Limited Liability Partnership registration number OC308354 (England and Wales)
TURLOCK TEC LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
TURLOCK TEC LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Blumer International Inc.
Meadowridge International Inc
LLP registration number
OC308354
Registered office
Turlock Tec LLP
6th Floor
60 Gracechurch Street
London
EC3V 0HR
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
TURLOCK TEC LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 18
TURLOCK TEC LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the limited liability partnership continued to be that of supplying raw materials for the production of agrochemicals, veterinary products and resins for the production of paint. All trading activities are undertaken outside the United Kingdom. The members of the limited liability partnership are non-resident for United Kingdom taxation purposes.

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:

Blumer International Inc.
Meadowridge International Inc
Energy and carbon report

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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. 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.

TURLOCK TEC LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Members

The shareholders of the members control the Partnership accounts.  The Partnership accounts were reviewed and approved by the shareholders of the members. All the representations set out in the accounts were duly reviewed and approved by the shareholders of the members and are their sole, complete, and full responsibility. The directors of the members of the Partnership have signed the accounts upon reliance and following the proper corporate approvals of the accounts and account representations by the shareholders of the members individually, all of whom have management and controlling roles and have relevant knowledge and experience in connection with the audit of the partnership financial statements for the year ended 31 December 2021.

 

Approved by the members on 23 October 2023 and signed on behalf by:
23 October 2023
Blumer International Inc.
Meadowridge International Inc
Designated Member
Designated Member
TURLOCK TEC LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURLOCK TEC LLP
- 3 -
Opinion

We have audited the financial statements of Turlock Tec LLP (the 'limited liability partnership') for the year ended 31 December 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. 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.

TURLOCK TEC LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURLOCK TEC LLP
- 4 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the limited liability partnership and the sector in which it operates, and considered the risk of acts by the limited liability partnership that were contrary to these laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.

 

We focused on laws and regulations that could give rise to material misstatements in the financial statements, including, but not limited to, the Companies Act 2006 as applied to limited liability partnerships and UK tax legislation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the members that represented a risk of material misstatement due to fraud and equivalent local laws and regulations.

 

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.

Other matters which we are required to address

The comparative figures in the financial statements are unaudited.

TURLOCK TEC LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURLOCK TEC LLP
- 5 -

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 by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. 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.

Philippe Herszaft ACA
Senior Statutory Auditor
For and on behalf of Glazers
23 October 2023
Chartered Accountants
Statutory Auditor
843 Finchley Road
London
NW11 8NA
TURLOCK TEC LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2021
2020
Notes
$
$
Turnover
3
18,673,197
14,061,353
Cost of sales
(18,285,803)
(13,114,672)
Gross profit
387,394
946,681
Administrative expenses
(1,366,738)
(38,281)
Operating (loss)/profit
4
(979,344)
908,400
Interest receivable and similar income
8
8,234
7,229
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(971,110)
915,629

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TURLOCK TEC LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
$
$
(Loss)/profit for the financial year available for discretionary division among members
(971,110)
915,629
Other comprehensive income
-
-
Total comprehensive income for the year
(971,110)
915,629
TURLOCK TEC LLP
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 8 -
2021
2020
Notes
$
$
$
$
Current assets
Debtors
10
6,825,926
6,608,202
Cash at bank and in hand
2,729,124
4,224,942
9,555,050
10,833,144
Creditors: amounts falling due within one year
11
(1,934,505)
(2,241,489)
Net current assets and net assets attributable to members
7,620,545
8,591,655
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
8,591,652
6,524,581
Other amounts
-
2,067,071
8,591,652
8,591,652
Members' other interests
Members' capital classified as equity
3
3
Other reserves classified as equity
(971,110)
-
7,620,545
8,591,655
The financial statements were approved by the members and authorised for issue on 23 October 2023 and are signed on their behalf by:
23 October 2023
Blumer International Inc.
Meadowridge International Inc
Designated member
Designated Member
Limited Liability Partnership registration number OC308354 (England and Wales)
TURLOCK TEC LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
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
Members' capital
Other reserves
Total
Other amounts
Total
Total
2021
$
$
$
$
$
$
Members' interests at 1 January 2021
3
-
3
8,591,652
8,591,652
8,591,655
Loss for the financial year available for discretionary division among members
-
(971,110)
(971,110)
-
-
(971,110)
Members' interests after loss for the year
3
(971,110)
(971,107)
8,591,652
8,591,652
7,620,545
Members' interests at 31 December 2021
3
(971,110)
(971,107)
8,591,652
8,591,652
7,620,545
TURLOCK TEC LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
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
Members' capital
Other reserves
Total
Other amounts
Total
Total
2020
$
$
$
$
$
$
Members' interests at 1 January 2020
3
-
3
7,691,239
7,691,239
7,691,242
Profit for the financial year available for discretionary division among members
-
915,629
915,629
-
-
915,629
Members' interests after profit for the year
3
915,629
915,632
7,691,239
7,691,239
8,606,871
Allocation of profit for the financial year
-
(915,629)
(915,629)
915,629
915,629
-
Repayment of debt (including members' capital classified as a liability)
-
-
-
(15,216)
(15,216)
(15,216)
Members' interests at 31 December 2020
3
-
3
8,591,652
8,591,652
8,591,655
TURLOCK TEC LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
$
$
$
$
Cash flows from operating activities
Cash (absorbed by)/generated from operations
14
(1,504,052)
508,553
Investing activities
Interest received
8,234
7,229
Net cash generated from investing activities
8,234
7,229
Financing activities
Repayment of capital or debt to members
-
(15,216)
Net cash used in financing activities
-
(15,216)
Net (decrease)/increase in cash and cash equivalents
(1,495,818)
500,566
Cash and cash equivalents at beginning of year
4,224,942
3,724,376
Cash and cash equivalents at end of year
2,729,124
4,224,942
TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Limited liability partnership information

Turlock Tec LLP is a limited liability partnership incorporated in England and Wales. The registered office is Turlock Tec LLP, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.

 

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 2018, 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.

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 $.

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. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the goods provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

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.

TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -

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
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

 

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

 

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

TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
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.

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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
1.8
Foreign exchange

Transactions in currencies other than US Dollars 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.

2
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.

3
Turnover

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

2021
2020
$
$
Turnover analysed by class of business
Sales of goods and services
18,673,197
14,061,353
2021
2020
$
$
Turnover analysed by geographical market
Rest of the world
17,360,617
14,061,353
Europe
1,312,580
-
18,673,197
14,061,353
2021
2020
$
$
Other significant revenue
Interest income
8,234
7,229
4
Operating (loss)/profit
2021
2020
Operating (loss)/profit for the year is stated after charging:
$
$
Exchange (gains)/losses
-
7,122
TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
5
Auditor's remuneration
2021
2020
Fees payable to the LLP's auditor and associates:
$
$
For audit services
Audit of the financial statements of the LLP
12,821
-
6
Employees

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

2021
2020
Number
Number
Total
-
0
-
0
7
Information in relation to members
2021
2020
Number
Number
Average number of members during the year
2
2
2021
2020
$
$
Profit attributable to the member with the highest entitlement
-
-
8
Interest receivable and similar income
2021
2020
$
$
Interest income
Interest on bank deposits
8,234
7,229
2021
2020
Investment income includes the following:
$
$
Interest on financial assets not measured at fair value through profit or loss
8,234
7,229
9
Financial instruments
2021
2020
$
$
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,825,926
6,608,202
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
10,526,157
10,833,141
TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
10
Debtors
2021
2020
Amounts falling due within one year:
$
$
Trade debtors
6,799,677
6,608,202
Other debtors
26,249
-
6,825,926
6,608,202
11
Creditors: amounts falling due within one year
2021
2020
$
$
Trade creditors
1,899,864
2,226,149
Accruals and deferred income
34,641
15,340
1,934,505
2,241,489
12
Loans and other debts due to members
2021
2020
$
$
Analysis of loans
Amounts falling due within one year
8,591,652
8,591,652

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

13
Ultimate controlling party

The controlling party is Meadowridge International Inc, a company registered in the British Virgin Islands.

14
Cash (absorbed by)/generated from operations
2021
2020
$
$
(Loss)/profit for the year
(971,110)
915,629
Adjustments for:
Investment income recognised in profit or loss
(8,234)
(7,229)
Movements in working capital:
(Increase)/decrease in debtors
(217,724)
211,077
Decrease in creditors
(306,984)
(610,924)
Cash (absorbed by)/generated from operations
(1,504,052)
508,553
TURLOCK TEC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
15
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
$
$
$
Cash at bank and in hand
4,224,942
(1,495,818)
2,729,124
Loans and other debts due to members:
- Other amounts due to members
(8,591,652)
-
(8,591,652)
Balances including members' debt
(4,366,710)
(1,495,818)
(5,862,528)
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