Limited Liability Partnership Registration No. OC376560 (England and Wales)
VANTAGE GLOBAL PRIME LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
VANTAGE GLOBAL PRIME LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr D Shayer
Ms S Li
Silverstone Holding Limited
LLP registration number
OC376560
Registered office
7 Bell Yard
London
WC2A 2JR
Auditor
Riches & Company
34 Anyards Road
Cobham
Surrey
KT11 2LA
VANTAGE GLOBAL PRIME LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 20
VANTAGE GLOBAL PRIME LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The members present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the limited liability partnership (“LLP”) as a Broker is to onboard retail and professional clients for the purposes of providing a platform for clients to buy and sell leveraged spot foreign exchange (“FX”) and Contract for Differences (“CFD”) products.

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:

Mr D Shayer
Ms S Li
Silverstone Holding Limited
Auditor

The auditor, Riches & Company, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
20 October 2023
20 October 2023
and signed on their behalf by:
Mr D Shayer
Ms S Li
Designated Member
Designated Member
VANTAGE GLOBAL PRIME LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 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.

VANTAGE GLOBAL PRIME LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VANTAGE GLOBAL PRIME LLP
- 3 -
Opinion

We have audited the financial statements of Vantage Global Prime LLP (the 'limited liability partnership') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, 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 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:

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.

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

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

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.

VANTAGE GLOBAL PRIME LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGE GLOBAL PRIME LLP
- 5 -

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.

Richard Bolton
Senior Statutory Auditor
For and on behalf of Riches & Company
20 October 2023
Chartered Accountants
Statutory Auditor
34 Anyards Road
Cobham
Surrey
KT11 2LA
VANTAGE GLOBAL PRIME LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
2,022,663
265,115
Cost of sales
(116,837)
(59,174)
Gross profit
1,905,826
205,941
Administrative expenses
(1,708,620)
(1,189,061)
Operating profit/(loss)
4
197,206
(983,120)
Interest receivable and similar income
8
14
-
Interest payable and similar expenses
9
(13)
-
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members
197,207
(983,120)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VANTAGE GLOBAL PRIME LLP
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
10,457
15,685
Tangible assets
11
9,875
7,148
20,332
22,833
Current assets
Debtors
12
160,352
20,364
Cash at bank and in hand
1,259,030
1,565,126
1,419,382
1,585,490
Creditors: amounts falling due within one year
13
(51,680)
(417,496)
Net current assets
1,367,702
1,167,994
Total assets less current liabilities and net assets attributable to members
1,388,034
1,190,827
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(2,207,085)
(2,404,292)
Members' other interests
Members' capital classified as equity
3,595,119
3,595,119
1,388,034
1,190,827

The notes on pages 11 to 20 form part of these financial statements.

The financial statements were approved by the members and authorised for issue on 20 October 2023 and are signed on their behalf by:
20 October 2023
Mr D Shayer
Ms S Li
Designated member
Designated Member
Limited Liability Partnership Registration No. OC376560
VANTAGE GLOBAL PRIME LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2023
- 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 (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
(2,404,292)
Members' interests at 1 July 2022
3,595,119
-
3,595,119
(2,404,292)
(2,404,292)
1,190,827
Profit for the financial year available for discretionary division among members
-
197,207
197,207
-
-
197,207
Members' interests after profit for the year
3,595,119
197,207
3,792,326
(2,404,292)
(2,404,292)
1,388,034
Allocation of profit for the financial year
-
(197,207)
(197,207)
197,207
197,207
-
Members' interests at 30 June 2023
3,595,119
-
3,595,119
(2,207,085)
(2,207,085)
1,388,034
Amounts due to members
(2,207,085)
(2,207,085)
VANTAGE GLOBAL PRIME LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 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 (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
(1,421,172)
Members' interests at 1 July 2021
2,095,119
-
2,095,119
(1,421,172)
(1,421,172)
673,947
Loss for the financial year available for discretionary division among members
-
(983,120)
(983,120)
-
-
(983,120)
Members' interests after loss for the year
2,095,119
(983,120)
1,111,999
(1,421,172)
(1,421,172)
(309,173)
Allocation of loss for the financial year
-
983,120
983,120
(983,120)
(983,120)
-
Introduced by members
1,500,000
-
1,500,000
-
-
1,500,000
Members' interests at 30 June 2022
3,595,119
-
3,595,119
(2,404,292)
(2,404,292)
1,190,827
Amounts due to members
(2,404,292)
(2,404,292)
VANTAGE GLOBAL PRIME LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
18
(300,082)
(841,569)
Interest paid
(13)
-
Net cash outflow from operating activities
(300,095)
(841,569)
Investing activities
Purchase of tangible fixed assets
(6,015)
(4,190)
Interest received
14
-
Net cash used in investing activities
(6,001)
(4,190)
Financing activities
Capital introduced by members (classified as equity)
-
1,500,000
Net cash (used in)/generated from financing activities
-
1,500,000
Net (decrease)/increase in cash and cash equivalents
(306,096)
654,241
Cash and cash equivalents at beginning of year
1,565,126
910,885
Cash and cash equivalents at end of year
1,259,030
1,565,126

The notes on pages 11 to 20 form part of these financial statements.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
1
Accounting policies
Limited liability partnership information

Vantage Global Prime LLP is a limited liability partnership incorporated in England and Wales, registered LLP number OC376560. The registered office is 7 Bell Yard, London, WC2A 2JR.

 

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 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. 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
Turnover

Turnover represents the amounts recoverable for the services provided to clients, under contractual obligations which are performed gradually over time.

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.

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.

Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as profits are generated to set them against.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -

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.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Licences are being amortised over a period of 10 years because their useful life cannot be reliably estimated.

Licences
10% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

1.9
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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
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 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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 limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling 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.

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.

3
Turnover

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

2023
2022
£
£
Turnover analysed by class of business
Commissions
2,022,663
265,115
2023
2022
£
£
Turnover analysed by geographical market
UK
2,022,663
265,115
VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Turnover
(Continued)
- 16 -
2023
2022
£
£
Other significant revenue
Interest income
14
-
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
85,287
3,837
Depreciation of owned tangible fixed assets
3,288
2,186
Amortisation of intangible assets
5,228
5,228
5
Auditor's remuneration
2023
2022
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
6,816
6,607
6
Employees

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

2023
2022
Number
Number
9
7

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
577,129
484,259
Social security costs
70,879
49,867
Pension costs
9,631
7,062
657,639
541,188
7
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
14
-

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
14
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
13
-
10
Intangible fixed assets
Licences
£
Cost
At 1 July 2022 and 30 June 2023
52,280
Amortisation and impairment
At 1 July 2022
36,595
Amortisation charged for the year
5,228
At 30 June 2023
41,823
Carrying amount
At 30 June 2023
10,457
At 30 June 2022
15,685

Included within intangible assets is a software licence which is material to the financial statements. The carrying amount of the licence is £10,457 and the remaining amortisation period is 2 years.

Amortisation of intangible assets is included within administrative expenses in the Statement of Comprehensive Income.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
11
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2022
9,857
Additions
6,015
At 30 June 2023
15,872
Depreciation and impairment
At 1 July 2022
2,709
Depreciation charged in the year
3,288
At 30 June 2023
5,997
Carrying amount
At 30 June 2023
9,875
At 30 June 2022
7,148
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
50,979
-
Amounts owed by group undertakings
1,200
-
Other debtors
66,614
16,216
Prepayments and accrued income
41,559
4,148
160,352
20,364
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
41,335
213,235
Other taxation and social security
-
16,115
Other creditors
2,115
153,604
Accruals and deferred income
8,230
34,542
51,680
417,496
VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,631
7,062

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

15
Loans and other debts due to members
2023
2022
£
£
Analysis of loans
Amounts falling due within one year
(2,207,085)
(2,404,292)

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. There is no protection afforded to any of these amounts in the event of a winding-up and no restrictions on the ability of the members to reduce "Members' other interests".

16
Related party transactions
Remuneration of key management personnel

The total compensation paid to key management in the year was £120,000, which comprised salary only.

Transactions with related parties

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

During the year the LLP charged £446,552 to Vantage International Group Limited, a company under common control, in respect of commissions earned, and was charged £714,771 by Vantage International Group Limited in respect of services provided. At the year end the LLP owed £628 (2021: was owed £200,789 by) to Vantage International Group Limited.

17
Ultimate controlling party

The LLP's ultimate parent company is Silverstone Holding Limited, a company incorporated in the BVI.

 

The LLP's results are not included within any group financial statements available for public use.

 

The ultimate controlling party is Ms Xueniu Zhang.

VANTAGE GLOBAL PRIME LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
18
Cash absorbed by operations
2023
2022
£
£
Profit/(loss) for the year
197,207
(983,120)
Adjustments for:
Finance costs recognised in profit or loss
13
-
Investment income recognised in profit or loss
(14)
-
Amortisation and impairment of intangible assets
5,228
5,228
Depreciation and impairment of tangible fixed assets
3,288
2,186
Movements in working capital:
(Increase)/decrease in debtors
(139,988)
9,565
(Decrease)/increase in creditors
(365,816)
124,572
Cash absorbed by operations
(300,082)
(841,569)
19
Analysis of changes in net funds
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
1,565,126
(306,096)
1,259,030
Loans and other debts due to members:
- Other amounts due to members
2,404,292
(197,207)
2,207,085
Balances including members' debt
3,969,418
(503,303)
3,466,115
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