Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-310falsetrueNo description of principal activity02022-04-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC407587 2022-04-01 2023-03-31 OC407587 2021-04-01 2022-03-31 OC407587 2023-03-31 OC407587 2022-03-31 OC407587 c:CurrentFinancialInstruments 2023-03-31 OC407587 c:CurrentFinancialInstruments 2022-03-31 OC407587 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC407587 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC407587 d:FRS102 2022-04-01 2023-03-31 OC407587 d:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC407587 d:FullAccounts 2022-04-01 2023-03-31 OC407587 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC407587 6 2022-04-01 2023-03-31 OC407587 d:PartnerLLP1 2022-04-01 2023-03-31 OC407587 d:PartnerLLP2 2022-04-01 2023-03-31 OC407587 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC407587 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC407587 2 2023-03-31 OC407587 2 2022-03-31 OC407587 f:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure


Registered number: OC407587












VTB EQUITY LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

VTB EQUITY LLP

INFORMATION



Designated Members
Vane-Tempest Private Office LLP
Blackham Investments Limited

LLP registered number
OC407587

Registered office
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Accountants
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH


 

VTB EQUITY LLP
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The members present their annual report together with the financial statements of VTB Equity LLP (the "LLP") for the year ended 31 March 2023
 

Designated Members
 
 
Vane-Tempest Private Office LLP and Blackham Investments Limited were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 March 2023 are set out in the reconciliation of members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

This report was approved by the members and signed on their behalf by: 




Chris Vane-Tempest (for and on behalf of)
Vane-Tempest Private Office LLP
Designated member



Date: 4 March 2024

Page 1

 

VTB EQUITY LLP
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VTB EQUITY LLP
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to LLPs, we have prepared for your approval the financial statements of VTB Equity LLP for the year ended 31 March 2023 which comprise  the balance sheet and the related notes from the entity's accounting records and from information and explanations you have given to us.


We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales (ICAEW) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
 
 
It is your duty to ensure that VTB Equity LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the entity's assets, liabilities, financial position and loss. You consider that VTB Equity LLP is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of VTB Equity 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.
Use of our report
This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of VTB Equity LLP and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VTB Equity LLP and its members for our work or for this report.





Blick Rothenberg Limited
 
Chartered Accountants
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

4 March 2024
Page 2


 
REGISTERED NUMBER:OC407587
VTB EQUITY LLP

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
57,000
66,675

  

Creditors: amounts falling due within one year
 5 
(1,800)
-

Net current liabilities
  
 
 
(1,800)
 
 
-

  

Net assets
  
55,200
66,675


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 6 
226,475
226,500

Members' other interests
  

Other reserves classified as equity

  

(171,275)
(159,825)

  
 
(171,275)
 
(159,825)

  
55,200
66,675


Total members' interests
  

Loans and other debts due to members
 6 
226,475
226,500

Members' other interests
  
(171,275)
(159,825)

  
55,200
66,675


Page 3


 
REGISTERED NUMBER:OC407587
VTB EQUITY LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Chris Vane-Tempest (for and on behalf of)
Vane-Tempest Private Office LLP
Designated member

Date: 4 March 2024

The notes on pages 6 to 10 form part of these financial statements.

VTB Equity LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 4

 

VTB EQUITY LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Loss for the year available for discretionary division among members
 
(13,445)
(13,445)
-
-
(13,445)

Members' interests after profit for the year
(159,825)
(159,825)
229,500
229,500
69,675

Drawings
-
-
(3,000)
(3,000)
(3,000)

Other movements
 
-
-
-
-
-

Amounts due to members
 


226,500
226,500


Balance at 31 March 2022
(159,825)
(159,825)
226,500
226,500
66,675

Loss for the year available for discretionary division among members
 
(11,450)
(11,450)
-
-
(11,450)

Members' interests after profit for the year
(171,275)
(171,275)
226,500
226,500
55,225

Drawings on account and distribution of profit
-
-
(25)
(25)
(25)

Other movements
 
-
-
-
-
-

Amounts due to members
226,475
226,475

Balance at 31 March 2023 
(171,275)
(171,275)
226,475
226,475
55,200

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 5

 

VTB EQUITY LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

VTB Equity LLP is a Limited Liability Partnership (LLP) incorporated in England & Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, 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 oreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.4

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 6

 

VTB EQUITY LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

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 LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including other creditors, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Page 7

 

VTB EQUITY LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


3.


Employees

The entity has no employees.

Page 8

 

VTB EQUITY LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Other fixed asset investments

£



Cost 


At 1 April 2022
226,500


Disposals
(6,500)



At 31 March 2023

220,000



Impairment


At 1 April 2022
159,825


Charge for the period
9,550


Impairment on disposals
(6,375)



At 31 March 2023

163,000



Net book value



At 31 March 2023
57,000



At 31 March 2022
66,675


5.


Creditors: amounts falling due within one year

2023
2022
£
£

Accruals
1,800
-


Page 9

 

VTB EQUITY LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
226,475
226,500

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
46,750
-

Falling due after more than one year
179,725
226,500

226,475
226,500

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 10