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Registration number: OC417858

Patagonia International Investments LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Patagonia International Investments LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

Patagonia International Investments LLP

Limited liability partnership information

Designated members

Greenock Trust Company Limited as Trustee of The Patagonia Investments Trust

Chartley Trading Ltd.
 

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

 

Patagonia International Investments LLP

(Registration number: OC417858)
Balance Sheet as at 31 December 2022

Note

2022
 $

(As restated)
2021
 $

Fixed assets

 

Investments

3

900,168

1,022,430

Current assets

 

Investments

4

5,208,939

3,308,592

Cash and short-term deposits

 

120,002

2,009,414

 

5,328,941

5,318,006

Creditors: Amounts falling due within one year

5

(4,963,809)

(4,963,809)

Net current assets

 

365,132

354,197

Net assets attributable to members

 

1,265,300

1,376,627

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1,264,000

1,375,327

Members’ other interests

 

Members' capital classified as equity

 

1,300

1,300

   

1,265,300

1,376,627

Total members' interests

 

Loans and other debts due to members

 

1,264,000

1,375,327

Equity

 

1,300

1,300

   

1,265,300

1,376,627

For the year ending 31 December 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

 

Patagonia International Investments LLP

(Registration number: OC417858)
Balance Sheet as at 31 December 2022 (continued)

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Patagonia International Investments LLP (registered number OC417858) were approved by the Board and authorised for issue on 27 September 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Greenock Trust Company Limited as Trustee of The Patagonia Investments Trust
Designated member

 

Patagonia International Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act
2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in US Dollars which is the functional currency of the LLP and rounded to the
nearest $1.

Prior period errors

The prior year’s financial statements have been restated to correct errors identified after the financial statements were filed. The net effect of these corrections results in Loans and other amounts due to members reducing by $66,667.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Patagonia International Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

1

Accounting policies (continued)

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2021 - 0).

3

Investments held as fixed assets

2022
 $

(As restated)
2021
 $

Other investments

900,168

1,022,430

 

Patagonia International Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

3

Investments held as fixed assets (continued)

Other investments

Unlisted investments
$

Total
$

Cost

At 1 January 2022

1,022,430

1,022,430

Disposals

(122,262)

(122,262)

At 31 December 2022

900,168

900,168

Net book value

At 31 December 2022

900,168

900,168

At 31 December 2021

1,022,430

1,022,430

4

Current asset investments

2022
 $

2021
 $

Other investments

5,208,939

3,308,592

5

Creditors: Amounts falling due within one year

2022
 $

(As restated)
2021
 $

Other creditors

4,963,809

4,963,809