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REGISTERED NUMBER: OC382192
Energy Growth Momentum LLP
Annual Report and Audited Financial Statements
31 March 2022
Energy Growth Momentum LLP
Annual Report and Audited Financial Statements
Year ended 31 March 2022
Contents
Page
Members' report
1
Members' responsibilities statement
3
Independent auditor's report to the members
4
Statement of income and retained earnings
8
Statement of financial position
9
Reconciliation of members' interests
10
Statement of cash flows
12
Notes to the annual report and audited financial statements
13
Energy Growth Momentum LLP
Members' Report
Year ended 31 March 2022
The members present their report and the Annual Report and Audited Financial Statements of the LLP for the year ended 31 March 2022 .
Principal activities
The principal activity of the LLP during the year was the provision of advisory services in the energy sector in relation to investment/divestment opportunities. The LLP is a MIFID investment firm.
Energy Growth Momentum LLP is a UK based partnership regulated by the Financial Conduct Authority. It is a private equity manager catering to high-net-worth individuals and family offices. The aim of Energy Growth Momentum is to build a portfolio of fast growing companies in the energy efficiency sector globally, investing $10-20 million in each portfolio company. These companies have high growth potential through a combination of market opportunity and sustainable competitive
advantage, as well as an entrepreneurial management team capable of exploiting both of these factors.
The performance of the assets under management for the reporting year has been strong.
Designated members
The designated members who served the LLP during the year were as follows:
Mr Adeeb Asfari
MI Adviser (UK) Limited
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.
Future developments
Energy Growth Momentum's primary focus remains on delivering its clients strong investment performance over the medium and long-term with a continued focus on capital preservation. One trend that continues to be important for EGM is rising income (GDP/Capita) and population drive the increased demand for energy, but that growth is tempered by declining energy intensity (energy consumed per dollar of GDP). EGM seek to invest capital into growth and lower mid-market opportunities that align with our core beliefs about the future of energy sector.
Going concern
In the opinion of the members, the LLP has adequate financial resources to continue in operational existence for the foreseeable future.
The members are mindful of the impact of the global pandemic on the company's market for its services. Decisions taken by the members in anticipation of the scaling of related events has and will allow trading to continue without interruption. The members consider the work the company has undertaken to strengthen and broaden the company's access to the market make the company well placed for the following financial year. The members remain vigilant, ready and able to react to future market developments.
Principal risks & uncertainties
There could be new and unexpected regulations that could have an impact on EGG. The firm works closely with its Compliance and Legal advisors in monitoring and responding to these developments and as a result is confident it will be able to comply with any new regulations.
Disclosure of information to auditors
At the date of approving this report, the members are not aware of any relevant audit information, being information needed by the auditor in connection with preparing its report, of which the Partnership's auditor is unaware.
The members also confirm that, they have taken all steps required of themselves to make themselves aware of any relevant audit information and to establish that the Partnership's auditor is aware of that information.
Auditor
ACT Audit Limited have been re-appointed as auditor for the ensuing year in accordance with section 485 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
This report was approved by the members on 27 July 2022 and signed on behalf of the members by:
Adeeb Asfari
Designated member
Energy Growth Momentum LLP
Members' Responsibilities Statement
Year ended 31 March 2022
The members are responsible for preparing the members' report and the Annual Report and Audited Financial Statements in accordance with applicable law and regulations. Company law as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires the members to prepare Annual Report and Audited Financial Statements for each financial year. Under that law the members have elected to prepare the Annual Report and Audited Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law as applied to limited liability partnerships the members must not approve the Annual Report and Audited Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and the profit or loss of the LLP for that period. In preparing these Annual Report and Audited Financial Statements, the members are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the Annual Report and Audited Financial Statements comply with the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Energy Growth Momentum LLP
Independent Auditor's Report to the Members of Energy Growth Momentum LLP
Year ended 31 March 2022
Opinion
We have audited the Annual Report and Audited Financial Statements of Energy Growth Momentum LLP (the 'LLP') for the year ended 31 March 2022 which comprise the statement of income and retained earnings, statement of financial position, reconciliation of members' interests, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Annual Report and Audited Financial Statements: - give a true and fair view of the state of the LLP's affairs as at 31 March 2022 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the annual report and audited financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the Annual Report and Audited Financial Statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the Annual Report and Audited Financial Statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the Annual Report and Audited Financial Statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the Annual Report and Audited Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the Annual Report and Audited Financial Statements and our auditor’s report thereon. The members are responsible for the other information. Our opinion on the Annual Report and Audited Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the Annual Report and Audited Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Annual Report and Audited Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Annual Report and Audited Financial Statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the Annual Report and Audited Financial Statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the Annual Report and Audited Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of Annual Report and Audited Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Annual Report and Audited Financial Statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the annual report and audited financial statements
Our objectives are to obtain reasonable assurance about whether the Annual Report and Audited Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Annual Report and Audited Financial Statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with Members and other management, and from our commercial knowledge and experience of the Financial Services sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; - investigated the rationale behind significant or unusual transactions; and In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims and - reviewing correspondence with HMRC, FCA, and the company's legal advisors; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the Annual Report and Audited Financial Statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for our audit work, for this report, or for the opinions we have formed.
Mr Pierpaolo Spadoni
(Senior Statutory Auditor)
For and on behalf of
ACT Audit Limited
Chartered Certified Accountants & statutory auditor
27 July 2022
Energy Growth Momentum LLP
Statement of Income and Retained Earnings
Year ended 31 March 2022
2022
2021
Note
£
£
Turnover
4
1,183,154
634,334
------------
---------
Gross profit
1,183,154
634,334
Administrative expenses
( 534,194)
( 235,609)
Other operating income
5
26,748
4,335
------------
---------
Operating profit
8
675,708
403,060
------------
---------
Profit for the financial year before members' remuneration and profit shares
675,708
403,060
Members' remuneration charged as an expense
9
(484,205)
(485,542)
---------
---------
Profit/(loss) for the financial year available for discretionary division among members
191,503
(82,482)
---------
---------
All the activities of the LLP are from continuing operations.
There is no comprehensive income attributable to the members of the LLP other than the profit for the year.
Energy Growth Momentum LLP
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
10
7,560
9,473
Current assets
Debtors
11
490,037
521,619
Cash at bank and in hand
244,899
101,948
---------
---------
734,936
623,567
Creditors: amounts falling due within one year
12
42,307
124,675
---------
---------
Net current assets
692,629
498,892
---------
---------
Total assets less current liabilities
700,189
508,365
---------
---------
Net assets
700,189
508,365
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
15
609,520
417,696
Members' other interests
Members' capital classified as equity
90,669
90,669
Other reserves, including the fair value reserve
---------
---------
700,189
508,365
---------
---------
Total members' interests
Amounts due from members
(27,245)
(32,500)
Loans and other debts due to members
15
609,520
417,696
Members' other interests
90,669
90,669
---------
---------
672,944
475,865
---------
---------
These Annual Report and Audited Financial Statements were approved by the members and authorised for issue on 27 July 2022 , and are signed on their behalf by:
Adeeb Asfari
Designated Member
Registered number: OC382192
Energy Growth Momentum LLP
Reconciliation of Members' Interests
Year ended 31 March 2022
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Amounts due to members
417,696
417,696
Amounts due from members
(32,500)
(32,500)
---------
---------
Balance at 1 April 2021
90,669
90,669
385,196
385,196
475,865
Profit for the financial year available for discretionary division among members
191,503
191,503
191,503
--------
---------
---------
---------
---------
---------
Members' interests after profit for the year
90,669
191,503
282,172
385,196
385,196
667,368
Other division of profits
(191,503)
(191,503)
191,503
191,503
Introduced by members
5,576
5,576
5,576
---------
---------
Amounts due to members
609,520
609,520
Amounts due from members
(27,245)
(27,245)
--------
---------
---------
---------
---------
---------
Balance at 31 March 2022
90,669
90,669
582,275
582,275
672,944
--------
---------
---------
---------
---------
---------
Energy Growth Momentum LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2022
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2021
£
£
£
£
£
£
Amounts due to members
500,178
500,178
Amounts due from members
(32,500)
(32,500)
---------
---------
Balance at 1 April 2020
90,669
90,669
467,678
467,678
558,347
Loss for the financial year available for discretionary division among members
(82,482)
(82,482)
(82,482)
--------
--------
--------
---------
---------
---------
Members' interests after loss for the year
90,669
(82,482)
8,187
467,678
467,678
475,865
Other division of profits
82,482
82,482
(82,482)
(82,482)
Introduced by members
---------
---------
Amounts due to members
417,696
417,696
Amounts due from members
(32,500)
(32,500)
--------
--------
--------
---------
---------
---------
Balance at 31 March 2021
90,669
90,669
385,196
385,196
475,865
--------
--------
--------
---------
---------
---------
Energy Growth Momentum LLP
Statement of Cash Flows
Year ended 31 March 2022
2022
2021
Note
£
£
Cash generated from operations
16
139,254
( 32,574)
---------
--------
Net cash from/(used in) operating activities
139,254
( 32,574)
---------
--------
Cash flows from investing activities
Purchase of tangible assets
( 1,558)
( 1,790)
---------
--------
Net cash used in investing activities
( 1,558)
( 1,790)
---------
--------
Cash flows from financing activities
Capital introduced by members
5,576
---------
--------
Net cash from financing activities
5,576
---------
--------
Net increase/(decrease) in cash and cash equivalents
143,272
( 34,364)
Cash and cash equivalents at beginning of year
101,948
136,312
---------
---------
Cash and cash equivalents at end of year
245,220
101,948
---------
---------
Energy Growth Momentum LLP
Notes to the Annual Report and Audited Financial Statements
Year ended 31 March 2022
1.
General information
Energy Growth Momentum ("the LLP) is a limited liability partnership, incorporated and domiciled in the United Kingdom and the place of business is 11th floor, 20 Eastbourne Terrace, 1102, London - W2 6LG.
2.
Statement of compliance
These Annual Report and Audited Financial Statements have been prepared in compliance with 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).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Expenses
Expense incurred are recognised in the statement of comprehensive income on an accrual basis.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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. The members have not been required to apply any significant judgements and estimates in preparing the financial statements.
Taxation
No provision has been made for taxation in the financial statements as each member is exclusively liable for any tax liabilities arising out of their interest in the LLP, which will be assessed on the individual Members and not LLP.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for advisory services rendered, stated net of discounts and of Value Added Tax.
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 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 payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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 statement of income and retained earnings 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'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of comprehensive income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial assets The LLP's financial assets comprise basic financial assets, being trade and other receivables, and cash and bank balances. Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Trade and other receivables are measured at transaction price less any impairment. Any impairment loss is recognised in the statement of comprehensive income. An impairment loss is measured at transaction price less any impairment. Any impairment loss is recognised in the statement of comprehensive income. An impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of that amount that the LLP would receive for the asset if it were to be sold at the reporting date. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are settled, or when substantially all the risks and rewards of the ownership of the asset are transferred. Financial liabilities The LLP's financial liabilities comprise basic financial liabilities, being trade and other payables. These are measured at the transaction price. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Turnover
Turnover arises from:
2022
2021
£
£
Advisory fees
1,183,154
634,334
------------
---------
The turnover is attributable to the one principal activity of the LLP. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2022
2021
£
£
Overseas
1,183,154
634,334
------------
---------
5.
Other operating income
2022
2021
£
£
Other operating income
26,748
4,335
--------
-------
6.
Staff costs
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:
2022
2021
No.
No.
Administrative
2
Management
2
2
----
----
4
2
----
----
The aggregate employment costs incurred during the year (excluding members) were:
2022
2021
£
£
Wages and salaries
54,583
Social security costs
8,156
Other pension costs
770
--------
----
63,509
--------
----
7.
Auditor's remuneration
2022
2021
£
£
Fees payable for the audit of the annual report and audited financial statements
6,000
5,900
-------
-------
Fees payable to the LLP's auditor and its associates for other services:
Other non-audit services
31,564
35,365
--------
--------
8.
Operating profit
Operating profit or loss is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
3,471
3,149
Foreign exchange differences
17,526
6,113
--------
-------
9.
Information in relation to members
2022
2021
£
£
Highest paid members remuneration
215,000
215,000
----
----
2022
2021
No.
No.
Average number of members
2
2
----
----
10.
Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2021
99,125
99,125
Additions
1,558
1,558
---------
---------
At 31 March 2022
100,683
100,683
---------
---------
Depreciation
At 1 April 2021
89,652
89,652
Charge for the year
3,471
3,471
---------
---------
At 31 March 2022
93,123
93,123
---------
---------
Carrying amount
At 31 March 2022
7,560
7,560
---------
---------
At 31 March 2021
9,473
9,473
---------
---------
11.
Debtors
2022
2021
£
£
Amounts owed by group undertakings
22,644
22,644
Prepayments and accrued income
7,585
182,775
Amounts due from members
27,245
32,500
Other debtors
432,563
283,700
---------
---------
490,037
521,619
---------
---------
12. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,804
39,055
Accruals and deferred income
36,657
24,465
Social security and other taxes
485
59,213
Other creditors
1,361
1,942
--------
---------
42,307
124,675
--------
---------
13.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 770 (2021: £Nil).
14.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
2022
2021
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
482,452
338,844
---------
---------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
5,650
100,210
-------
---------
15.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
609,520
417,696
---------
---------
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Amount due to members are unsecured, interest free and repayable on demand.
16.
Cash generated from operations
2022
2021
£
£
Profit/(loss) for the financial year
191,503
(82,482)
Adjustments for:
Depreciation of tangible assets
3,471
3,149
Accrued expenses
165,463
140,202
Members' non-discretionary profit allocations
321
Changes in:
Trade and other debtors
( 126,944)
( 95,673)
Trade and other creditors
( 94,560)
2,230
---------
---------
139,254
( 32,574)
---------
---------
17.
Analysis of changes in net debt
At 1 Apr 2021
Cash flows
At 31 Mar 2022
£
£
£
Cash at bank and in hand
101,948
142,951
244,899
---------
---------
---------
Net debt (before members' debt)
101,948
142,951
244,899
---------
---------
---------
Loans and other debts due to members
Other amounts
(417,696)
(191,824)
(609,520)
---------
---------
---------
Net debt
( 315,748)
( 48,873)
( 364,621)
---------
---------
---------
Energy Growth Momentum LLP
Notes to the Annual Report and Audited Financial Statements (continued)
Year ended 31 March 2022
18.
Events after the end of the reporting period
There are no subsequent events to report after the balance sheet date.
19.
Related party transactions
During the period the LLP entered into transactions with Energy Growth Momentum GP Limited, a company incorporated in Guernsey and under common control. Transactions entered into, and trading balances outstanding at the balance sheet date, were as follows:
2022 2021
£ £
Sales 1,183,152 634,334
------------ ---------
2022 2021
£ £
Amounts due from related party 22,644 22,644
-------- --------
2022 2021
£ £
Loan given to related Party 364,798 188,907
--------- ---------
Key Management Personnel received total remuneration of £430,000 (2021: £430,000). The aggregate of transactions with the members are disclosed in the reconciliation of members interest on page 9.
20.
Controlling party
The LLP's immediate parent undertaking is MI Adviser (UK) Limited ,a company incorporated in England and Wales. The ultimate parent undertaking is MI Guernsey Limited, a company incorporated in Guernsey. The controlling party is Hark PTC Limited as trustee of the Lamia Trust, registered and based in Guernsey.