Limited Liability Partnership registration number OC393542 (England and Wales)
EUROMENA CAPITAL PARTNERS LLP
Annual report and unaudited financial statements
For the year ended 31 December 2021
Pages for filing with registrar
EUROMENA CAPITAL PARTNERS LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
EUROMENA CAPITAL PARTNERS LLP
STATEMENT OF FINANCIAL POSITION
As at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Investments
4
7,510
6,220
Current assets
Trade and other receivables
5
3,727,435
3,415,111
Cash and cash equivalents
6,823
13,866
3,734,258
3,428,977
Current liabilities
6
(3,142,414)
(2,497,185)
Net current assets
591,844
931,792
Total assets less current liabilities and net assets attributable to members
599,354
938,012
Represented by:
Members' other interests
7
Other reserves classified as equity
599,354
938,012
599,354
938,012
Total members' interests
7
Amounts due from members
(3,668,415)
(3,337,439)
Members' other interests
599,354
938,012
(3,069,061)
(2,399,427)

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 December 2021 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.

EUROMENA CAPITAL PARTNERS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 December 2021
- 2 -
The financial statements were approved by the members and authorised for issue on 12 September 2022 and are signed on their behalf by:
12 September 2022
Gilles de Clerck
Romen Mathieu
Designated member
Designated Member
Limited Liability Partnership Registration No. OC393542
EUROMENA CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2021
- 3 -
1
Accounting policies
Limited liability partnership information

Euromena Capital Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 48 Fao Capital Trust Ltd, Dover Street, London, W1S 4FF.

 

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 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. The functional currency of the company is US Dollars. The accounts have been filed in a currency other than the company's functional currency as it is a UK-registered company. 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 limited liability partnership has taken advantage of the exemption under section 383 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the partnership, and the group headed by it, qualify as small and the group is not ineligible as set out in section 384 of the Act.

 

The financial statements present information about the limited liability partnership as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the members have undertaken an assessment of the adequacy of the resources available to the limited liability partnership. The members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the statement of financial position date are carried forward as work in progress.

1.4
Members' participating interests

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.

EUROMENA CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 4 -

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.

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as profits are generated to set them against.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

EUROMENA CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 5 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares 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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

EUROMENA CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 6 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.10
Foreign exchange

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.

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
Employees

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

2021
2020
Number
Number
Total
5
5
4
Fixed asset investments
2021
2020
£
£
Interests in group undertakings and participating interests
7,510
6,220
EUROMENA CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
4
Fixed asset investments
(Continued)
- 7 -
Movements in non-current investments
Interests in subsidiaries
£
Cost or valuation
At 1 January 2021
6,220
Additions
1,290
At 31 December 2021
7,510
Carrying amount
At 31 December 2021
7,510
At 31 December 2020
6,220
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
-
23,811
Amounts owed by group undertakings
43,381
41,914
Amounts owed by members
3,668,415
3,337,439
Other receivables
15,639
11,947
3,727,435
3,415,111
6
Current liabilities
2021
2020
£
£
Trade payables
44,520
47,006
Amounts owed to group undertakings
2,988,083
2,346,364
Other payables
109,811
103,815
3,142,414
2,497,185
EUROMENA CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
- 8 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2021
£
£
£
£
Members' interests at 1 January 2021
938,023
(3,337,439)
(3,337,439)
(2,399,416)
Loss for the financial year available for discretionary division among members
(338,669)
-
-
(338,669)
Members' interests after loss for the year
599,354
(3,337,439)
(3,337,439)
(2,738,085)
Foreign exchange movements on loans due to/from members
-
48,464
48,464
48,464
Loans to members
-
(379,440)
(379,440)
(379,440)
Members' interests at 31 December 2021
599,354
(3,668,415)
(3,668,415)
(3,069,061)
8
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.

9
Related party transactions

During the year the limited liability partnership received loans from entities within the same group. The loans are non-interest bearing and repayable on demand. The balance outstanding at 31 December 2021 was USD 4,027,039 (2020: USD 3,202,552).

 

During the year the limited liability partnership provided loans to entities within the same group. The loans are non-interest bearing and repayable on demand. The balance outstanding at 31 December 2021 was USD 58,464 (2020: USD 57,209).

 

During the year the limited liability partnership received loans from entities controlled by the same members that control the limited liability partnership. The loans are non-interest bearing and repayable on demand. The balance outstanding at 31 December 2021 was USD 141,993 (2020: USD 133,957).

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