Registered number: OC426175
TSG Consumer UK LLP
Members' report and audited financial statements
For the year ended 31 December 2022
TSG Consumer UK LLP
Contents
Page
Information
1
Members' report
2
Statement of members' responsibilities
4
Independent auditors' report
5
Statement of comprehensive income
8
Statement of financial position
9
Reconciliation of members' interests
10
Statement of cash flows
11
Notes to the financial statements
12
TSG Consumer UK LLP
Information
Designated members
E A Pickens
TSG UK 1 Limited
LLP registered number
OC426175
Registered office
33 Cork Street
5th Floor
Mayfair
London
W1S 3NQ
Independent auditors
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone, Kent
ME14 3EN
Page 1
TSG Consumer UK LLP
Members' report
For the year ended 31 December 2022
The members present their report together with the audited financial statements of TSG Consumer UK LLP ("the LLP") for the year ended 31 December 2022.
Principal activities
The principal activity of the LLP is the provision of advisory services to TSG Consumer Partners LP (formerly known as TSG Consumer Partners LLC), an entity registered in the United States. The members do not see any change in the nature of this activity going forward.
The LLP is wholly reliant on TSG Consumer Partners LP for all its income and support.
Members
The members of the LLP throughout the year and up to the date of this report were:
E A Pickens*
TSG UK 1 Limited*
C S A Welch
*designated member
Members' capital and interests
Policies for members' drawings, subscriptions and repayment of members' capital are governed by the LLP Agreement. In summary, the capital is contributed by each member upon admission to the LLP and shall be repayable at the discretion of the corporate member either on ceasing to be a member, on a winding-up or when the LLP remains compliant with its regulatory capital requirements. Each member is entitled to receive a monthly drawing in anticipation of future profits and any profit is allocated to the members in accordance with the procedure set out in the LLP Agreement.
Going concern
The LLP's business activities are set out above. The financial position of the LLP and its liquidity position are reflected on the statement of financial position. The LLP has considerable financial resources and ongoing advisory contracts. As a consequence, the members believe that the LLP is well placed to manage its business risks successfully. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they adopt the going concern basis of accounting in preparing the annual financial statements.
Conflict in Ukraine
The events in Ukraine and the subsequent international sanctions imposed on Russian and Belarusian businesses and individuals could have a wide-ranging impact on the global economy. However, the group does not have a presence in these jurisdictions and neither any material indirect links to them. The directors currently do not anticipate any adverse impact on our business from the current sanctions regime but will continue to monitor the events and any associated impact.
Statement as to disclosure of information to the auditors
In the case of each of the persons who are members at the time when the report is approved:
*
So far as the members are aware, there is no relevant audit information of which the LLP's auditors are unaware; and
*
Each member has taken all the steps that ought to be taken as a member in order to make themselves aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
Page 4
TSG Consumer UK LLP
Members' report (continued)
For the year ended 31 December 2022
Independent auditors
Azets Audit Services, have indicated their willingness to act in the position of auditors. The designated members will propose a motion appointing the auditors at a meeting of the members.
This report was approved by the members on
15 November 2023
15 November 2023
and signed on their behalf by:
E A Pickens
Designated member
Page 5
TSG Consumer UK LLP
Statement of members' responsibilities
For the year ended 31 December 2022
The members are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law, as applied to LLPs, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under LLP law, as applied to LLPs, the members must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgments and accounting estimates that are reasonable and prudent;
*
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
*
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the entity's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
TSG Consumer UK LLP
Independent auditor's report to the members TSG Consumer UK LLP
Opinion
We have audited the financial statements of TSG Consumer UK LLP (the ‘limited liability partnership') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the statement of financial position, 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:
-
give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2022, and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and;
-
have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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. Our evaluation of the members' assessment of the entity's ability to continue to adopt the going concern basis of accounting included discussions with management regarding their intentions for the limited liability partnership along with a comprehensive review of post year end management accounts, budgets and forecasts.
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 members' report, other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the members' 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the members' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the members' report has been prepared in accordance with applicable legal requirements.
Page 5
TSG Consumer UK LLP
Independent auditor's report to the members TSG Consumer UK LLP (continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the limited liability partnership and its environment obtained in the course of the audit, we have not identified material misstatements in the members' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the statement of members' responsibilities, 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.
Auditors' 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.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the limited liability partnership through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Page 6
TSG Consumer UK LLP
Independent auditor's report to the members TSG Consumer UK LLP (continued)
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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. 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.
Daniel Graves BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Globe House
Eclipse Park
Sittingbourne Road
Maidstone, Kent
ME14 3EN
Date: 17 November 2023
Page 7
TSG Consumer UK LLP
Statement of comprehensive income
For the year ended 31 December 2022
2022
2021
Note
£
£
Turnover
4
3,821,054
2,731,267
Administrative expenses
(2,108,431)
(1,551,140)
Operating profit
1,712,623
1,180,127
Interest income
5
2,551
-
Interest expense
6
(429)
-
Profit for the year before members' remuneration and profit shares
1,714,745
1,180,127
Members' remuneration charged as an expense
(1,157,482)
(821,800)
Profit allocations
(557,263)
(358,327)
Profit for the financial year available for discretionary division among members
There was no other comprehensive income during the year.
All amounts relate to continuing operations.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
10
TSG Consumer UK LLP
Registered number: OC426175
Statement of financial position
As at 31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible fixed assets
10
390,558
2,669
Current assets
Debtors
11
1,089,193
438,370
Cash and cash equivalents
12
13,236
290,108
1,102,429
728,478
Creditors: amounts falling due within one year
13
(1,434,828)
(731,147)
Net current liabilities
(332,399)
(2,669)
Provisions for liabilities
14
(58,159)
-
Net assets attributable to members
-
-
Represented by:
Loans and other debts due from members
15
Amounts due from members
(100)
(100)
(100)
(100)
Members' other interests
16
Members' capital classified as equity
100
100
100
100
Total members' interests
Amounts due from members
(100)
(100)
Members' other interests
100
100
The financial statements were approved and authorised for issue by the members on
15 November 2023
15 November 2023
and signed on their behalf by:
E A Pickens
Designated member
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
11
TSG Consumer UK LLP
Reconciliation of members' interests
For the ended 31 December 2022
Members' capital (classified as equity)
Other reserves
Total members' other interests
Loans and debts due to/(from) members
Total members' interests
£
£
£
£
£
Members' interests at 1 January 2021
100
-
100
(100)
-
Members' remuneration charged as an expense
-
(821,800)
(821,800)
821,800
-
Profit for the year before members' remuneration and profit shares
-
1,180,127
1,180,127
-
1,180,127
Members' interests after profit for the period
100
358,327
358,427
821,700
1,180,127
Profit allocated to members
-
(358,327)
(358,327)
358,327
-
Amounts withdrawn by members
-
-
(1,180,127)
(1,180,127)
Members' interests at 31 December 2021
100
-
100
(100)
-
Members' remuneration charged as an expense
-
(1,157,482)
(1,157,482)
1,157,482
-
Profit for the year before members' remuneration and profit shares
-
1,714,745
1,714,745
-
1,714,745
Members' interests after profit for the year
100
557,263
557,363
1,157,382
1,714,745
Profit allocated to members
-
(557,263)
(557,263)
557,263
-
Amounts withdrawn by members
-
-
(1,714,745)
(1,714,745)
Members' interests at 31 December 2022
100
-
100
(100)
-
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
12
TSG Consumer UK LLP
Statement of cash flows
For the year ended 31 December 2022
2022
2021
£
£
Cash flows from operating activities
Profit for the financial year
1,714,745
1,180,127
Depreciation of tangible fixed assets
10
16,549
3,670
(Increase)/decrease in debtors
11
(650,823)
89,606
Increase in creditors
13
703,681
108,604
Increase in provisions
14
58,159
-
Net cash generated from operating activities
1,842,311
1,382,007
Cash flows from investing activities
Purchase of fixed assets
10
(404,438)
-
Net cash used in investing activities
(404,438)
-
Cash flows from financing activities
Payments to members
(1,714,745)
(1,180,127)
Net cash used in financing activities
(1,714,745)
(1,180,127)
Net (decrease)/increase in cash and cash equivalents
(276,872)
201,880
Cash and cash equivalents at the beginning of year
290,108
88,228
Cash and cash equivalents at the end of the year
12
13,236
290,108
There was no net debt for the year ended 31 December 2022 (2021: none) and therefore an analysis of net debt has not been presented.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
13
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
1.
General information
TSG Consumer UK LLP (the LLP) is a limited liability partnership registered and domiciled in England and Wales. The address of its registered office and principal place of business is 33 Cork Street, 5th Floor, Mayfair, London, W1S 3NQ.
2.
Accounting policies
2.1
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", issued in December 2018.
The financial statements have been prepared on a going concern basis, as mentioned in the members' report. Based on the members' assessment, as stated in the members' report, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the entity's accounting policies (note 3). Monetary amounts in these financial statements are rounded to the nearest pound sterling.
The following principal accounting policies have been applied:
2.2
Going concern
The LLP has adequate financial resources and as a consequence, the members believe that the LLP is well placed to manage its business risks successfully.
The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Members' report and financial statements.
1.3
Russia- Ukraine Conflict
The company has evaluated the impact of the Russia-Ukraine conflict on the operations and has determined it has caused no material disruption to the delivery of business objectives. The members have assessed the potential future impact of the Russia-Ukraine conflict and have determined that it will not inhibit the ability of the company to continue as a going concern. The directors do not consider the future impact of the Russia-Ukraine conflict to be such that it affects the ability of the company to generate value in the long-term or impact the business plan such as to have a material impact on any of the balances in these financial statements.
2.4
Turnover
Turnover is recognised on an accruals basis to the extent that the LLP obtains the right to consideration in exchange for its performance. Advisory services arise from services provided to TSG Consumer Partners LP. Turnover is measured at the fair value of the consideration receivable, excluding VAT.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
14
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
2.
Accounting policies (continued)
2.5
Taxation
No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP. Tax is assessed on the individual members and not on the LLP.
2.6
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
2.7
Operating leases
Rentals payable under operating leases are charged to the statement of comprehensive income on a straight-line basis over the term of the lease.
2.8
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straightline method. The estimated useful lives range as follows:
Computer equipment
-
3 years
Furniture & Equipment
-
7 years
Leasehold Improvements
-
Depreciated over the term of the lease
2.9
Debtors
Short term debtors are measured at transaction price, less any impairment.
2.10
Creditors
Short term creditors are measured at the transaction price.
2.11
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and other creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting year for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
15
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
2.
Accounting policies (continued)
2.12
Foreign currency translation
Functional and presentation currency
The functional and presentational currency of the LLP is Pound Sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined.
2.13 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.
Judgments in applying accounting policies and key sources of estimation uncertainty
In applying the LLP's accounting policies, the members are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The members' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
Key sources of estimation uncertainty
The members are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgments used in the preparation of these financial statements.
4.
Analysis of turnover
Analysis of turnover by class of business is as follows:
2022
2021
£
£
Advisory service fees
3,821,054
2,731,267
All turnover arose within the US.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
16
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
5.
Interest income
2022
2021
£
£
Bank interest received
2,551
-
6.
Interest expense
2022
2021
£
£
Unwinding of provision
429
-
7.
Auditors' remuneration
2022
2021
£
£
Fees payable to the LLP's auditors for the audit of the LLP's annual financial statements
11,750
11,750
Remuneration receivable by auditors and their associates for other services for or in relation to the audit of accounts
of associates of the LLP amounted to £5,500.
8.
Employees
Staff costs for the year were as follows:
2022
2021
£
£
Wages and salaries
865,791
821,268
Social security costs
171,964
119,022
Pension costs
20,017
8,743
1,057,772
949,033
The LLP had an average of 3 (2021: 3) employees during the year.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
17
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
9.
Information in relation to members
2022
2021
Number
Number
Average number of members during the year
3
3
2022
2021
£
£
The amount of profit attributable to the member with the largest entitlement
557,263
358,327
Members' remuneration charged as an expense
1,157,482
821,800
10.
Tangible Fixed Assets
Computer equipment
Furniture & Equipment
Leasehold Improvements
Total
£
£
£
£
Cost
At 1 January 2022
11,009
-
-
11,009
Additions
-
24,737
379,701
404,438
At 31 December 2022
11,009
24,737
379,701
415,447
Depreciation
At 1 January 2022
8,340
-
-
8,340
Charge for the year
2,669
883
12,997
16,549
At 31 December 2022
11,009
883
12,997
24,889
Net book value
At 31 December 2022
-
23,854
366,704
390,558
At 31 December 2021
2,669
-
-
2,669
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
18
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
11.
Debtors
2022
2021
£
£
Rent deposit due within more than one year
249,604
53,205
Amounts due from related parties
644,179
347,614
Other debtors
78,092
31,078
Prepayments and accrued income
117,318
6,473
1,089,193
438,370
12.
Cash and cash equivalents
2022
2021
£
£
Cash at bank and in hand
13,236
290,108
13.
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
63,233
60,134
Accruals and deferred income
290,969
70,679
Amounts due to parent undertaking
1,080,626
600,334
1,434,828
731,147
14.
Provisions for liabilities
2022
2021
£
£
Dilapidations provision
58,159
-
Movements on provisions:
£
£
Additional provision in the year
57,730
-
Unwinding of discount
429
-
At 31 December 2022
58,159
-
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
19
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
15.
Loans and other debts due from members
2022
2021
£
£
Amounts due from members
100
100
100
100
16.
Members' Capital
As at 31 December 2022, £100 (2021: £100) of members' capital was recognised in accordance with the terms of the LLP agreement.
17.
Operating lease commitments
At 31 December 2022, the LLP had future minimum rentals under non-cancellable operating leases as follows:
Land and buildings
2022
2021
£
£
Within 1 year
311,530
225,000
2 - 5 years
935,539
45,000
1,247,069
270,000
18.
Related party transactions
TSG UK 1 Limited (the Ltd), a limited company incorporated under the laws of England and Wales, is a designated member of the LLP. Any residual profit or loss is automatically allocated to the Ltd. During the year, the LLP distributed £557,263 (2021: £358,327) of reserves to the Ltd. As at 31 December 2022 the LLP owed a net balance of £1,080,626 (2021: £600,334) to the Ltd which is included creditors (note 13).
TSG Consumer Partners LP (the LP), a company registered in the United States, is a related party by the fact that it is the parent of the Ltd. During the year ended 31 December 2022, the LLP charged the LP advisory services of £3,821,054 (2021: £2,731,267). The LP made payments on behalf of the LLP amounting to £206,739 (2021: £63,040) and charged interest of £nil (2021: £nil). As at 31 December 2022 the LLP was owed a net balance of £633,109 (2021: £347,614) by the LP which is included in debtors (note 11).
The key management personnel of the LLP is comprised solely of the members. Details of members' remuneration are disclosed in the Reconciliation of members' interests and note 9.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
20
TSG Consumer UK LLP
Notes to the financial statements (continued)
For the year ended 31 December 2022
19.
Controlling party
The LLP's immediate parent undertaking is TSG UK 1 Limited and the ultimate parent undertaking is TSG Consumer Partners LP, domiciled in the United States of America.
The smallest group of undertakings for which consolidated accounts have been drawn up which include the LLP is headed by TSG UK 1 Limited, a company incorporated in the United Kingdom. Copies of the financial statements can be obtained from its registered office at 33 Cork Street, 5th Floor, Mayfair, London, W1S 3NQ.
The largest group of undertakings for which consolidated accounts have been drawn up which include the LLP is headed by TSG Consumer Partners LP.
Copies of the financial statements can be obtained from 1100 Larkspur Landing Circle, Suite 360, Larkspur, CA 94939, United States of America.
The notes to the financial statements on pages 12 to 18 form part of these financial statements
Page
21
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