Limited Liability Partnership Registration No. OC425911 (England and Wales)
West African Mining Services LLP
Annual report and financial statements
for the year ended 31 December 2022
West African Mining Services LLP
Limited liability partnership information
Designated members
Martin White
Wayne McManus
LLP registration number
OC425911
Registered office
2nd Floor
5 Young Street
Kensington
London
W8 5EH
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
West African Mining Services LLP
Contents
Page
Members' report
1 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 20
West African Mining Services LLP
Members' report
For the year ended 31 December 2022
Page 1

The members present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the limited liability partnership is to provide services to Endeavour Mining Corporation and its group companies.

 

On 27 September 2023 the limited liability partnership changed its name from Endeavour Mining Services LLP to West African Mining Services LLP.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

In accordance with the LLP agreement some profit allocations are recognised and approved ahead of the financial year end. These amounts are categorised as "members' remuneration charged as an expense". The final division of profits between all members is approved after the end of the financial year; these amounts are categorised as "available for discretionary division among members".

 

Drawings are treated as payments on account of profit allocation and no member is entitled to draw more than is held to their individual credit.

 

Members' have a capital interest in the LLP. Some members are required to make a capital contribution, the amount of which is based on an agreed scale which is linked to bands of profit allocation. Capital is introduced at par and repaid at par on retirement. In accordance with FRS102, members' capital contribution is categorised as loans and other debts due to members.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Endeavour Mining Corporation
(Resigned 18 September 2023)
Henri Benigne Marie Joseph de la Follye de Joux
(Resigned 26 March 2023)
Martin White
Wayne McManus
(Appointed 7 April 2023)
Auditor

In accordance with the limited liability partnership's membership agreement, a notice proposing that Saffery LLP be reappointed as auditor of the limited liability partnership will be put at a general meeting.

West African Mining Services LLP
Members' report (continued)
For the year ended 31 December 2022
Page 2
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Change of name

On 27 September 2023, the members of the LLP approved the name change of the LLP from Endeavour Mining Services LLP to West African Mining Services LLP.

West African Mining Services LLP
Members' report (continued)
For the year ended 31 December 2022
Page 3
Approved by the members on 10 October 2023 and signed on behalf by:
Wayne McManus
Designated Member
West African Mining Services LLP
Independent auditor's report
To the members of West African Mining Services LLP
Page 4
Opinion

We have audited the financial statements of West African Mining Services LLP (the 'limited liability partnership') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the statement of financial position, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the 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 financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the 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 limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the 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.

West African Mining Services LLP
Independent auditor's report (continued)
To the members of West African Mining Services LLP
Page 5

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the 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.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the 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 financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the members are responsible for assessing the limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

West African Mining Services LLP
Independent auditor's report (continued)
To the members of West African Mining Services LLP
Page 6

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the limited liability partnership’s financial statements to material misstatement and how fraud might occur, including through discussions with the members, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the limited liability partnership by discussions with members and by updating our understanding of the sector in which the limited liability partnership operates.

 

Laws and regulations of direct significance in the context of the limited liability partnership include The Companies Act 2006 as applied to limited liability partnerships and UK Tax legislation.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the limited liability partnership's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the limited liability partnership's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

West African Mining Services LLP
Independent auditor's report (continued)
To the members of West African Mining Services LLP
Page 7

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 this report, or for the opinions we have formed.

Roger Weston
Senior Statutory Auditor
For and on behalf of Saffery LLP
10 October 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
West African Mining Services LLP
Statement of comprehensive income
For the year ended 31 December 2022
Page 8
2022
2021
Notes
$'000
$'000
Turnover
3
26,765
40,576
Administrative expenses
(16,736)
(13,825)
Profit for the financial year before members' remuneration and profit shares
10,029
26,751
Members' remuneration charged as an expense
5
(3,556)
(4,816)
Profit for the financial year available for discretionary division among members
6,473
21,935

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

West African Mining Services LLP
Statement of financial position
As at 31 December 2022
Page 9
2022
2021
Notes
$'000
$'000
$'000
$'000
Current assets
Debtors
6
3,906
16,704
Cash at bank and in hand
10,151
3,426
14,057
20,130
Creditors: amounts falling due within one year
7
(2,759)
(7,568)
Net current assets and net assets attributable to members
11,298
12,562
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
5,897
7,161
Members' capital classified as a liability
5,401
5,401
11,298
12,562
The financial statements were approved by the members and authorised for issue on 10 October 2023 and are signed on their behalf by:
Wayne McManus
Designated member
Limited Liability Partnership Registration No. OC425911
West African Mining Services LLP
Reconciliation of members' interests
For the year ended 31 December 2022
Page 10
Current financial year
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
2022
$'000
$'000
$'000
$'000
Members' interests at 1 January 2022
-
12,562
12,562
12,562
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
3,556
3,556
3,556
Profit for the financial year available for discretionary division among members
6,473
-
-
6,473
Members' interests after profit and remuneration for the year
6,473
16,118
16,118
22,591
Allocation of profit for the financial year
(6,473)
6,473
6,473
-
Drawings on account and distributions of profit
-
(11,293)
(11,293)
(11,293)
Members' interests at 31 December 2022
-
11,298
11,298
11,298
West African Mining Services LLP
Reconciliation of members' interests (continued)
For the year ended 31 December 2022
Page 11
Prior financial year
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
$'000
$'000
$'000
$'000
Members' interests at 1 January 2021
-
4,949
4,949
4,949
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
4,816
4,816
4,816
Profit for the financial year available for discretionary division among members
21,935
-
-
21,935
Members' interests after profit and remuneration for the year
21,935
9,765
9,765
31,700
Allocation of profit for the financial year
(21,935)
21,935
21,935
-
Introduced by members
-
5,401
5,401
5,401
Drawings on account and distributions of profit
-
(24,539)
(24,539)
(24,539)
Members' interests at 31 December 2021
-
12,562
12,562
12,562
West African Mining Services LLP
Statement of cash flows
For the year ended 31 December 2022
Page 12
2022
2021
Notes
$'000
$'000
$'000
$'000
Cash flows from operating activities
Cash generated from operations
11
18,018
10,037
Financing activities
Capital introduced by members
(classified as debt or equity)
-
5,401
Payments to members
(11,293)
(24,539)
Net cash used in financing activities
(11,293)
(19,138)
Net increase/(decrease) in cash and cash equivalents
6,725
(9,101)
Cash and cash equivalents at beginning of year
3,426
12,527
Cash and cash equivalents at end of year
10,151
3,426
West African Mining Services LLP
Notes to the financial statements
For the year ended 31 December 2022
Page 13
1
Accounting policies
Limited liability partnership information

West African Mining Services LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2nd Floor, 5 Young Street, Kensington, London, W8 5EH.

 

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

 

The limited liability partnership changed its name on 27 September 2023 from Endeavour Mining Services LLP to West African Mining Services LLP.

1.1
Accounting convention

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (January 2022), the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in US dollars, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest $'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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. The limited liability partnership continues to provides services to Endeavour Mining Corporation and its group companies. On this basis the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 14

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.

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.

Distributions of profits are classified as financing cash flows, because they represent costs of obtaining financial resources or claims on cash flows by the providers of capital to the LLP.

1.5
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.

1.6
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 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.

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.

West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 15
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 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.

West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 16
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.

1.7
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.

West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 17
2
Critical accounting 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.

 

The directors deem that there were no key sources of estimation uncertainty involved in these financial statements.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany debtors

The recoverability of intercompany balances is considered a critical judgement and is based upon the performance and cash flows of group companies.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2022
2021
$'000
$'000
Turnover analysed by class of business
Service income
26,765
40,576
2022
2021
$'000
$'000
Turnover analysed by geographical market
United Kingdom
17,700
16,743
Rest of the world
9,065
23,833
26,765
40,576
West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 18
4
Operating profit
2022
2021
Operating profit for the year is stated after charging:
$'000
$'000
Exchange losses
83
-
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
30
27
5
Members' remuneration
2022
2021
Number
Number
Average number of members during the year
12
16
2022
2021
$'000
$'000
Profit attributable to the member with the highest entitlement
2,244
3,962

 

6
Debtors
2022
2021
Amounts falling due within one year:
$'000
$'000
Amounts owed by group undertakings
3,906
16,704
7
Creditors: amounts falling due within one year
2022
2021
$'000
$'000
Amounts owed to group undertakings
2,698
7,500
Accruals and deferred income
61
68
2,759
7,568
West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 19
8
Loans and other debts due to members
2022
2021
$'000
$'000
Analysis of loans
Amounts falling due within one year
11,298
12,562

Amounts included in "Loans and other debts due to members" would rank pari passu to other unsecured creditors in the event of a winding up.

9
Ultimate controlling party

The members consider there to be no one controlling party.

10
Related party transactions

In accordance with FRS 102 Section 33, the entity has taken exemption from disclosing relating party transactions where all related party transactions are between members of a group and all involved subsidiaries are wholly owned by such a member.

 

The members consider the designated member Endeavour Mining Corporation (a company incorporated in the Cayman Islands) and its subsidiary entities related parties.

 

The financial statements of the LLP are consolidated in the financial statements of Endeavour Mining PLC, which is the largest group which has financial statements prepared. These consolidated financial statements are available from its registered office at 5 Young Street, London, United Kingdom, W8 5EH.

11
Cash generated from operations
2022
2021
$'000
$'000
Profit for the year
10,029
26,751
Movements in working capital:
Decrease/(increase) in debtors
12,798
(8,975)
Decrease in creditors
(4,809)
(7,739)
Cash generated from operations
18,018
10,037
West African Mining Services LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 20
12
Analysis of changes in net funds
1 January 2022
Cash flows
31 December 2022
$'000
$'000
$'000
Cash at bank and in hand
3,426
6,725
10,151
Loans and other debts due to members:
- Other amounts due to members
(12,562)
1,264
(11,298)
Balances including members' debt
(9,136)
7,989
(1,147)
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