Limited Liability Partnership Registration No. OC404673 (England and Wales)
AVERY ROW CAPITAL PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
AVERY ROW CAPITAL PARTNERS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr P Patel
Avery Row Capital Services (UK) Limited
Limited liability partnership number
OC404673
Registered office
38 Berkeley Square
London
UK
W1J 5AE
Auditor
Lindeyer Francis Ferguson Ltd
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
Octagon Point, St Paul's
5 Cheapside
London
EC2V 6AA
AVERY ROW CAPITAL PARTNERS LLP
CONTENTS
Page
Statement of financial position
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 6
AVERY ROW CAPITAL PARTNERS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
1,834
2,924
Current assets
Trade and other receivables
5
374,776
192,973
Cash and cash equivalents
65,810
256,681
440,586
449,654
Current liabilities
6
(342,420)
(352,578)
Net current assets
98,166
97,076
Total assets less current liabilities
100,000
100,000
Represented by:
Members' other interests
Members' capital classified as equity
100,000
100,000
100,000
100,000
Total members' interests
Members' other interests
100,000
100,000
T
he members of the
limited liability partnership
have elected not to include a copy of the income statement within the financial statements.
The financial statements were approved by the members and authorised for issue on 9 July 2018 and are signed on their behalf by:
09 July 2018
Mr P Patel
Designated member
Limited Liability Partnership Registration No. OC404673
AVERY ROW CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Total
2018
£
£
Members' interests at 1 April 2017
100,000
100,000
Profit for the year available for discretionary division among members
-
-
Members' interests after loss for the year
100,000
100,000
Members' interests at 31 March 2018
100,000
100,000
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Total
2017
£
£
Members' interests at 3 March 2016
-
-
Profit for the period available for discretionary division among members
-
-
Members' interests after loss for the period
-
-
Introduced by members
100,000
100,000
Members' interests at 31 March 2017
100,000
100,000
AVERY ROW CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Limited liability partnership information
Avery Row Capital Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 38 Berkeley Square, London, UK, W1J 5AE.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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 have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the limited liability partnership.
Monetary a
mounts
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.
1.2
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.
1.3
Revenue
Revenue
represents the value of recharged costs net of value added tax.
1.4
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the
m
embers' 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.
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.
AVERY ROW CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20 - 33% Straight Line
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand,
bank current accounts and
deposits held at call with banks
.
1.7
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
1.8
Equity instruments
Each member is required to make a capital contribution on admission to the LLP up to the amount of his or her Capital Commitment under the LLP agreement. A member is only entitled to a repayment of capital at the absolute discretion of the LLP's Management Committee provided an equal amount of capital is contributed by another member or the LLP has received prior written approval from the Financial Conduct Authority that it may return capital without an equal amount of capital being contributed by another member. Capital contributions are therefore recognised as equity in accordance with the relevant accounting standards.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
AVERY ROW CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
2
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.
3
Information in relation to members
2018
2017
Number
Number
Average number of members during the year
2
2
4
Property, plant and equipment
Fixtures, fittings and equipment
Computers
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
1,519
2,053
3,572
Depreciation and impairment
At 1 April 2017
306
342
648
Depreciation charged in the year
406
684
1,090
At 31 March 2018
712
1,026
1,738
Carrying amount
At 31 March 2018
807
1,027
1,834
At 31 March 2017
1,213
1,711
2,924
5
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Amounts due from group undertakings
339,125
155,121
Other receivables
6,651
8,852
345,776
163,973
AVERY ROW CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
5
Trade and other receivables
(Continued)
- 6 -
2018
2017
Amounts falling due after more than one year:
£
£
Other receivables
29,000
29,000
Total debtors
374,776
192,973
6
Current liabilities
2018
2017
£
£
Trade payables
11,470
18,608
Amounts due to group undertakings
325,000
325,000
Accruals and deferred income
5,950
8,970
342,420
352,578
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Healey FCA.
The auditor was Lindeyer Francis Ferguson Ltd.
8
Related party transactions
During the year the LLP
recharged costs
of £184,004 (2017 - £189,008
) to
Avery Row Capital Partners LP
, a Limited Partnership incorporated in the Cayman Islands and a fellow group entity. With the LP also incurring costs amounting to £Nil (2017 - £33,888) on behalf of the LLP, the LLP owed the LP a total of £339,125 (2017 - £155,120
) at the year end.
At the year end, the LLP also owed £275,000 (2017 - £275,000
) to
Avery Row Capital GP Limited
, a company incorporated in the Cayman Islands and a fellow group company, and it also owed £50,000 (2017 - £50,000
) to
Avery Row Capital Services (UK) Limited
, its immediate parent company.
9
Controlling party
The controlling member is
Avery Row Capital Services (UK) Limited
, a company incorporated in the United Kingdom. The financial statements of Avery Row Capital Services (UK) Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate parent undertaking is
Avery Row Group Limited
, a company registered in the British Virgin Islands.
2018-03-31
2017-04-01
false
CCH Software
CCH Accounts Production 2018.200
11 July 2018
This audit opinion is unqualified
0
The members are responsible for the other information. The other information comprises the information included in the members' report, other than the financial statements and our auditor’s report 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.
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