Company registration number: OC396445
INFORMATION
CONTENTS
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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 by:
The notes on pages 3 to 12 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lakestar Advisors UK LLP ("LLP") is a Limited Liability Partnerhsip incorporated in England and Wales. The registered office is Lynton House, 7-12 Tavistock Square, London United Kingdom, WC1H 9LT. The trading address of the LLP is First Floor, 65 Grosvenor Street, London, W1K 3JH.
The LLP's principal activities are disclosed in the Members' Report.
The LLP's principal activities are disclosed in the Members' Report.
2.Accounting policies
The Financial Statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland) Section 1A and Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).
The preparation of Financial Statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the LLP's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.
The preparation of Financial Statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the LLP's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.
The principal accounting policies applied in the preparation of these Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
At the time of approving the Financial Statements, the Members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the forseeable future, therefore the accounts have been prepared on a going concern basis. The LLP provides advisory and financial consultancy services to other group companies and has determined arm's length prices for these services on a cost plus basis. The Members are satisfied that the LLP will able to meet its liabilities as they fall due as turnover will always cover expenses incurred under this basis.
The LLP's functional and presentation currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the start of each quarter it relates to.
At each year 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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Cost of sales consists primarily of costs that are directly attributable to revenue generated by the LLP, including intercompany creditors.
Administrative expenses are accounted for on an accruals basis.
In accordance with the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ no taxation is required to be disclosed. Tax is borne by the individual members on their attributable profit shares and not the LLP.
A division of profits is the mechanism by which the profits of the 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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
At each reporting period end date, the LLP reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Impairment losses would be recorded as an expense in the Statement of Comprehensive Income.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
At each reporting period end date, the LLP reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Impairment losses would be recorded as an expense in the Statement of Comprehensive Income.
The dilapidation provisions are charged as an expense to the Statement of Comprehensive Income in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the reporting date of the present value of expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Any changes in provisions due to passage of time are recognised as a finance charge in the Statement of Comprehensive Income.
The asset retirement obligation provision is capitalised within leasehold improvements in the year that the LLP becomes aware of the obligation at the best estimate at the reporting date of the present value of expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Any changes in provisions due to passage of time are recognised as a finance charge in the Statement of Comprehensive Income.
When payments are eventually made, they are charged to or settled against the provision carried in the Statement of Financial Position
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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 debtors, 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.
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 debtors, 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.
The LLP provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Pensions
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 the Statement of Comprehensive Income 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.
Other employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the service is received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pensions
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 the Statement of Comprehensive Income 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.
Other employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the service is received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting 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 annual depreciation charge for tangible fixed 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 re-assessed 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.
The LLP has a lease where it is contractually obliged to return the leasehold property to its original condition and also repair damages which incur during the life of lease term. Therefore provisions for asset retirement obligations and dilapidations have has been recognised. There is a proportion of estimation and uncertainty over the amounts that will be eventually paid, however management have provided for amounts based on its quotations provided from contractors and its expectations of amounts to be paid.
Change in accounting estimate
During the year new information was provided in relation to the provision that stated 30% of the provision should relate to an asset retirement obligation provision and 70% should relate to a dilapidations provision. This has been adjusted for in the current year only.
The average monthly number of employees, including members, during the year was 17 (2023: 22).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The LLP provides defined contribution schemes for its employees in England. The amount recognised as an expense for the defined contribution scheme was £73,482 (2023: £30,550).
The LLP had no post employment benefits as at 31 December 2024 (2023: £nil).
The LLP had no post employment benefits as at 31 December 2024 (2023: £nil).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent of the LLP is Lakestar Advisors GmbH, a company incorporated in Switzerland.
The ultimate parent of the LLP is Lakestar Holding AG, a company incorporated in Switzerland.
The ultimate controlling party of the LLP is Klaus Hommels.
The ultimate parent of the LLP is Lakestar Holding AG, a company incorporated in Switzerland.
The ultimate controlling party of the LLP is Klaus Hommels.
The audit report was signed on 14 April 2025 by Elisha Backhouse (Senior Statutory Auditor) on behalf of PricewaterhouseCoopers CI LLP .
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