Limited Liability Partnership Registration No. OC366849 (England and Wales)
Generations Navigator LLP
Annual report and financial statements
for the year ended 31 March 2023
Generations Navigator LLP
Limited liability partnership information
Designated members
Triple Point LLP
Triple Point Investment Management LLP
LLP registration number
OC366849
Registered office
1 King William Street
London
EC4N 7AF
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Generations Navigator LLP
Contents
Page
Members' report
1 - 5
Independent auditor's report
6 - 9
Income statement
10
Statement of financial position
11
Reconciliation of members' interests
12 - 13
Notes to the financial statements
14 - 19
Generations Navigator LLP
Members' report
For the year ended 31 March 2023

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 providing finance through Leasing, Secured Lending, Working Capital Loans, Property Finance and Receivables 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 LLP
Triple Point Investment Management LLP
Page 1
Generations Navigator LLP
Members' report (continued)
For the year ended 31 March 2023
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.

Page 2
Generations Navigator LLP
Members' report (continued)
For the year ended 31 March 2023
Operator's Report

Business Strategy

Generations Navigator LLP's (‘GN’ or the “LLP”) mission is to provide funding to UK based Small and Medium-sized Enterprises ("SMEs"), which is carefully structured to meet the specific needs of each business and delivered using thorough processes that are both responsive and responsible.

 

The LLP continued to deploy funds into trading partnerships focused on the provision of SME finance. These provide access to mature and diverse portfolios of lease and loan agreements, generating income immediately from established and profitable partnerships.

 

Funding is accessed and delivered by an experienced team, recruited from the UK financial services sector, and supported by high quality credit, legal and operational teams. The business has added resources to all of these teams to support the growth ambitions of the LLP. It has developed a deep and broad introducer network, accessing good levels of leasing and lending opportunities. During the coming year the LLP expects to continue its offering of funding for borrowers that are often small, owner-managed businesses, and where GN is well positioned to play a meaningful role in supporting these businesses as they continue to grow.

 

GN’s funding encompasses a range of funding types including: small scale micro-funding (under £5,000), leasing, secured lending via both an established SME debt finance and property development finance teams. Its SME debt finance proposition is an increasingly significant sector for the business, providing finance for both growth and acquisition to businesses where it typically has security over all the assets of business.

GN works with business partners whom it considers to be the leaders in their field, benefitting from their knowledge, expertise, licences and technology. It also selectively funds other privately-owned lenders operating in the non-bank market, where they too require funding which is more flexible and pragmatic than conventional bank finance, which in turn can help to fuel their own growth.

 

GN focusses on actively engaging with its borrower and origination partners. We have continued to grow our origination network to access greater volumes of deal flow across all lending activities to continue increasing levels of deployment. Proactive monitoring of the portfolio, and frequent borrower engagement, continue to be mainstays of our strategy.

 

New transactions are assessed by a committee which considers the nature of the counterparty, asset type, sector risk and terms such as maturity, structure, return and residual value risk. In January 2023, Triple Point (the Operator) was accredited as a BCorp, a designation that the business meets high standards of verified social and environmental performance, accountability, and transparency. Core to Triple Point’s commitment to being a sustainable and responsible Operator is the integration of Environmental, Social and Governance “ESG” issues into all its analysis, acting as an additional risk assessment framework. We consider it important to act as a responsible lender and have worked pro actively in helping borrowers through the challenging economic and trading environment of the last three years.

Page 3
Generations Navigator LLP
Members' report (continued)
For the year ended 31 March 2023
Business Environment

GN’s business has remained robust over the year providing steady profits for its members from its well diversified activities, despite the ongoing challenges experienced by its borrowers and throughout the UK economy itself.

 

Over the year GN saw new funds being added to the business and the business grew from £35.9m to £42.3m a rise of 18%. Deployment levels have remained strong during the period mainly as a result of, improving confidence, favorable market conditions (particularly in the second half of the period), additional headcount in the origination team, and a growing awareness of GN in the market following focused brand development and wider marketing activities.

 

GN’s secured lending sector as at 31 March 2023 represents 60% of the book, and this proportion has grown significantly over the 12 months, from 44% in March 2022. This was mainly due to a busy period of new business helped by increased resources and increased market sector awareness of GN mentioned above. Secured property finance notably reduced in proportion, though GN remains active in this sector as there continues to be strong demand for funding.

 

As always, we continue to maintain a very active dialogue with our portfolio of borrowers and look to provide support to those that are finding conditions to be hardest. In some instances we have been told of staff shortages, increased costs of labour and raw materials, and weaker demand in certain sectors all persisting through from the previous twelve months. Our support for borrowers has been on a case-by-case basis in the form of capital repayment holidays, loan term extensions or reprofiling of the loan facilities to allow the borrowers to navigate the prevailing head winds. GN continues to place an increased focus on due diligence and continual loan monitoring – something which our teams have been well placed to execute.

 

As expected, when engaging with SME businesses, the portfolio experienced some bad debts during the year, all within GN’s tolerance levels and its own provisions, which were accounted for ahead of time. Additionally, the impact of these have been materially reduced by security over assets owned by the borrowers and the CBILS government loan scheme. The partnership continues to monitor the levels of bad debt provision on a monthly basis and increases provisions where specific concerns arise in relation to a borrower, sector or further economic deterioration.

 

Overall the fixed rate borrowing provided by GN has become increasingly sought after by SMEs and GN’s deployment levels have risen as a result. This has enabled GN to win increasing levels of new business, which combined with this new funding being provided at higher interest rates, has led to an increased return for partners.

 

Business Performance

 

During the period profit increased 32% to £3,278,301 (2022: £2,479,181) reflecting increased interest earnings on the larger Partnership interests and a reduction in bad debt provisions on the prior year.

 

Future Developments

 

Over the next twelve months, GN expects to see a continuing, strong pipeline of new business given its broader network of introducers, greater awareness of the business in the market place and increasing direct origination.

Page 4
Generations Navigator LLP
Members' report (continued)
For the year ended 31 March 2023
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 26 September 2023 and signed on behalf by:
26 September 2023
Claire Ainsworth
on behalf of Triple Point LLP, Designated Member
Page 5
Generations Navigator LLP
Independent auditor's report
To the members of Generations Navigator LLP
Opinion

We have audited the financial statements of Generations Navigator LLP (the 'limited liability partnership') for the year ended 31 March 2023 which comprise the income statement, the statement of financial position, the reconciliation of members' interests 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.

Page 6
Generations Navigator LLP
Independent auditor's report (continued)
To the members of Generations Navigator LLP

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.

Page 7
Generations Navigator LLP
Independent auditor's report (continued)
To the members of Generations Navigator LLP

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.

Page 8
Generations Navigator LLP
Independent auditor's report (continued)
To the members of Generations Navigator LLP

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.

Michael Di Leto
Senior Statutory Auditor
For and on behalf of Saffery LLP
27 September 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Page 9
Generations Navigator LLP
Income statement
For the year ended 31 March 2023
2023
2022
£
£
Turnover
3,292,708
2,490,316
Administrative expenses
(14,407)
(11,135)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
3,278,301
2,479,181

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

Page 10
Generations Navigator LLP
Statement of financial position
As at 31 March 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Partnership interest
3
42,082,925
34,766,373
Current assets
Cash at bank and in hand
302,270
2,170,498
Creditors: amounts falling due within one year
4
(13,621)
(1,008,820)
Net current assets
288,649
1,161,678
Total assets less current liabilities and net assets attributable to members
42,371,574
35,928,051
Represented by:
Members' other interests
Members' capital classified as equity
42,371,574
35,928,051
42,371,574
35,928,051

These financial statements have been prepared 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 26 September 2023 and are signed on their behalf by:
26 September 2023
Claire Ainsworth
on behalf of Triple Point LLP - Designated Member
Limited Liability Partnership Registration No. OC366849
Page 11
Generations Navigator LLP
Reconciliation of members' interests
For the year ended 31 March 2023
Current financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 April 2022
35,928,051
-
35,928,051
Profit for the financial year available for discretionary division among members
-
3,278,301
3,278,301
Members' interests after profit for the year
35,928,051
3,278,301
39,206,352
Allocation of profit for the financial year
3,278,301
(3,278,301)
-
Introduced by members
8,844,821
-
8,844,821
Repayments of capital
(5,679,599)
-
(5,679,599)
Members' interests at 31 March 2023
42,371,574
-
42,371,574
Page 12
Generations Navigator LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2023
Prior financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital
Other reserves
Total
2022
£
£
£
Members' interests at 1 April 2021
28,881,476
-
28,881,476
Profit for the financial year available for discretionary division among members
-
2,479,181
2,479,181
Members' interests after profit for the year
28,881,476
2,479,181
31,360,657
Allocation of profit for the financial year
2,479,181
(2,479,181)
-
Introduced by members
5,373,094
-
5,373,094
Repayments of capital
(805,700)
-
(805,700)
Members' interests at 31 March 2022
35,928,051
-
35,928,051
Page 13
Generations Navigator LLP
Notes to the financial statements
For the year ended 31 March 2023
1
Accounting policies
Limited liability partnership information

Generations Navigator 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
Turnover

Turnover represents a share of profit received from its Partnership interests.

1.3
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.

Page 14
Generations Navigator LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the limited liability partnership holds a long-term interest and where the limited liability partnership has significant influence. The limited liability partnership considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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. Bank overdrafts are shown within borrowings in current liabilities.

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.

Page 15
Generations Navigator LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
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.

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.

Page 16
Generations Navigator LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
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.

1.7
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.

Page 17
Generations Navigator LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
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
Fixed asset investments
2023
2022
£
£
Partnership interest
42,082,925
34,766,373
Movements in fixed asset investments
Partnership interest
£
Cost or valuation
At 1 April 2022
34,766,373
Additions
6,274,050
Share of profit
3,292,709
Disposals
(2,250,207)
At 31 March 2023
42,082,925
Carrying amount
At 31 March 2023
42,082,925
At 31 March 2022
34,766,373
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
13,621
1,008,820
Page 18
Generations Navigator LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
5
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.

6
Parent company

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

Page 19
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