Limited Liability Partnership Registration No. OC393121 (England and Wales)
ePayments Trading Partners LLP
Annual report and unaudited financial statements
for the year ended 31 March 2023
ePayments Trading Partners LLP
Limited liability partnership information
Designated members
Triple Point Advancr Leasing plc
Triple Point Navigator Partners LLP
Generations Navigator LLP
Pantechnicon Capital Limited
LLP registration number
OC393121
Registered office
1 King William Street
London
EC4N 7AF
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
ePayments Trading Partners LLP
Contents
Page
Members' report
1 - 2
Statement of comprehensive income
3
Statement of financial position
4 - 5
Reconciliation of members' interests
6 - 7
Notes to the financial statements
8 - 14
ePayments Trading Partners LLP
Members' report
For the year ended 31 March 2023
Page 1

The members present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the limited liability partnership continued to be that of provision of SME finance.

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.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

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:

Triple Point Advancr Leasing plc
Triple Point Navigator Partners LLP
Generations Navigator LLP
Pantechnicon Capital Limited
ePayments Trading Partners LLP
Members' report (continued)
For the year ended 31 March 2023
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.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 21 September 2023 and signed on behalf by:
21 September 2023
Toby Furnivall
on behalf of Navigator Trading Limited, Designated Member of Triple Point Navigator Partners LLP - Designated Member
ePayments Trading Partners LLP
Statement of comprehensive income
For the year ended 31 March 2023
Page 3
2023
2022
£
£
Turnover
8,733,190
6,849,990
Cost of sales
(1,748,429)
(1,801,332)
Gross profit
6,984,761
5,048,658
Administrative expenses
(2,437,620)
(1,325,852)
Operating profit
4,547,141
3,722,806
Interest payable and similar expenses
-
(23,808)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
4,547,141
3,698,998

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

ePayments Trading Partners LLP
Statement of financial position
As at 31 March 2023
Page 4
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,036
-
Current assets
Debtors
4
36,644,666
34,154,585
Cash at bank and in hand
2,921,595
1,155,923
39,566,261
35,310,508
Creditors: amounts falling due within one year
5
(1,753,328)
(529,180)
Net current assets
37,812,933
34,781,328
Total assets less current liabilities and net assets attributable to members
37,816,969
34,781,328
Represented by:
Members' other interests
Members' capital classified as equity
37,816,969
34,781,328
37,816,969
34,781,328

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

ePayments Trading Partners LLP
Statement of financial position (continued)
As at 31 March 2023
Page 5
The financial statements were approved by the members and authorised for issue on 21 September 2023 and are signed on their behalf by:
21 September 2023
Toby Furnivall
on behalf of Navigator Trading Limited, Designated Member of Triple Point Navigator Partners LLP - Designated Member
Limited Liability Partnership Registration No. OC393121
ePayments Trading Partners LLP
Reconciliation of members' interests
For the year ended 31 March 2023
Page 6
Current financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 April 2022
34,781,328
-
34,781,328
Profit for the financial year available for discretionary division among members
-
4,547,141
4,547,141
Members' interests after profit for the year
34,781,328
4,547,141
39,328,469
Other divisions of profits
4,547,141
(4,547,141)
-
Introduced by members
7,828,719
-
7,828,719
Repayments of capital
(9,340,219)
-
(9,340,219)
Members' interests at 31 March 2023
37,816,969
-
37,816,969
ePayments Trading Partners LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2023
Page 7
Prior financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital
Other reserves
Total
2022
£
£
£
Members' interests at 1 April 2021
33,294,080
-
33,294,080
Profit for the financial year available for discretionary division among members
-
3,698,998
3,698,998
Members' interests after profit for the year
33,294,080
3,698,998
36,993,078
Other divisions of profits
3,698,998
(3,698,998)
-
Introduced by members
5,540,000
-
5,540,000
Repayments of capital
(7,751,750)
-
(7,751,750)
Members' interests at 31 March 2022
34,781,328
-
34,781,328
ePayments Trading Partners LLP
Notes to the financial statements
For the year ended 31 March 2023
Page 8
1
Accounting policies
Limited liability partnership information

ePayments Trading Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 King William Street, London, EC4N 7AF.

 

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

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 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.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP 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.

1.3
Turnover

Turnover represents income derived from the supply of lease finance to SMEs.

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.

ePayments Trading Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 9

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.

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

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Straight line over 5 years
1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

ePayments Trading Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 10

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

ePayments Trading Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 11
Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

ePayments Trading Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 12
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.

1.9
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.

ePayments Trading Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 13
2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Other
£
Cost
Additions
6,727
At 31 March 2023
6,727
Amortisation and impairment
Amortisation charged for the year
2,691
At 31 March 2023
2,691
Carrying amount
At 31 March 2023
4,036
At 31 March 2022
-
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,217,697
33,587,743
Other debtors
426,969
566,842
36,644,666
34,154,585

Trade debtors includes £20,300,691 (2022: £18,188,272) falling due after one year.

ePayments Trading Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 14
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,167,912
136,942
Taxation and social security
561,109
356,512
Other creditors
24,307
35,726
1,753,328
529,180
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Parent company

The members do not consider there to be any one ultimate controlling party.

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