Company No:
Contents
| Note | 31.03.2025 | 31.03.2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 5,175,000 | 5,175,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| 93 | 93 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current liabilities | (34,249) | (29,719) | ||
| Total assets less current liabilities | 5,140,751 | 5,145,281 | ||
| Net assets attributable to members |
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| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | 6 | 17,926 | 17,482 | |
| 17,926 | 17,482 | |||
| Members' other interests | ||||
| Members' capital classified as equity | 415 | 415 | ||
| Revaluation reserve | 5,174,900 | 5,174,900 | ||
| Other reserves | (52,490) | (47,516) | ||
| 5,122,825 | 5,127,799 | |||
| 5,140,751 | 5,145,281 | |||
| Total members' interests | ||||
| Amounts due from members (included in debtors) | (93) | (93) | ||
| Loans and other debts due to members | 17,926 | 17,482 | ||
| Members' other interests | 5,122,825 | 5,127,799 | ||
| 5,140,658 | 5,145,188 |
Members' responsibilities:
The financial statements of LAK Holdings LLP (registered number:
|
Stuart Lawson
(on behalf of Animatrix Founders LLP) Designated Member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | ||||
|---|---|---|---|---|---|---|
| Members' capital (classified as equity) | Revaluation reserves | Other reserves | Total | Other amounts | Total | |
| £ | £ | £ | £ | £ | £ | |
| Amounts due to members | 16,042 | |||||
| Amounts due from members | (93) | |||||
| Balance at 01 July 2023 | 415 | 5,174,900 | (42,777) | 5,132,538 | 15,949 | 5,148,487 |
| Loss for the financial year/period available for discretionary division among members | 0 | 0 | (4,739) | (4,739) | 0 | (4,739) |
| Members' interest after loss for the financial year/period | 415 | 5,174,900 | (47,516) | 5,127,799 | 15,949 | 5,143,748 |
| Capital introduced | 0 | 0 | 0 | 0 | 1,440 | 1,440 |
| Amounts due to members | 17,482 | |||||
| Amounts due from members | (93) | |||||
| Balance at 31 March 2024 | 415 | 5,174,900 | (47,516) | 5,127,799 | 17,389 | 5,145,188 |
| Loss for the financial year/period available for discretionary division among members | 0 | 0 | (4,974) | (4,974) | 0 | (4,974) |
| Members' interest after loss for the financial year/period | 415 | 5,174,900 | (52,490) | 5,122,825 | 17,389 | 5,140,214 |
| Capital introduced | 0 | 0 | 0 | 0 | 444 | 444 |
| Amounts due to members | 17,926 | |||||
| Amounts due from members | (93) | |||||
| Balance at 31 March 2025 | 415 | 5,174,900 | (52,490) | 5,122,825 | 17,833 | 5,140,658 |
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
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
LAK Holdings LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The limited liability partnership has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the limited liability partnership as an individual entity and not about its group
The information included in the financial statements in respect of the year ended 31 March 2025 represents a twelve month period and is therefore not entirely comparable with the information in respect of the period ended 31 March 2024 which was made up of nine months.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
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) 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.
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.
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.
Financial assets and liabilities are offset and 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.
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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
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".
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities
| Year ended 31.03.2025 |
Period from 01.07.2023 to 31.03.2024 |
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| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
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| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
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The valuation of subsidiary undertakings has been determined by the members with reference to recent negotiations of the undertakings' shares.
Investments in subsidiaries
| 31.03.2025 | |
| £ | |
| Cost | |
| At 01 April 2024 |
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Other debtors |
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| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Other creditors |
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In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.