Limited Liability Partnership Registration No. OC435061 (England and Wales)
YFM Equity Partners Growth III (GP) LLP
Annual report and financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
YFM Equity Partners Growth III (GP) LLP
Contents
Page
Statement of financial position
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 8
YFM Equity Partners Growth III (GP) LLP
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
563
563
Current assets
Debtors
4
13,880
250
Creditors: amounts falling due within one year
5
(13,630)
-
Net current assets
250
250
Total assets less current liabilities
813
813
Creditors: amounts falling due after more than one year
6
(563)
(563)
Net assets attributable to members
250
250
Represented by:
Members' other interests
Members' capital classified as equity
250
250
250
250

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

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.

The financial statements were approved by the members and authorised for issue on 21 June 2023 and are signed on their behalf by:
21 June 2023
YFM Private Equity GP 1 Limited
Designated member
Limited Liability Partnership Registration No. OC435061
YFM Equity Partners Growth III (GP) LLP
Reconciliation of members' interests
For the year ended 31 March 2023
Page 2
Current financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital
Total
2023
£
£
Members' interests at 1 April 2022
250
250
Result for the financial year available for discretionary division among members
-
-
Members' interests after loss for the year
250
250
Members' interests at 31 March 2023
250
250
Prior financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital
Total
2022
£
£
Members' interests at 13 January 2021
-
-
Result for the financial year available for discretionary division among members
-
-
Members' interests after loss for the period
-
-
Introduced by members
250
250
Members' interests at 31 March 2022
250
250
YFM Equity Partners Growth III (GP) LLP
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Limited liability partnership information

YFM Equity Partners Growth III (GP) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5th Floor Valiant Building, 14 South Parade, Leeds, Yorkshire, LS1 5QS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The limited liability partnership was incorporated on 13 January 2021. The prior period accounting reference date was extended from 31 January 2022 to 31 March 2022 to be in line with its investment company for whom it acts as General Partner.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, 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, which is the functional currency of the limited liability partnership. 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.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised as it is due in line with the Limited Partnership Agreement for the fund which it acts as General Partner.

YFM Equity Partners Growth III (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
1.5
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.

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.6
Fixed asset investments

Interests in investments other than loans 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.

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.

YFM Equity Partners Growth III (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5
Basic financial assets

Basic financial assets, which include debtors, 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.

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.

YFM Equity Partners Growth III (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
YFM Equity Partners Growth III (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 7
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
563
563
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,880
250
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,630
-
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
563
563
7
Loans and other debts due to members

Members' capital is introduced by members on entry to the partnership and is classified as equity. It carries no contractual right to remuneration and no protection on wind up.

YFM Equity Partners Growth III (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 8
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Diane Petit-Laurent FCA
Statutory Auditors:
Saffery Champness LLP
9
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Fee income
2023
2022
£
£
Entities with control, joint control or significant influence over the LLP
3,488
933
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the LLP
13,630
-
10
Parent company

The company is a subsidiary of YFM Private Equity Limited. The ultimate parent entity and controlling party is YFM Equity Partners LLP, incorporated in England and Wales.

2023-03-312022-04-01false21 June 2023CCH SoftwareCCH Accounts Production 2023.100This audit opinion is unqualifiedOC4350612022-04-012023-03-31OC4350612023-03-31OC435061bus:PartnerLLP12022-04-012023-03-31OC4350612021-01-132022-03-31OC435061bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC435061bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC435061bus:FRS1022022-04-012023-03-31OC435061bus:Audited2022-04-012023-03-31OC435061bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:shares