Limited Liability Partnership Registration No. OC434821 (England and Wales)
VALUZ LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
VALUZ LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Ms D Berthier Venturiello
Mr F Garcia Culubret
Limited liability partnership number
OC434821
Registered office
Zeeta House
200 Upper Richmond Road
Putney
London
SW15 2SH
Accountants
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
VALUZ LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
VALUZ LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VALUZ LLP FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Valuz LLP for the year ended 31 December 2022 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.
This report is made solely to the limited liability partnership's members of Valuz LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Valuz LLP and state those matters that we have agreed to state to the limited liability partnership's members of Valuz LLP, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valuz LLP and its members as a body, for our work or for this report.
It is your duty to ensure that Valuz LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Valuz LLP. You consider that Valuz LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Valuz LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
25 October 2023
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
VALUZ LLP
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
as restated
Notes
$
$
$
$
Current assets
Debtors
4
151,688
164,197
Cash at bank and in hand
2,927,443
1,158,469
3,079,131
1,322,666
Creditors: amounts falling due within one year
5
(2,342,515)
(669,940)
Net current assets and net assets attributable to members
736,616
652,726
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
736,616
652,726
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2022 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 and delivered 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 25 October 2023 and are signed on their behalf by:
Mr F Garcia Culubret
Designated member
Limited Liability Partnership registration number OC434821 (England and Wales)
VALUZ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Limited liability partnership information
Valuz LLP is a limited liability partnership incorporated in England and Wales. The registered office is Zeeta House, 200 Upper Richmond Road, Putney, London, SW15 2SH.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Reporting period
The entity was incorporated on 22 December 2020 and the members decided the LLP should have a December year end, therefore the prior period of these financial statements exceeds one year.
1.2
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 US dollars which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest USD.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover comprises the fair value of the consideration received for the provision of international online payment services. The partnership recognises revenue when the amount of the revenue can be reliably measured.
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.
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 period profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant period's result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
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.
VALUZ LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
Debtors
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
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.
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.
Creditors
Creditors are not interest bearing and are included at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
VALUZ LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.7
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
Employees
There were no employees during the period.
2021
4
Debtors
2022
2021
Amounts falling due within one year:
$
$
Trade debtors
12,509
Other debtors
151,688
151,688
151,688
164,197
5
Creditors: amounts falling due within one year
2022
2021
$
$
Trade creditors
486
Other creditors
2,342,515
669,454
2,342,515
669,940
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.
VALUZ LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Related party transactions
During the year the members of the Partnership changed and following the LLP agreement the profit earning during the members period is owed to them. Included within other creditors is a balance of £2,163,203.34 which is owed to previous members of the Valuz LLP.
8
Prior period adjustment
The prior period adjustment has arisen as a result of bank accounts being understated in the year 2021. The adjustment is to bring in the missing bank account balance as well as the transactions in the period of intercompany loans and payment of £499 for bank charges which has a direct impact on the profit.
Changes to the balance sheet
As previously reported
Adjustment at 22 Dec 2020
Adjustment at 31 Dec 2021
As restated at 31 Dec 2021
$
$
$
$
Current assets
Debtors due within one year
151,688
-
12,509
164,197
Bank and cash
554,199
-
604,270
1,158,469
Creditors due within one year
Other creditors
(52,662)
-
(617,278)
(669,940)
Net assets
653,225
-
(499)
652,726
Loans and other debts due to members
Other amounts
653,225
-
(499)
652,726
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2021
$
$
$
Administrative expenses
(23,170)
(499)
(23,669)
Reconciliation of changes in equity
22 December
31 December
2020
2021
$
$
Adjustments to prior year
Legal and Professional fees
-
(499)
Equity as previously reported
-
653,225
Equity as adjusted
-
652,726
Analysis of the effect upon equity
Amounts due in respect of profits
-
(499)
VALUZ LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit for the previous financial period
2021
$
Adjustments to prior year
Legal and Professional fees
(499)
Profit as previously reported
653,225
Profit as adjusted
652,726