Limited Liability Partnership Registration No. OC397316 (England and Wales)
ARTIC PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ARTIC PARTNERS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ARTIC PARTNERS LLP
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
Current assets
Stocks
4
2,848,986
3,042,122
Debtors
5
2,901
170,889
Cash at bank and in hand
630,149
992,471
3,482,036
4,205,482
Creditors: amounts falling due within one year
6
(35,673)
(206,901)
Net current assets
3,446,363
3,998,581
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
3,395,217
3,947,435
Other amounts
51,018
51,018
3,446,235
3,998,453
Members' other interests
7
Members' capital classified as equity
128
128
3,446,363
3,998,581
Total members' interests
7
Loans and other debts due to members
3,446,235
3,998,453
Members' other interests
128
128
3,446,363
3,998,581

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

ARTIC PARTNERS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -

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 4 July 2023 and are signed on their behalf by:
04 July 2023
..............................
..............................
Parker Thomson & Associates Investments Limited
Juan Ramos
Designated member
Designated Member
Limited Liability Partnership Registration No. OC397316
ARTIC PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Limited liability partnership information

Artic Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is Second Floor De Burgh House, Market Road, Wickford, Essex, England, SS12 0FD.

 

The limited liability partnerships'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 January 2017, 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 euros, 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the LLP in respect of the sales of horses and the provision of equine consultancy services. Turnover is only recognised when the terms of the agreement have been fulfilled.

 

Revenue is recognised net of Value Added Tax and other sales related discounts.

 

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.

 

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.

1.4
Stocks

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.5
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.

ARTIC PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets include debtors and cash and bank balances.

Debtors

Debtors do not carry any 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.

Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held.

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 include creditors and loans from members. Creditors are not interest bearing and are stated 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.

1.6
Foreign exchange

Transactions in currencies other than euros 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 are included in the profit and loss account for the period.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2021: 0).

3
Members' remuneration
2022
2021
Remuneration under participation rights
1,151,043
1,248,089
ARTIC PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Stocks
2022
2021
Stocks
2,848,986
3,042,122
5
Debtors
2022
2021
Amounts falling due within one year:
Trade debtors
-
151,991
Other debtors
2,901
18,898
2,901
170,889
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
11
-
Trade creditors
-
2,078
Other creditors
35,662
204,823
35,673
206,901
ARTIC PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Reconciliation of Members' Interests
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 (classified as equity)
Other amounts
Total
Total
2022
Amount due to members
3,998,453
Members' interests at 1 January 2022
128
3,998,453
3,998,453
3,998,581
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
1,151,043
1,151,043
1,151,043
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
128
5,149,496
5,149,496
5,149,624
Drawings
-
(1,703,261)
(1,703,261)
(1,703,261)
Members' interests at 31 December 2022
128
3,446,235
3,446,235
3,446,363
Amounts due to members
3,446,235
3,446,235
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