Company No: SO302282 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2022		31.03.2021
		£		£
Fixed assets
Intangible assets	4	1,616		2,020
Tangible assets	5	20,797		15,208
		22,413		17,228
Current assets
Stocks		1,966		104,361
Debtors	6	140,562		15,813
Cash at bank and in hand		196,272		319,397
		338,800		439,571
Creditors
Amounts falling due within one year	7	( 285,401)		( 259,351)
Net current assets		53,399		180,220
Total assets less current liabilities		75,812		197,448
Creditors
Amounts falling due after more than one year	8	( 35,174)		( 44,167)
Net assets attributable to members		40,638		153,281
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		20,258		20,258
Other amounts		20,380		133,023
		40,638		153,281
Members' other interests
		0		0
		40,638		153,281
Total members' interests
Loans and other debts due to members		40,638		153,281
		40,638		153,281

For the financial year ending 31 March 2022 the LLP 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• 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 and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cowiesburn Asset Management LLP (registered number: SO302282) were approved and authorised for issue by the Director on 16 December 2022. They were signed on its behalf by:

Donald Simpson Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cowiesburn Asset Management LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 22 Walker Street, Edinburgh, EH3 7HR, Scotland, 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 2018 (SORP 2018).

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

These financial statements for the year ended 31 March 2022 are the first financial statements of Cowieburn Asset Management LLP prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2021. The reported financial performance for the previous period is not affected by the transition to FRS 102.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the management of commercial properties, and is shown net of VAT and other sales related taxes.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation . Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment	4 years straight line
Other property, plant and equipment	not depreciated

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 credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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 (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

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 LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 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 company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

Members' participation rights

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

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.

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'.

2. Employees

	31.03.2022		31.03.2021
	Number		Number
Monthly average number of persons employed by the LLP during the year	19		19

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	31.03.2022		31.03.2021
	Number		Number
Average number of members during the financial year	2		2

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2021	4,040		4,040
At 31 March 2022	4,040		4,040
Accumulated amortisation
At 01 April 2021	2,020		2,020
Charge for the financial year	404		404
At 31 March 2022	2,424		2,424
Net book value
At 31 March 2022	1,616		1,616
At 31 March 2021	2,020		2,020

5. Tangible assets

	Office equipment		Other property, plant and equipment		Total
	£		£		£
Cost
At 01 April 2021	47,966		0		47,966
Additions	0		13,951		13,951
At 31 March 2022	47,966		13,951		61,917
Accumulated depreciation
At 01 April 2021	32,758		0		32,758
Charge for the financial year	8,362		0		8,362
At 31 March 2022	41,120		0		41,120
Net book value
At 31 March 2022	6,846		13,951		20,797
At 31 March 2021	15,208		0		15,208

6. Debtors

	31.03.2022		31.03.2021
	£		£
Trade debtors	130,108		2,050
Amounts owed by related parties	2,564		4,564
Other debtors	7,890		9,199
	140,562		15,813

7. Creditors: amounts falling due within one year

	31.03.2022		31.03.2021
	£		£
Bank loans	8,998		5,834
Trade creditors	34,067		0
Amounts owed to related parties	0		360
Other taxation and social security	64,693		89,344
Other creditors	177,643		163,813
	285,401		259,351

There are no amounts included above in respect of which any security has been given by the small entity.

8. Creditors: amounts falling due after more than one year

	31.03.2022		31.03.2021
	£		£
Bank loans	35,174		44,167

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.03.2022		31.03.2021
	£		£
- within one year	3,492		3,598
- between one and five years	4,656		8,148
	8,148		11,746

10. Related party transactions

Other related party transactions

	31.03.2022		31.03.2021
	£		£
Amounts due from related parties	2,564		4,564
Amounts due to related parties	0		(360)