Limited Liability Partnership Registration No. OC434758 (England and Wales)
Redrice I GP LLP
Annual report and unaudited financial statements
for the year ended 30 September 2023
Pages for filing with the registrar
Redrice I GP LLP
Contents
Page
Statement of comprehensive income
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
Redrice I GP LLP
Statement of financial position
As at 30 September 2023
1
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
4
1,000
1,000
Cash at bank and in hand
-
35
1,000
1,035
Creditors: amounts falling due within one year
5
(3,012,337)
(1,803,026)
Net current liabilities and net liabilities attributable to members
(3,011,337)
(1,801,991)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
250
250
Other amounts
(250)
(250)
-
-
Members' other interests
Members' capital classified as equity
250
250
Other reserves classified as equity
(3,011,587)
(1,802,241)
(3,011,337)
(1,801,991)

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 30 September 2023 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.

Redrice I GP LLP
Statement of financial position (continued)
As at 30 September 2023
2
The financial statements were approved by the members and authorised for issue on 5 February 2024 and are signed on their behalf by:
05 February 2024
Tom March
On behalf of
Redrice Ventures Limited
Designated member
Limited Liability Partnership Registration No. OC434758
Redrice I GP LLP
Reconciliation of members' interests
For the year ended 30 September 2023
3
Current financial year
Equity
Total
Restated
Restated
Members' other interests
Members' interests
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 October 2022
250
(1,802,241)
(1,801,991)
Loss for the financial year available for discretionary division among members
-
(1,209,346)
(1,209,346)
Members' interests after loss for the year
250
(3,011,587)
(3,011,337)
Members' interests at 30 September 2023
250
(3,011,587)
(3,011,337)
Redrice I GP LLP
Reconciliation of members' interests (continued)
For the year ended 30 September 2023
4
Prior financial year
Equity
Total
Restated
Restated
Members' other interests
Members' interests
Members' capital
Other reserves
Total
2022
£
£
£
Members' interests at 1 October 2021
250
(599,249)
(598,999)
Loss for the financial year available for discretionary division among members
-
(1,202,992)
(1,202,992)
Members' interests after loss for the year
250
(1,802,241)
(1,801,991)
Members' interests at 30 September 2022
250
(1,802,241)
(1,801,991)
Redrice I GP LLP
Notes to the financial statements
For the year ended 30 September 2023
5
1
Accounting policies
Limited liability partnership information

Redrice I GP LLP ("the Partnership") was formed on 18 December 2020 by a Limited Partnership Agreement to act as the general partner in an English private fund limited partnership known as "Redrice I LP" ("Redrice I") with a view to providing profits for distribution in accordance with the LPA.

 

The Partnership has been registered as a limited partnership in England and Wales under the Limited Partnerships Act 2000 with number OC434759.

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 sterling, 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
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.

 

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.

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.

Redrice I GP LLP
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
6
1.4
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.

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.

 

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 debtors, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The taxation payable on profits is the personal liability of the Members during the year.

Redrice I GP LLP
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
7
1.7
Foreign currency translation

Functional and presentational currency

Items included in the Partnership’s Financial Statements are measured and presented in ''GBP'', the currency of the primary economic environment in which it operates (“the functional currency”), due to all capital calls and distributions being made in GBP.

 

Transactions and balances

Monetary assets and liabilities in currencies other than GBP are translated into GBP at the rate of exchange ruling at the reporting date. Transactions in currencies other than GBP are translated into the functional currency using the exchange rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

2
Critical accounting 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.

 

There are currently no critical accounting policies that are subject to significant judgements, estimates and assumptions by the General Partner.

 

3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,000
1,000
Redrice I GP LLP
Notes to the financial statements (continued)
For the year ended 30 September 2023
8
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
3,012,337
1,801,586
Accruals and deferred income
-
1,440
3,012,337
1,803,026
6
Loans and other debts due to members
2023
2022
£
£
Analysis of loans
Amounts falling due after more than one year
-
-
-
-

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

7
Prior period adjustment

A prior period restatement has been reflected in the accounts to ensure the losses incurred from inception to date are allocated to members in accordance with the LPA agreement.

 

As a result of this amendment, the loss allocated to members of £1,298,119 in the year to 30 September 2022 has been reallocated from loans and other debtors due to/(from) members to other reserves and the loss allocated to members of £598,999 in the year to 30 September 2021 has equally been reallocated from loans and other debtors due to/(from) members to other reserves.

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