Laurel Capital Kingsway LLP - Period Ending 2021-09-30
Laurel Capital Kingsway LLP - Period Ending 2021-09-30
Registration number:
Laurel Capital Kingsway LLP
for the Year Ended 30 September 2021
Laurel Capital Kingsway LLP
Contents
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Limited liability partnership information |
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Members' Report |
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Accountants' Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Financial Statements |
Laurel Capital Kingsway LLP
Limited liability partnership information
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Designated members |
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Registered office |
33 Hillersdon Avenue |
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Accountants |
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Laurel Capital Kingsway LLP
Members' Report for the Year Ended 30 September 2021
The members present their report and the unaudited financial statements for the year ended 30 September 2021.
Firm structure
The LLP is a limited liability partnership registered in . A list of designated members’ names is available for inspection at the LLP’s registered office.
Principal activity
The principal activity of the limited liability partnership is investment activities.
Designated Members of the partnership
The designated members who held office during the year were as follows:
D S Goonetillake - Designated member
Laurel Capital (UK) Limited - Designated member
Members' drawings and the subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them. Drawings are restricted to prudent levels taking into account working capital performance.
New members are required to subscribe a minimum level of capital and in subsequent years, members are invited to subscribe for further capital. On exit, capital is repaid to members.
Approved by the
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Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Laurel Capital Kingsway LLP
for the Year Ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Laurel Capital Kingsway LLP for the year ended 30 September 2021 set out on pages 4 to 12 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of Laurel Capital Kingsway LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Laurel Capital Kingsway LLP and state those matters that we have agreed to state to the members of Laurel Capital Kingsway LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laurel Capital Kingsway LLP and its members as a body for our work or for this report.
It is your duty to ensure that Laurel Capital Kingsway LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Laurel Capital Kingsway LLP. You consider that Laurel Capital Kingsway LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Laurel Capital Kingsway LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Newbury
Berkshire
RG14 1QL
Laurel Capital Kingsway LLP
Profit and Loss Account for the Year Ended 30 September 2021
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Note |
2021 |
2020 |
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Turnover |
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- |
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Administrative expenses |
( |
( |
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Operating profit/(loss) |
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( |
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Profit/(loss) for the year before members' remuneration and profit shares |
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( |
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Members' remuneration charged as an expense |
(79,533) |
500 |
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Profit/(loss) for the year available for discretionary division among members |
- |
- |
Turnover and operating loss derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Laurel Capital Kingsway LLP
(Registration number: OC364254)
Balance Sheet as at 30 September 2021
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Note |
2021 |
2020 |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
90,318 |
66,458 |
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90,318 |
66,458 |
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Total members' interests |
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Amounts due from members |
(93,241) |
(67,958) |
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Loans and other debts due to members |
90,318 |
66,458 |
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(2,923) |
(1,500) |
For the year ending 30 September 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Laurel Capital Kingsway LLP (registered number OC364254) were approved by the
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Laurel Capital Kingsway LLP
Members' interests
At 30 September 2021
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Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Total debt |
Total |
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Amounts due to members |
(66,723) |
(66,723) |
(66,723) |
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Amounts due from members |
68,223 |
68,223 |
68,223 |
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Members' interest at 1 October 2020 |
1,500 |
1,500 |
1,500 |
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Members' remuneration charged as an expense |
(79,533) |
(79,533) |
(79,533) |
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Members' interests after total comprehensive income |
(78,033) |
(78,033) |
(78,033) |
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Members’ capital introduced |
(1,061) |
(1,061) |
(1,061) |
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Drawings (including tax payments) |
82,017 |
82,017 |
82,017 |
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At 30 September 2021 |
2,923 |
2,923 |
2,923 |
Laurel Capital Kingsway LLP
Members' interests
At 30 September 2021 (continued)
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Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Total debt |
Total |
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Amounts due to members |
(67,223) |
(67,223) |
(67,223) |
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Amounts due from members |
67,266 |
67,266 |
67,266 |
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Members' interest at 1 October 2019 |
(43) |
(43) |
(43) |
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Members' remuneration charged as an expense |
(500) |
(500) |
(500) |
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Members' interests after total comprehensive income |
(543) |
(543) |
(543) |
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Drawings (including tax payments) |
(957) |
(957) |
(957) |
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At 30 September 2020 |
(1,500) |
(1,500) |
(1,500) |
Laurel Capital Kingsway LLP
Notes to the Financial Statements for the Year Ended 30 September 2021
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
General information and basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 - Section 1A - The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Laurel Capital Kingsway LLP
Notes to the Financial Statements for the Year Ended 30 September 2021 (continued)
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Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Laurel Capital Kingsway LLP
Notes to the Financial Statements for the Year Ended 30 September 2021 (continued)
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Accounting policies (continued) |
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Laurel Capital Kingsway LLP
Notes to the Financial Statements for the Year Ended 30 September 2021 (continued)
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1 |
Accounting policies (continued) |
Derivative financial instruments and hedging
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
Hedging
At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with the clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge and on an ongoing basis, the limited liability partnership assesses whether the hedging instrument is highly effective in offsetting the designated hedged risk.
The effective portion of changes in the fair value of the designated hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.
Hedge accounting is discontinued when the limited liability partnership revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.
Current versus non-current classification
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Laurel Capital Kingsway LLP
Notes to the Financial Statements for the Year Ended 30 September 2021 (continued)
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Operating profit/(loss) |
Operating profit/(loss) is stated after charging:
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2021 |
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Foreign currency gains |
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Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:
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2021 |
2020 |
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Administration and support |
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Debtors |
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2021 |
2020 |
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Amounts due from members |
93,241 |
67,958 |
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Creditors: Amounts falling due within one year |
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2021 |
2020 |
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Other creditors |
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- |
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Accruals and deferred income |
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Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership.