REGISTERED NUMBER:
OC347056
Filleted Unaudited Financial Statements
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Year ended 31 March 2022
The members present their report and the unaudited financial statements of the LLP for the year ended
31 March 2022
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The LLP has been dormant as defined in section 1169 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 throughout the year and preceding financial year. It is anticipated that the LLP will remain dormant for the foreseeable future.
Principal activities
The LLP did not trade during the year.
Designated members
The designated members who served the LLP during the year were as follows:
Mr J S Espinosa
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Mr D Nagoski
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White Oak Ventures Limited
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LDFJ Holdings LLC
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Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on
29 March 2023
and signed on behalf of the members by:
Mr J S Espinosa
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Designated Member
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Registered office:
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Camburgh House
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27 New Dover Road
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Canterbury
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Kent
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United Kingdom
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CT1 3DN
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Statement of Financial Position
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31 March 2022
Represented by:
Loans and other debts due to members
Other amounts
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–
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Members' other interests
Other reserves
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–
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–
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–
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–
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Total members' interests
Loans and other debts due to members
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–
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–
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Members' other interests
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–
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–
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These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
The LLP did not trade during the current year or prior year and has not made either a profit or loss.
For the year ending 31 March 2022 the LLP was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
members
and authorised for issue on
29 March 2023
, and are signed on their behalf by:
Mr J S Espinosa
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Designated Member
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Registered number:
OC347056
Notes to the Financial Statements
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Year ended 31 March 2022
The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.
2.
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Statement of compliance
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These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Income statement
The LLP is dormant as defined by section 1169 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. The LLP received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in members funds during the current year or prior year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
During the year no persons were employed by the LLP (2021: nil).
The ultimate controlling party is White Oak Ventures Limited, a company registered in England and Wales (Company Number 06954202), by virtue of the partnership profit share arrangement. The registered office address of the ultimate controlling party is: Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.