REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
EDGE DERIVATIVES LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
EDGE DERIVATIVES LLP |
EDGE DERIVATIVES LLP (REGISTERED NUMBER: OC333995) |
Contents of the Financial Statements |
for the year ended 31 March 2022 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EDGE DERIVATIVES LLP |
General Information |
for the year ended 31 March 2022 |
Designated members: |
Registered office: |
Registered number: |
EDGE DERIVATIVES LLP (REGISTERED NUMBER: OC333995) |
Balance Sheet |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
and |
Net assets attributable to members | 1,000 | 40,072 |
Loans and other debts due to members | 7 | - | 39,072 |
Members' other interests |
Capital accounts | 1,000 | 1,000 |
1,000 | 40,072 |
Total members' interests |
Loans and other debts due to members | 7 | - | 39,072 |
Members' other interests | 1,000 | 1,000 |
Amounts due from members | 5 | (79,300 | ) | - |
(78,300 | ) | 40,072 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
EDGE DERIVATIVES LLP (REGISTERED NUMBER: OC333995) |
Balance Sheet - continued |
31 March 2022 |
In accordance with Section 444 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 Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
EDGE DERIVATIVES LLP (REGISTERED NUMBER: OC333995) |
Notes to the Financial Statements |
for the year ended 31 March 2022 |
1. | Statutory information |
Edge Derivatives LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements are prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. These financial statements have been prepared under the historical cost convention. |
Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except otherwise stated). The financial statements are presented in sterling (£). |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
a) Critical judgements in applying the firm's accounting policies |
The firm makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the firm's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The firm makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the firm's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover represents income received from proprietary trading during the year. Revenue is recognised in line with accrual accounting based on the activity undertaken during the financial year. |
Financial instruments |
Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds basic financial instruments which comprise cash at bank, trade and other receivables, and trade and other payables. The LLP has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash at bank and in hand |
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
EDGE DERIVATIVES LLP (REGISTERED NUMBER: OC333995) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
2. | Accounting policies - continued |
At the end of each reporting period, the LLP assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Fixed Asset Investments |
Upon initial recognition, investments including loan stock are included at their initial fair value, which is cost. Subsequently investments are valued at 'fair value ' which are measured as follows: |
Investments listed on recognised exchanges are valued at their bid prices at the end of the accounting period or otherwise at fair value based on published price quotations. |
Unquoted investments are value using the fair value measurement in FRS 102 using the hierarchy model outlined below: |
a) Active market price e.g. bid price |
b) Price of recent transaction for an identical asset in an arm's length transaction. |
c) Estimate of fair value using another valuation technique in an arm's length exchange |
d) Cost less impairment |
Gains and losses on remeasurement are recognised in the Income Statement. |
Financial Liabilities - classified as basic financial instruments |
(iv) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
Taxation |
As a limited liability partnership, Edge Derivatives LLP is not liable to United Kingdom Taxation, its profits being liable to income tax in the hands of the members. Therefore no provision for taxation is made in the financial statements. |
Members' remuneration and profit allocation |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions, together with the COVID-19 pandemic present increased risks for all businesses. In response to such conditions, the members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the members consider that the LLP maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the LLP's assets are assessed for recoverability on a regular basis, and the members consider that the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the partnership's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements. |
EDGE DERIVATIVES LLP (REGISTERED NUMBER: OC333995) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
3. | Employee information |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Fixed asset investments |
Other |
investments |
£ |
Cost |
Additions |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts due from members | 79,300 | - |
Amounts owed by related |
undertakings | - | 8,395 |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Other creditors |
Amounts owed to related |
undertakings | 317,471 | - |
7. | Loans and other debts due to members |
In the event of a winding up the amounts included in "loans and other debts due to members" will rank equally with unsecured creditors. |
8. | Ultimate controlling party |
The ultimate controlling party is |