REGISTERED NUMBER:
OC388376
Sports Investment Partners (Two) LLP |
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Filleted unaudited financial statements |
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Sports Investment Partners (Two) LLP |
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Statement of financial position |
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31 March 2023
Fixed assets
Investments |
4 |
|
174,739 |
|
174,739 |
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--------- |
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--------- |
Total assets less current liabilities |
|
174,739 |
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174,739 |
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--------- |
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--------- |
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Represented by:
Loans and other debts due to members
Other amounts |
5 |
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174,739 |
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174,739 |
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--------- |
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--------- |
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|
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Members' other interests
Other reserves |
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– |
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– |
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--------- |
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--------- |
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|
174,739 |
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174,739 |
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--------- |
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--------- |
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Total members' interests
Loans and other debts due to members |
5 |
|
174,739 |
|
174,739 |
Members' other interests |
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– |
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– |
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|
--------- |
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--------- |
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|
174,739 |
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174,739 |
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--------- |
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--------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.
The LLP did not trade during the current year or prior year and has not made either a profit or loss.
For the year ending 31st March 2023 the LLP was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
members
and authorised for issue on
11 October 2023
, and are signed on their behalf by:
Mr M Broughton
Designated Member
Registered number:
OC388376
Sports Investment Partners (Two) LLP |
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Notes to the financial statements |
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year ended 31st March 2023
The principal activity of the company during the year was
investment in the sport industry
. The company is a limited liability partnership, incorporated in England and Wales (no. OC388376
). The address of the registered office is 16 Berkeley Street, London, W1J 8DZ.
2. |
Statement of compliance |
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These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards.
Going concern
The members, having made due and careful enquiry, are of the opinion that the LLP has adequate working capital to execute its operations over the next 12 months. The members, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and so the accounts have been prepared on a going concern basis.
Income statement
The LLP is dormant as defined by section 1169 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. The LLP received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in members funds during the current year or prior year.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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Other investments other than loans |
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£ |
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Cost |
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At 1st April 2022 and 31st March 2023 |
691,513 |
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--------- |
Impairment |
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At 1st April 2022 and 31st March 2023 |
516,774 |
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--------- |
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Carrying amount |
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At 31st March 2023 |
174,739 |
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--------- |
At 31st March 2022 |
174,739 |
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--------- |
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5. |
Loans and other debts due to members |
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Loans from members |
174,739 |
174,739 |
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--------- |
--------- |
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