Spanish_Archer_LLP - Accounts

The members present their annual report and financial statements for the year ended 31 March 2022.

The principal activity of the limited liability partnership continued to be that of property investment.

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".

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spanish Archer LLP for the year ended 31 March 2022 which comprise, the balance sheet, the reconciliation of members' interests and the related notes 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 https://www.icaew.com/regulation

This report is made solely to the limited liability partnership's members of Spanish Archer 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 financial statements of Spanish Archer LLP and state those matters that we have agreed to state to the limited liability partnership's members of Spanish Archer 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 Spanish Archer LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Spanish Archer LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Spanish Archer LLP. You consider that Spanish Archer 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 financial statements of Spanish Archer 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 financial statements.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2022 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Spanish Archer LLP is a limited liability partnership incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

The limited liability partnership's principal activities are disclosed in the Members' Report.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts 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.

The financial statements are prepared on the going concern basis. The members have considered the impact that Covid-19 will have on the business and has a reasonable expectation that the LLP will continue in operational existence for the foreseeable future. The members believe that the LLP will have sufficient funds to settle all of it liabilities as they fall due for at leas 12 months from signing the financial statements.

Turnover represents rent receivable in respect of the company's property.

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.

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other, or basic financial instruments measured at fair value.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average number of persons (excluding members) employed by the partnership during the year was 0 (2020: 0).

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the members. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The long-term loans are secured by fixed and floating charges over all property and undertakings of the company.

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

At the reporting end date the limited liability partnership had contracted the following minimum lease payments:

Spanish Archer LLP invoiced Blink Productions Limited £165,863 (2021: £165,863) for rent during the period. Included within trade debtors at the period end was £41,466 (2021: £nil) due from Blink Productions Limited. No amounts were written off or provided for during the period. Blink Productions Limited is a company under the common control of the members of Spanish Archer LLP. Blink Productions Limited has provided a guarantee to National Westminster Bank Plc of up to £2,216,250 in respect of a loan taken out by Spanish Archer LLP.