Limited Liability Partnership Registration No. OC425833 (England and Wales)
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
31 December
31 December
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,169
25,525
Current assets
Debtors
5
1,937,920
865,259
Cash at bank and in hand
2,170,377
705,204
4,108,297
1,570,463
Creditors: amounts falling due within one year
6
(3,682,700)
(302,078)
Net current assets
425,597
1,268,385
Total assets less current liabilities and net assets attributable to members
444,766
1,293,910
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
1,932,419
74,682
Other amounts
(1,507,653)
1,199,228
424,766
1,273,910
Members' other interests
7
Members' capital classified as equity
20,000
20,000
444,766
1,293,910

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 23 February 2024 and are signed on their behalf by:
23 February 2024
Secretariat Partners LLC
Designated member
Limited Liability Partnership Registration No. OC425833
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Limited liability partnership information

Secretariat Partners UK LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Bishopsgate, 22nd Floor, London, England, EC2N 4BQ.

 

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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the presentational currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

 

Secretariat Partners UK LLP changed its functional currency on the 1 January 2022 from GBP to USD in line with the group's functional and presentational currency for consolidation purposes as a result of the acquisition of the Partnership in 2021.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Sales revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The Partnership’s revenue is primarily from contracts for expert advisory services in the dispute resolution process to clients globally. Revenue is recognised when the Partnership satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration that the Partnership expects to receive in exchange for those goods and services. Performance obligations in the Partnership’s contracts represent distinct or separate streams that it provides to its customers.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
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:

Leasehold improvements
20% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost

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.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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.

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.

SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
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.

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.

SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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.

Derecognition of financial liabilities

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

1.8
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.

1.9
Retirement benefits and post retirement payments to members

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

 

 

SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
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
Employees

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

31 December
31 December
2022
2021
Number
Number
Total
17
5
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
32,081
13,632
45,713
Other changes
4,755
2,019
6,774
At 31 December 2022
36,836
15,651
52,487
Depreciation and impairment
At 1 January 2022
12,573
7,615
20,188
Depreciation charged in the year
7,367
4,632
11,999
Other changes
701
430
1,131
At 31 December 2022
20,641
12,677
33,318
Carrying amount
At 31 December 2022
16,195
2,974
19,169
At 31 December 2021
19,508
6,017
25,525
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
5
Debtors
31 December
31 December
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
879,644
675,304
Amounts owed by group undertakings
520,523
-
Other debtors
468,734
189,955
1,868,901
865,259
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
69,019
-
Total debtors
1,937,920
865,259
6
Creditors: amounts falling due within one year
31 December
31 December
2022
2021
£
£
Trade creditors
884
-
Amounts owed to group undertakings
1,132,105
174,725
Taxation and social security
61,367
93,016
Other creditors
2,488,344
34,337
3,682,700
302,078
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
7
Reconciliation of Members' Interests
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
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 January 2022
20,000
-
20,000
1,273,910
1,273,910
1,293,910
Loss for the financial year available for discretionary division among members
-
(217,651)
(217,651)
-
-
(217,651)
Members' interests after loss for the year
20,000
(217,651)
(197,651)
1,273,910
1,273,910
1,076,259
Other divisions of losses
-
74,227
74,227
(74,227)
(74,227)
-
Introduced by members
-
-
-
(774,917)
(774,917)
(774,917)
Currency translation differences
-
143,424
143,424
-
-
143,424
Members' interests at 31 December 2022
20,000
-
20,000
424,766
424,766
444,766
SECRETARIAT PARTNERS UK LLP
(FORMERLY VERSANT PARTNERS (UK) LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
8
Loans and other debts due to members

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

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Moody
Statutory Auditor:
Kirk Rice LLP
10
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

31 December
31 December
2022
2021
£
£
Within one year
63,750
61,230
63,750
61,230
11
Controlling Party

The immediate controlling party is Secretariat Partners LLC (formerly Versant Partners LLC), a limited liability company registered in Virginia, USA. The parent of the smallest group preparing consolidated accounts of which the company is a member is Secretariat Advisors LLC, incorporated in the US. The company's registered office address is 1175 Peachtree Street NE, 100 Colony Square - Suite 400, Atlanta, GA 30361, United States.

2022-12-312022-01-01false23 February 2024CCH SoftwareCCH Accounts Production 2023.300This audit opinion is unqualifiedfalseOC4258332022-01-012022-12-31OC4258332022-12-31OC425833bus:PartnerLLP22022-01-012022-12-31OC4258332021-04-012021-12-31OC425833bus:LimitedLiabilityPartnershipLLP2022-01-012022-12-31OC425833bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-31OC425833bus:FRS1022022-01-012022-12-31OC425833bus:Audited2022-01-012022-12-31OC425833bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:shares