Limited Liability Partnership registration number OC399382 (England and Wales)
BLUE STONE MINING LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
BLUE STONE MINING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Estella Resources Ltd
Sun International Advisors Ltd
LLP registration number
OC399382
Registered office
3rd Floor
5 Lloyds Avenue
London
EC3N 3AE
Auditor
Citroen Wells
Chartered Accountants
Devonshire House
1 Devonshire Street
London
W1W 5DR
BLUE STONE MINING LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 17
BLUE STONE MINING LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the limited liability partnership continued to be that of the commercialisation of zinc/silver and lead/silver concentrates provided by suppliers in Bolivia and commercialised in Asia and North America. The members are both non-residents to the United Kingdom.

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:

Estella Resources Ltd
Sun International Advisors Ltd
Auditor

Citroen Wells were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

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 disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 24 October 2023 and signed on behalf by:
24 October 2023
Estella Resources Ltd
Designated Member
BLUE STONE MINING LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

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.

BLUE STONE MINING LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUE STONE MINING LLP
- 3 -
Opinion

We have audited the financial statements of Blue Stone Mining LLP (the 'limited liability partnership') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the statement of financial position, 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 FRS 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.

BLUE STONE MINING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUE STONE MINING LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

Ÿ Ÿ Ÿ

BLUE STONE MINING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUE STONE MINING LLP
- 5 -

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.

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.

Mark Bailey FCA CTA
Senior Statutory Auditor
For and on behalf of Citroen Wells
24 October 2023
Chartered Accountants
Statutory Auditor
Devonshire House
1 Devonshire Street
London
W1W 5DR
BLUE STONE MINING LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2022
2021
Notes
$
$
Revenue
3
98,218,979
67,771,013
Cost of sales
(93,901,416)
(65,799,448)
Gross profit
4,317,563
1,971,565
Administrative expenses
(158,415)
(90,331)
Operating profit
4,159,148
1,881,234
Investment income
29,624
51,913
Finance costs
7
(202,551)
(106,540)
Profit for the financial year before members' remuneration and profit shares
3,986,221
1,826,607
Members' remuneration charged as an expense
6
(3,986,221)
(1,826,607)
Result for the financial year available for discretionary division among members
-
-

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

BLUE STONE MINING LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
Notes
$
$
$
$
Current assets
Inventories
8
2,774,913
3,818,149
Debtors falling due after more than one year
9
19,537,194
11,959,733
Debtors falling due within one year
9
4,005,609
8,575,136
Cash and cash equivalents
3,469,084
2,438,360
29,786,800
26,791,378
Current liabilities
10
(3,138,398)
(3,922,404)
Net current assets and net assets attributable to members
26,648,402
22,868,974
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
26,648,400
22,868,972
Members' other interests
Members' capital classified as equity
2
2
26,648,402
22,868,974
The financial statements were approved by the members and authorised for issue on 24 October 2023 and are signed on their behalf by:
24 October 2023
Estella Resources Ltd
Sun International Advisors Ltd
Designated member
Designated Member
Limited Liability Partnership Registration No. OC399382
BLUE STONE MINING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
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 amounts
Total
Total
2022
$
$
$
$
Members' interests at 1 January 2022
2
22,868,972
22,868,972
22,868,974
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
3,986,221
3,986,221
3,986,221
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after profit and remuneration for the year
2
26,855,193
26,855,193
26,855,195
Drawings
-
(206,793)
(206,793)
(206,793)
Members' interests at 31 December 2022
2
26,648,400
26,648,400
26,648,402
BLUE STONE MINING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
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 amounts
Total
Total
2021
$
$
$
$
Members' interests at 1 January 2021
2
21,297,036
21,297,036
21,297,038
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
1,826,607
1,826,607
1,826,607
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
2
23,123,643
23,123,643
23,123,645
Drawings
-
(254,671)
(254,671)
(254,671)
Members' interests at 31 December 2021
2
22,868,972
22,868,972
22,868,974
BLUE STONE MINING LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
2022
2021
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
14
1,410,444
82,364
Interest paid
(202,551)
(106,540)
Net cash inflow/(outflow) from operating activities
1,207,893
(24,176)
Investing activities
Proceeds from disposal of investments
-
1,272,440
Interest received
29,624
5,355
Other income received from investments
-
46,558
Net cash generated from investing activities
29,624
1,324,353
Financing activities
Payments to members
(206,793)
(254,671)
Net cash used in financing activities
(206,793)
(254,671)
Net increase in cash and cash equivalents
1,030,724
1,045,506
Cash and cash equivalents at beginning of year
2,438,360
1,392,854
Cash and cash equivalents at end of year
3,469,084
2,438,360
BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
1
Accounting policies
Limited liability partnership information

Blue Stone Mining LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, 5 Lloyds Avenue, London, EC3N 3AE.

 

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.

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
Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of any discounts and rebates allowed by the LLP and value added taxes.

 

The LLP recognises revenue when:-

 

Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer, and it is probable that the LLP will receive the previously agreed consideration. This generally occurs at the point of agreed delivery to the buyer.

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.

BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -

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.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.7
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 trade and other receivables 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.

BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from connected companies 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

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.

BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisional sales and purchase invoices

For certain sales and purchase contracts, provisional invoices are subject to changes in the final assay results which are not known at the year end. These open contracts are valued using management's best estimate of the assay available at the year end. Any movements arising from assay results received after the year end are recognised in subsequent accounting periods.

3
Revenue

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

2022
2021
$
$
Revenue analysed by class of business
Sale of goods
98,218,979
67,771,013
2022
2021
$
$
Other significant revenue
Interest income
29,624
51,913

In the opinion of the members it would be seriously prejudicial to the business of the partnership to disclose the geographical spread of turnover. Notwithstanding this, none of the turnover above is derived from the UK.

4
Auditor's remuneration
2022
2021
Fees payable to the LLP's auditor and associates:
$
$
For audit services
Audit of the financial statements of the LLP
51,438
56,553
BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
5
Employees

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

2022
2021
Number
Number
Total
-
0
-
0
6
Members' remuneration
2022
2021
Number
Number
Average number of members during the year
2
2
2022
2021
$
$
Profit attributable to the member with the highest entitlement
1,993,110
913,304
7
Finance costs
2022
2021
$
$
Interest on financial liabilities measured at amortised cost:
Other interest
202,551
106,540
8
Inventories
2022
2021
$
$
Metal ores and concentrates
2,774,913
3,818,149
9
Trade and other receivables
2022
2021
Amounts falling due within one year:
$
$
Trade receivables
837,798
2,673,575
Prepayments and accrued income
3,167,811
5,901,561
4,005,609
8,575,136
BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Trade and other receivables
(Continued)
- 16 -
2022
2021
Amounts falling due after more than one year:
$
$
Other receivables
19,537,194
11,959,733
Total debtors
23,542,803
20,534,869
10
Current liabilities
2022
2021
$
$
Trade payables
2,877,563
3,691,236
Accruals and deferred income
260,835
231,168
3,138,398
3,922,404
11
Loans and other debts due to members
2022
2021
$
$
Analysis of loans
Amounts falling due within one year
26,648,400
22,868,972

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

12
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Purchases
Purchases
2022
2021
$
$
Entities with common control
14,906,344
7,708,160
2022
2021
Amounts due to related parties
$
$
Entities with common control
671,394
10,652
BLUE STONE MINING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Related party transactions
(Continued)
- 17 -

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due from related parties
$
$
Entities with common control
20,442,122
14,877,904
13
Ultimate controlling party

Blanca Beatriz Gutierrez De Lebl is considered to be the ultimate controlling party by virtue of her control of the corporate members of the LLP.

14
Cash generated from operations
2022
2021
$
$
Profit for the year
3,986,221
1,826,607
Adjustments for:
Finance costs recognised in profit or loss
202,551
106,540
Investment income recognised in profit or loss
(29,624)
(51,913)
Movements in working capital:
Decrease/(increase) in inventories
1,043,236
(1,104,762)
(Increase) in trade and other receivables
(3,007,934)
(4,010,528)
(Decrease)/increase in trade and other payables
(784,006)
3,316,420
Cash generated from operations
1,410,444
82,364
15
Analysis of changes in net funds
1 January 2022
Cash flows
31 December 2022
$
$
$
Cash at bank and in hand
2,438,360
1,030,724
3,469,084
Loans and other debts due to members:
- Other amounts due to members
(22,868,972)
(3,779,428)
(26,648,400)
Balances including members' debt
(20,430,612)
(2,748,704)
(23,179,316)
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