REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 December 2023 |
for |
BIVOUAC CAPITAL LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 December 2023 |
for |
BIVOUAC CAPITAL LLP |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Members' Responsibilities Statement | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 6 |
Other Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Reconciliation of Members' Interests | 9 |
Statement of Cash Flows | 11 |
Notes to the Financial Statements | 12 |
BIVOUAC CAPITAL LLP |
General Information |
for the Year Ended 31 December 2023 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
Trinity Court |
Church Street |
Rickmansworth |
Hertfordshire |
WD3 1 RT |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Report of the Members |
for the Year Ended 31 December 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
Principal activity |
The principal activity of the LLP in the year under review was that of market strategy research and investment management and advisory services. The partnership obtained FCA (Financial Conduct Authority) registration effective from 1 April 2011. |
The LLP was incorporated in England and Wales. |
Designated members |
The designated members during the year under review were: |
Results for the year and allocation to members |
The loss for the year before members' remuneration and profit shares was £57,158 (2022 - £53,089 loss). |
Members' interests |
The profit or loss apportioned to each member is determined by reference to the Limited Liability Partnership Agreement. This may not be proportionate to the relevant member's capital share in the LLP. Members are permitted to make drawings in advance of the financial year end in anticipation of their profit entitlement for such financial year, subject to the agreement of the members. If these advance drawings exceed the relevant member's distribution in respect of a financial year then such member shall repay the excess drawings to the LLP immediately following approval of the financial statements, unless otherwise agreed by the members. |
The members shall contribute such sum of capital to the LLP as determined by reference to the Limited Liability Partnership Agreement. No member has the right to demand the repayment of capital contributed to the LLP. |
Members may be required to contribute additional capital subject to the requirements of the LLP. With the exception of amounts due to members in respect of expenses paid on behalf of the LLP, no member has the right to demand the repayment of their other interest account consisting of undrawn profits and losses and any additional cash they may have contributed to the LLP. Repayment of such account must first be agreed by all members and is subject to the ability of the LLP continuing to meet FCA capital requirements following the repayment. |
Pillar 3 disclosures |
Details of the Pillar 3 disclosures of the LLP, required under Chapter 11 of the Financial Conduct Authority's Prudential Sourcebook for Banks, Building Societies, and Investment Firms ("BIPRU"), are published on the firm's website at www.bivouaccapital.com. |
Energy and carbon reporting |
The LLP is outside the scope of the emissions and energy consumption disclosure requirements by virtue of LLP size. |
Statement as to disclosure of information to auditors |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
Auditors |
The auditors, Mercer & Hole LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the members: |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Members' Responsibilities Statement |
for the Year Ended 31 December 2023 |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships 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 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 judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP'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 as applied to LLPs 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 LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Bivouac Capital LLP |
Opinion on financial statements |
We have audited the financial statements of Bivouac Capital LLP (the "limited liability partnership") for the year ended 31 December 2023, which comprise the statement of comprehensive income, the statement of financial position, the reconciliation of movement in Members' interests, the statement of cash flows and the related notes. 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). |
This report is made solely to the Partnership's Members, as a body, in accordance with the Companies Act 2006, as applied by Part 12 of 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 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 Partnership and the Partnership's Members as a body, for our audit work, for this report, or for the opinions we have formed. |
In our opinion the financial statements: |
- give a true and fair view of the Partnership's affairs as at 31 December 2023 and of its loss 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 have conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under these 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 LLP 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 |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
- the Members' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- the Members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Partnership's ability to continue to adopt the gong concern basis of accounting for a period of at least twelve months from the date when the uncertainties the gong concern basis of accounting for a period of at least twelve months from financial statements are authorised for issue. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members and the Members' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships 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 set out on page 3, 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 controls as the Members determine 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 Partnership's ability to continue as a going concern, disclosing, as applicable, matters related top going concern and using the going concern basis of accounting unless the Members either intend to liquidate the Partnership or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Bivouac Capital LLP |
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 a Report of the Auditors 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. |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Based on our understanding of the limited liability partnership and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the investment advisory business and Financial Conduct Authority ("FCA") regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, payroll tax and sales tax. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to misstate revenue or expenditure, and management bias. |
Audit procedures included: |
" discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud; |
" Inspecting correspondence with the FCA and HMRC; |
" evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities; |
" identifying and testing journal entries. |
" challenging assumptions and judgements made by management in their crucial accounting estimates |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
for and on behalf of |
Trinity Court |
Church Street |
Rickmansworth |
Hertfordshire |
WD3 1 RT |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Income Statement |
for the Year Ended 31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating loss and |
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members |
( |
) |
( |
) |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members |
( |
) |
( |
) |
Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
) | ( |
) |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Statement of Financial Position |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 |
Current assets |
Debtors | 10 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 11 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 12 |
Net assets attributable to members | 75,237 | 57,395 |
Loans and other debts due to members | - | - |
Members' other interests |
Capital accounts | 100 | 100 |
Other reserves |
classified as equity | 14 |
75,237 | 57,395 |
Total members' interests |
Members' other interests | 75,237 | 57,395 |
The financial statements were approved by the members of the LLP and authorised for issue on |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2023 | 100 | 57,295 | 57,395 |
Loss for the financial year available for discretionary division among members |
- |
(57,158 |
) |
(57,158 |
) |
Members' interests after loss for the year | 100 | 137 | 237 |
Loan capital introduced | - | 75,000 | 75,000 |
Balance at 31 December 2023 | 100 | 75,137 | 75,237 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1 January 2023 | - | 57,395 |
Loss for the financial year available for discretionary division among members |
- |
(57,158 |
) |
Members' interests after loss for the year | - | 237 |
Loan capital introduced | - | 75,000 |
Amount due to members | - |
Amount due from members | - |
Balance at 31 December 2023 | - | 75,237 |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2022 | 100 | 50,384 | 50,484 |
Loss for the financial year available for discretionary division among members |
- |
(53,089 |
) |
(53,089 |
) |
Members' interests after loss for the year | 100 | (2,705 | ) | (2,605 | ) |
Loan capital introduced | - | 60,000 | 60,000 |
Balance at 31 December 2022 | 100 | 57,295 | 57,395 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1 January 2022 | - | 50,484 |
Loss for the financial year available for discretionary division among members |
- |
(53,089 |
) |
Members' interests after loss for the year | - | (2,605 | ) |
Loan capital introduced | - | 60,000 |
Amount due to members | - |
Amount due from members | - |
Balance at 31 December 2022 | - | 57,395 |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Statement of Cash Flows |
for the Year Ended 31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 16 | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Transactions with members and former | members |
Contributions by members | 75,000 | 60,000 |
Cash flows from other financing activities |
Repayment of finance lease | ( |
) | ( |
) |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
17 |
66,068 |
Effect of foreign exchange rate changes | - | (2,442 | ) |
Cash and cash equivalents at end of year | 17 | 86,541 | 74,723 |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Bivouac Capital LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Bivouac Capital LLP is a Limited Liability Partnership incorporated in England and Wales under the Companies Act. The address of the registered office is given on the information page and the principal activity of the LLP is set out in the members' report. 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, the Companies Act 2006 and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (2021). |
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 (see note 2). |
The following principal accounting policies have been applied: |
Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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. |
Rendering of services |
Revenue is recognised when the LLP has obtained the right to the consideration as a result of its performance, in accordance with the terms of the individual fee agreements in place with customers. |
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 theri estimated useful lives, using the straight line method. |
Depreciation is provided on the following basis: |
Office equipment - 33% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjustedprospectively if appropriate, or if there is an indication of a significant change since e the lastreporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Financial instruments |
Financial assets, comprising receivables and cash, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment. |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost. |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Foreign currencies |
The LLP's functional and presentation currency is GBP. |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Foreign exchange gains and losses are presented in the Statement of Comprehensive Income |
within administrative expenses. |
Allocation of profits |
Allocations of profits allocations are recognised in the year in which they are declared and become a present |
obligation of the LLP. Unallocated profits are recognised in equity ('other reserves'). |
Going concern |
The LLP's principal activities are set out in the Members' Report. The members have prepared trading and cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The members have reviewed the LLP's working capital requirements, compared to the resources available. The members have also taken into consideration the effects that the Ukraine conflict may have on the business, which are considered to be limited given the nature and level of the current, and future anticipated operations of the LLP, over the next 12 months. |
The members have considered the LLP's minimum regulatory capital requirements which are in place as the LLP is registered with the Financial Conduct Authority (FCA). The LLP agreement requires that the members shall ensure that for as long as the LLP is authorised by the FCA, it shall satisfy the minimum regulatory capital requirements imposed by the FCA from time to time and certain members as prescribed by the LLP agreement shall contribute capital in accordance with the terms set out in the LLP agreement, in such amounts as are required for this purpose. The members consider that they have sufficient liquid financial resources in place, in order to make any required capital or loan capital contributions to the LLP, as may be required in accordance with the LLP agreement. No member has the right to demand the repayment of capital contributed to the LLP. Also with the exception of amounts due to members in respect of expenses paid on behalf of the LLP, no member has the right to demand the repayment of their other interest account consisting of undrawn profits and losses and any additional cash they may have contributed to the LLP. Repayment of such account must first be agreed by all members and is subject to the ability of the LLP continuing to meet FCA capital requirements following the repayment. |
Following this assessment, the members have concluded that the LLP has sufficient liquid financial resources in order to meet its liabilities as and when they fall due for the foreseeable future accordingly the members consider it appropriate to prepare the financial statements on a going concern basis. |
Drawings |
Drawings represent payments on account of profits which may be allocated to members. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP and may be reclaimed from members until profits have been allocated to them. Unallocated profits are included within members’ other interests, classified as equity, advanced drawings in excess of allocated profits are included within ’Amounts due from members’ in debtors, and allocated profits in excess of drawings are included within ‘Amounts due to members’ as a liability. |
Loans and other debts due to members, when classified as debt (of which there was none at 31December 2023), rank pari passu to unsecured creditors in the event of a winding up of the LLP. |
Members' capital |
Initial capital contributions (‘principal capital’) of each of the members are amounts as set out in the |
LLP agreement. Further members shall contribute upon admission to the LLP such capital as |
determined by the Board. |
No member can withdraw or receive back any part of their principal capital contribution account |
except for in specific circumstances as detailed in the LLP deed and approved by the Board. Members’ principal capital is therefore classified as equity. |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires members to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In preparing these financial statements, the members have made the following judgement: |
- Determine whether there are indicators of impairment of the LLP's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
- Determine whether leases entered into by the LLP as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty |
- Tangible fixed assets (see note 8) |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, |
where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
4. | Employee information |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
5. | Operating loss |
The operating loss is stated after charging/(crediting): |
31/12/23 | 31/12/22 |
£ | £ |
Depreciation - owned assets |
Foreign exchange differences | ( |
) |
6. | Auditors' remuneration |
31/12/23 | 31/12/22 |
£ | £ |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 10,750 | 14,500 |
Total audit fees | 10,750 | 14,500 |
Other services relating to taxation | - | 3,265 |
All other services | - | 6,216 |
Total non-audit fees | - | 9,481 |
Total fees payable | 10,750 | 23,981 |
7. | Information in relation to members |
31/12/23 | 31/12/22 |
The average number of members during the year was | 3 | 3 |
Profits and losses are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares. |
The members received no remuneration during the year (2022 - £Nil). |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | Taxation |
The taxation payable on taxable profits of the LLP is the personal liability of the partners and is not dealt with in these financial statements. |
9. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
10. | Debtors: amounts falling due within one year |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
Prepayments |
Due from related parties | 3,343 | - |
11. | Creditors: amounts falling due within one year |
31/12/23 | 31/12/22 |
£ | £ |
Hire purchase contracts (see note 13) |
Trade creditors |
Accruals and deferred income |
12. | Creditors: amounts falling due after more than one year |
31/12/23 | 31/12/22 |
£ | £ |
Hire purchase contracts (see note 13) |
13. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | Reserves |
Other |
reserves |
classified |
as equity |
£ |
At 1 January 2023 |
Undivided profit | (57,158 | ) |
Loan capital introduced |
At 31 December 2023 |
Other reserves classified as equity, including loan capital contributions and retained earnings. Other reserves represent cumulative profits or losses of the LLP, net of profit allocations and other adjustments, along with loan capital contributions. |
15. | Ultimate controlling party |
The controlling party is R Adams by virtue of holding the majority voting rights. |
16. | Reconciliation of loss for the financial year before members' remuneration and profit shares available for discretionary division among members to cash generated from operations |
31/12/23 | 31/12/22 |
£ | £ |
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members |
(57,158 |
) |
(53,089 |
) |
Depreciation charges |
(56,027 | ) | (52,173 | ) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
17. | Cash and cash equivalents |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 86,541 | 74,723 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 74,723 | 66,068 |
BIVOUAC CAPITAL LLP (REGISTERED NUMBER: OC360068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | Analysis of changes in net funds |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 74,723 | 11,818 | 86,541 |
74,723 | 86,541 |
Debt |
Finance leases | (624 | ) | 312 | (312 | ) |
(624 | ) | 312 | (312 | ) |
Net funds (before members' debt) | 74,099 | 12,130 | 86,229 |
Loans and other debts |
due to members | - | - | - |
Net funds | 74,099 | 12,130 | 86,229 |