP (REGISTERED NUMBER: OC336140) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2024 |
| 17. | RELATED PARTY TRANSACTIONS |
| Transactions with related parties |
| During the year the limited liability partnership entered into the following transactions with related parties: |
| Services provided | Services received |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Other related parties | 175,747 | 650,559 | 911,040 | 1,112,213 |
| The following amounts were outstanding at the reporting end date: |
| 2024 | 2023 |
| £ | £ |
| Amounts due to related parties |
| Other related parties | 333,115 | 3,605,349 |
| The loans owed to other related parties are unsecured, repayable upon demand and no interest is charged. |
| The following amounts were outstanding at the reporting end date: |
| 2024 | 2023 |
| £ | £ |
| Amounts due from related parties |
| Other related parties | 402,467 | 3,917,968 |
| The loans owed by other related parties are unsecured, repayable upon demand and no interest is |
| charged. |