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Registered number: OC352379
LONSDALE CAPITAL PARTNERS LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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LONSDALE CAPITAL PARTNERS LLP
CONTENTS
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Statement of financial position
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Notes to the financial statements
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LONSDALE CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC352379
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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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Other reserves classified as equity
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Loans and other debts due to members
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LONSDALE CAPITAL PARTNERS LLP
REGISTERED NUMBER: OC352379
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 July 2025.
The notes on pages 4 to 11 form part of these financial statements.
Lonsdale Capital Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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LONSDALE CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 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 debt)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Drawings on account and distribution of profit
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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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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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Lonsdale Capital Partners LLP is a Limited Liability Partnership, incorporated in England & Wales, registration number OC352379. The registered office is 21 Upper Brook Street, London, W1K 7PY.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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:
Revenue consists of fund fees, being quarterly drawdowns from the fund, and director fees, being non-executive consulting fees. These fees are recognised as follows.
∙Fund fees: represent general partner share paid from the funds managed by the LLP. These are drawn in advance and recongised across the relevant period.
∙Director fees: recognised quarterly in advance and deferred across the relevant period.
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, using the straight-line method.
Depreciation is provided on the following basis:
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Straight line over 3 years
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Straight line over 3 years
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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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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the LLP's Statement of financial position when the LLP becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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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'.
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 to a pension plan provider. 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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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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Member's drawings, capital and profit allocation
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Member's drawings, capital and profit allocation have been determined in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, including the Statement of Recommended Practice (2015) and 'Accounting for Limited Liability Partnerships' and the LLP agreement.
The profits of the LLP shall be divided between the Members in accordance with their respective profit sharing percentages, and shall be credited to the Members' current accounts as soon as the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a) if the LLP agreement.
To the extent that the share of profits allocated to any Member in respect of any accounting period pursuant to clause 10.1 of the LLP agreement exceeds the aggregate amount of drawings made by the member during the accounting period pursuant to clause 10.5, the LLP shall distribute such profits to the relevant members as soon as reasonably practicable after the annual accounts for the relevant account period are approved by the members.
The losses of the LLP shall be divided equally between the Members in accordance with their respective profit share percentages, and shall be debited to the Members' current accounts as soon as the annual accounts for the relevant account period are approved by the Members, provided that if a Member's current account has a negative balance in an amount equal to or greater than the amount of his capital contribution, no further losses may be allocated to that Member.
On the 28th of each month, or the preceding business day if that date is not a business day, each member may draw on account of the profits to be allocated to that member under clause 10.1 of the LLP agreement the amount set out against the members name in schedule 1.
If, during any accounting period, a Member draws, in aggregate, an amount that is greater than the profit allocated to that member for that accounting period under clause 10.1, that Member shall immediately after the annual accounts for the relevant accounting period are approved by the Members in accordance with clause 8.7(a), repay the excess drawings to the LLP together with interest on the excess at an interest rate per cent of the approved bank above the base lending rate from time to time of the bank.
The Members shall contribute, pro rata to their existing capital contributions, any further capital which the Members may, by unanimous resolution, from time to time determine is required for the purposes of the business, provided that no Member shall be required to contribute any further capital on the insolvency of the LLP. No Member shall be required to contribute any further capital to the LLP, whether on the insolvency of the LLP or otherwise.
A Members capital shall be repaid only in the following circumstances:
(a) if the Members by unanimous resolution so agree, provided that such repayment would not
cause the LLP to have aggregate capital contributions of less than the regulatory capital
requirement; or
(b) on the winding up of the LLP;
(c) If a Member ceases to be a Member and either such repayments would not cause the LLP to
have aggregate capital contributions of less than the regulatory capital requirement or one or
more other Members immediately contributes further capital in an aggregate amount equal to or
greater than the shortfall; or
(d) upon the LLP ceasing to be authorised by the FCA; or
(e) if the FCA grants a waiver to the LLP permitting the return of such capital.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Useful economic lives of tangible fixed assets
Fixed assets are depreciated and amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 6 for the carrying amount of tangible fixed assets respectively.
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The average monthly number of employees, including members, during the year was
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings relate to standard trading balances and are unsecured, interest-free and repayable on demand.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 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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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due after more than one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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LONSDALE CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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 and amounted to £26,048 (2024 - £26,506 ). Contributions totalling £200 (2024 - £200) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 30 April 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year ended 30 April 2024 consultancy services of £187,949 (2024 - £192,662) were provided by a related party by virtue of common ownership. At the year end £Nil (2024 - £Nil) was owed to the related party.
Throughout the year ended 30 April 2024 management recharges of £1,884,165 (2024 - £1,762,305) were recognised from related parties by virtue of common ownership. At the year end £247,281 (2024 - £223,583) was owed from the related parties.
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In the opinion of its members, the LLP was controlled by the designated members throughout the current and previous year.
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