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Registered number: OC318273



VENREX INVESTMENT MANAGEMENT LLP

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
For the Year Ended 31 December 2023

 
VENREX INVESTMENT MANAGEMENT LLP
Registered number: OC318273

BALANCE SHEET
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
400

Investments
 6 
3,204
28,327

  
3,204
28,727

Current assets
  

Debtors: amounts falling due within one year
 7 
3,433,955
2,028,047

Cash at bank and in hand
  
187,386
143,949

  
3,621,341
2,171,996

Creditors: Amounts Falling Due Within One Year
 8 
(1,996,769)
(1,953,310)

Net current assets
  
 
 
1,624,572
 
 
218,686

Total assets less current liabilities
  
1,627,776
247,413

  

Net assets
  
1,627,776
247,413


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
 9 
20,000
20,000

Other amounts
 9 
1,607,776
227,413

  
1,627,776
247,413

  

  
1,627,776
247,413


Total members' interests
  

Amounts due from Members
 9 
(1,601,919)
-

Loans and other debts due to members
 9 
1,627,776
247,413

  
25,857
247,413


Page 1

 
VENREX INVESTMENT MANAGEMENT LLP
Registered number: OC318273
    
BALANCE SHEET (CONTINUED)
As at 31 December 2023

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

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 statement of comprehensive income 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 on 17 April 2024.




M. L. V. Esiri
Designated member

The notes on pages 4 to 10 form part of these financial statements.

Venrex Investment Management 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 2

 
VENREX INVESTMENT MANAGEMENT LLP
Registered number: OC318273
    
BALANCE SHEET (CONTINUED)
As at 31 December 2023



RECONCILIATION OF MEMBERS' INTERESTS
For the Year Ended 31 December 2023





Debt
Loans and other 
debts due to members
 
Members' capital (classified as debt)
Total

£
£
£

Amounts due to members 

20,000
49,450
69,450

Balance at 1 April 2022 
20,000
199,450
219,450

Members' remuneration charged as an expense
 
-
2,907,083
2,907,083

Members' interests after profit for the year
20,000
3,106,533
3,126,533

Amounts introduced by members
-
454,000
454,000

Drawings on account and distribution of profit
 
-
(3,333,120)
(3,333,120)

Amounts due to members
 
20,000
227,413
247,413

Balance at 31 December 2022
20,000
227,413
247,413

Members' remuneration charged as an expense
 
-
1,454,377
1,454,377

Members' interests after profit for the year
20,000
1,681,790
1,701,790

Amounts introduced by members
-
1,195,000
1,195,000

Drawings on account and distribution of profit
 
-
(1,269,013)
(1,269,013)

Amounts due to members
 
20,000
1,607,776
1,627,776

Balance at 31 December 2023 
20,000
1,607,776
1,627,776

The notes on pages 4 to 10 form part of these financial statements.


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 3

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

1.


General information

Venrex Investments Management LLP is a Limited Liability Partnership incorporated in England and Wales, registration number OC318273. The address of the registered office is 7th & 8th Floor, 22 Percy Street, London, W1T 2BU.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.  

 
2.3

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 straight-line method.

Depreciation is provided on the following basis:

Office furniture
-
25 % straight line
Computer equipment
-
33 1/3 % straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are 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 Statement of comprehnsive income.
Financial assest and liabilties 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 to realise the asset and settle the liability simultaneously.

Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

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 .

Page 5

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year.


4.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 7).

Page 7

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

5.


Tangible fixed assets





Office furniture
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
8,187
18,587
26,774



At 31 December 2023

8,187
18,587
26,774



Depreciation


At 1 January 2023
8,187
18,188
26,375


Charge for the year on owned assets
-
399
399



At 31 December 2023

8,187
18,587
26,774



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
400
400


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
28,327


Disposals
(25,123)



At 31 December 2023
3,204




Page 8

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,232,275
1,501,587

Other debtors
561,540
488,709

Amounts due from Members
1,601,919
-

Prepayments and accrued income
38,221
37,751

3,433,955
2,028,047



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
64,290
81,413

Other taxation and social security
210,163
223,234

Other creditors
1,671,283
1,348,488

Accruals and deferred income
51,033
300,175

1,996,769
1,953,310



9.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
(20,000)
(20,000)

Other amounts due to Members
(1,607,776)
(227,413)

Amounts due from Members
1,601,919
-

(25,857)
(247,413)

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




10.


Pension commitments

The company was committed to contribute to all employees personal pension plans through the company's auto enrolment scheme except for those who have chosen to opt out.

Page 9

 
VENREX INVESTMENT MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

11.


Commitments under operating leases

At 31 December 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
101,365

Later than 1 year and not later than 5 years
-
277,675

-
379,040


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 April 2024 by Philip Ewen (Senior statutory auditor) on behalf of Calders (1883) LLP.

 
Page 10