Atlas Investment Partners LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC430562 (England and Wales)
Atlas Investment Partners LLP
Contents
Page
Balance sheet
1
Notes to the financial statements
4 - 6
Atlas Investment Partners LLP
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,214
113
Current assets
Debtors
4
62,000
75,000
Cash and cash equivalents
167,761
-
229,761
75,000
Creditors: amounts falling due within one year
5
(127,329)
(74,403)
Net current assets
102,432
597
Total assets less current liabilities and net assets attributable to members
103,646
710
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
103,646
710

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

For the financial year ended 31 December 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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 1 March 2024 and are signed on their behalf by:
01 March 2024
S F Al-Bashir
Designated member
Limited Liability Partnership Registration No. OC430562
Atlas Investment Partners LLP
Reconciliation of Members' Interests
For the year ended 31 December 2023
Page 2
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
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 January 2023
-
710
710
710
Profit for the financial year available for discretionary division among members
174,938
-
-
174,938
Members' interests after profit for the year
174,938
710
710
175,648
Allocation of profit for the financial year
(174,938)
174,938
174,938
-
Drawings on account and distributions of profit
-
(72,002)
(72,002)
(72,002)
Members' interests at 31 December 2023
-
103,646
103,646
103,646
Atlas Investment Partners LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 December 2023
Page 3
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
Other reserves
Other amounts
Total
Total
2022
£
£
£
£
Members' interests at 1 January 2022
-
(6,878)
(6,878)
(6,878)
Profit for the financial year available for discretionary division among members
319,369
-
-
319,369
Members' interests after profit for the year
319,369
(6,878)
(6,878)
312,491
Allocation of profit for the financial year
(319,369)
319,369
319,369
-
Drawings on account and distributions of profit
-
(312,879)
(312,879)
(312,879)
Other movements
-
1,098
1,098
1,098
Members' interests at 31 December 2022
-
710
710
710
Atlas Investment Partners LLP
Notes to the Financial Statements
For the year ended 31 December 2023
Page 4
1
Accounting policies
Limited liability partnership information

Atlas Investment Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 25 Eccleston Place, London, SW1W 9NF.

 

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 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the designated members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the designated members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.

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.

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
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.

Atlas Investment Partners LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5

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:

Computer equipment
33.33% (Straight Line Method)

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.

1.6
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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors 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.

Creditors

Short term trade creditors and other current creditors payable on demand 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.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
Atlas Investment Partners LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
2,048
Additions
1,249
At 31 December 2023
3,297
Depreciation and impairment
At 1 January 2023
1,935
Depreciation charged in the year
148
At 31 December 2023
2,083
Carrying amount
At 31 December 2023
1,214
At 31 December 2022
113
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,000
-
Prepayments and accrued income
-
75,000
62,000
75,000
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
99,989
49,563
Other creditors
17,440
17,440
Accruals and deferred income
9,900
7,400
127,329
74,403
6
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.

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