REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
Met Asset Management UK LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
Met Asset Management UK LLP |
Met Asset Management UK LLP (Registered number: OC345431) |
Contents of the Financial Statements |
for the year ended 31 October 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Reconciliation of Members' Interests | 10 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Met Asset Management UK LLP |
General Information |
for the year ended 31 October 2023 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Met Asset Management UK LLP (Registered number: OC345431) |
Report of the Members |
for the year ended 31 October 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 October 2023. |
Principal activity |
The principal activity of the LLP in the year under review was that of dealing in fixed income. The LLP is authorised and regulated by the Financial Conduct Authority ("FCA"). |
Review of business |
The results for the year and the financial position of the LLP at the year end were considered satisfactory by the members. |
MIFIDPRU 8 |
The LLP is required by its regulator, the FCA, to make its disclosure risk policy available in accordance with MIFIDPRU 8 of the capital requirement directive. This disclosure is un-audited and is attached as an appendix to these financial statements. |
Designated members |
The designated members during the year under review were: |
Results for the year and allocation to members |
The profit for the year before members' remuneration and profit shares was £57,023 (2022 - £14,926 loss). |
Members' interests |
Each member's subscription to the capital of the LLP is determined by the LLP agreement and is repayable following retirement from the LLP. |
Details of changes in members' capital in the year ended 31 October 2023 are set out in the Reconciliation of Members' interests. |
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated on the basis of the methodology in the underlying LLP agreement. Members can draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. |
Section 172(1) statement |
Statement by the members in performance of their statutory duties in accordance with s172(1) Companies Act 2006. |
The members of Met Asset Management UK LLP consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the LLP for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 October 2023. In particular, by performance of the following: |
- Our business aims are designed to have a long-term beneficial impact on the LLP and to contribute to its success. |
- Our employees are fundamental to our business aims. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. |
- Our business requires strong relationships with suppliers and others and we continually strive to maintain and improve these relationships. |
- The impact of the LLP's operations on the community and environment are considered by the members and reviewed regularly. |
- As the members, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance. |
Met Asset Management UK LLP (Registered number: OC345431) |
Report of the Members |
for the year ended 31 October 2023 |
Statement of members' responsibilities |
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). 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. |
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 ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
Auditors |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the members: |
Report of the Independent Auditors to the Members of |
Met Asset Management UK LLP |
Opinion |
We have audited the financial statements of Met Asset Management UK LLP (the 'LLP') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the LLP's affairs as at 31 October 2023 and of its profit 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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
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 Auditors' 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 |
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 LLP'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 members are responsible for the other information. The other information comprises the information in the Report of the Members, 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 LLPs 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. |
Report of the Independent Auditors to the Members of |
Met Asset Management UK LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page three, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so. |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the LLP and the industry in which it operates, and considered the risk of acts by the LLP that were contrary to applicable laws and regulations, including fraud. We discussed with management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and capital requirements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud. |
We reviewed the Financial Conduct Authority's (FCA) register for any disciplinary proceedings or instances of non-compliance with rules and regulations and none were identified. |
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. |
Report of the Independent Auditors to the Members of |
Met Asset Management UK LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs 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 LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Met Asset Management UK LLP (Registered number: OC345431) |
Income Statement |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit/(loss) | 4 | ( |
) |
Interest receivable and similar income |
62,439 | (14,926 | ) |
Interest payable and similar expenses | 5 | ( |
) |
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members |
( |
) |
Met Asset Management UK LLP (Registered number: OC345431) |
Other Comprehensive Income |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Profit/(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 | ( |
) |
Met Asset Management UK LLP (Registered number: OC345431) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 7 |
Cash at bank | 8 |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 881,237 | 847,023 |
Loans and other debts due to members | 11 | 761,758 | 727,544 |
Members' other interests |
Other reserves | 12 |
881,237 | 847,023 |
Total members' interests |
Loans and other debts due to members | 11 | 761,758 | 727,544 |
Members' other interests | 119,479 | 119,479 |
Amounts due from members | 7 | (244,650 | ) | (239,458 | ) |
636,587 | 607,565 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Met Asset Management UK LLP (Registered number: OC345431) |
Reconciliation of Members' Interests |
for the year ended 31 October 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Members' |
capital |
Other | (classified | Other |
reserves | as debt) | amounts | Total | Total |
£ | £ | £ | £ | £ |
Amount due to members | 87,500 | 640,044 | 727,544 |
Amount due from members | - | (239,458 | ) | (239,458 | ) |
Balance at 1 November 2022 | 119,479 | 87,500 | 400,586 | 488,086 | 607,565 |
Profit for the financial year available for discretionary division among members |
57,023 |
- |
- |
- |
57,023 |
Members' interests after profit for the year |
176,502 |
87,500 |
400,586 |
488,086 |
664,588 |
Other divisions of profit | (57,023 | ) | - | 57,023 | 57,023 | - |
Drawings on account and distributions of profit |
- | - |
(28,001 |
) |
(28,001 |
) |
(28,001 |
) |
Amount due to members | 87,500 | 674,258 | 761,758 |
Amount due from members | - | (244,650 | ) | (244,650 | ) |
Balance at 31 October 2023 | 119,479 | 87,500 | 429,608 | 517,108 | 636,587 |
Met Asset Management UK LLP (Registered number: OC345431) |
Reconciliation of Members' Interests |
for the year ended 31 October 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Members' |
capital |
Other | (classified | Other |
reserves | as debt) | amounts | Total | Total |
£ | £ | £ | £ | £ |
Amount due to members | 87,500 | 733,609 | 821,109 |
Amount due from members | - | (171,843 | ) | (171,843 | ) |
Balance at 1 November 2021 | 134,405 | 87,500 | 561,766 | 649,266 | 783,671 |
Loss for the financial year available for discretionary division among members |
(14,926 |
) |
- |
- |
- |
(14,926 |
) |
Members' interests after loss for the year |
119,479 |
87,500 |
561,766 |
649,266 |
768,745 |
Introduced by members | - | - | 1,309 | 1,309 | 1,309 |
Drawings on account and distributions of profit |
- | - |
(162,489 |
) |
(162,489 |
) |
(162,489 |
) |
Amount due to members | 87,500 | 640,044 | 727,544 |
Amount due from members | - | (239,458 | ) | (239,458 | ) |
Balance at 31 October 2022 | 119,479 | 87,500 | 400,586 | 488,086 | 607,565 |
Met Asset Management UK LLP (Registered number: OC345431) |
Cash Flow Statement |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 2 | ( |
) |
Interest paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Transactions with members and former | members |
Payments to members | (28,001 | ) | (162,489 | ) |
Contributions by members | - | 1,309 |
Net cash from financing activities | (28,001 | ) | (161,180 | ) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
3 |
450,508 |
Cash and cash equivalents at end of year | 3 | 393,349 | 481,847 |
Met Asset Management UK LLP (Registered number: OC345431) |
Notes to the Cash Flow Statement |
for the year ended 31 October 2023 |
1. | Classification of share of profits in the cash flow statement |
Share of profit is designated in line with the LLP agreement. |
2. | Reconciliation of profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members |
57,023 |
(14,926 |
) |
Finance costs | 5,416 | - |
Finance income | (3,875 | ) | (338 | ) |
58,564 | (15,264 | ) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
3. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 393,349 | 481,847 |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 481,847 | 450,508 |
4. | Analysis of changes in net debt |
Other |
non-cash |
At 1/11/22 | Cash flow | changes | At 31/10/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 481,847 | (88,498 | ) | 393,349 |
481,847 | ( |
) | 393,349 |
Net funds (before |
members' debt) | 481,847 | (88,498 | ) | - | 393,349 |
Loans and other debts |
due to members |
Members' capital | (87,500 | ) | - | - | (87,500 | ) |
Other amounts |
due to members | (640,044 | ) | 28,001 | (62,215 | ) | (674,258 | ) |
Net debt | (245,697 | ) | (60,497 | ) | (62,215 | ) | (368,409 | ) |
Met Asset Management UK LLP (Registered number: OC345431) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
1. | Statutory information |
Met Asset Management UK 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 |
The presentational and functional currency of the financial statements is the Pound Sterling (£). |
Amounts in these financial statements are rounded to the nearest £. |
Significant judgements and estimates |
The preparation of the financial statements requires management 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. |
There are no judgements (apart from those involving estimates) that have been made in the process of applying the below accounting policies. |
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover comprises brokerage fees for acting as a broker on behalf of related companies recognised on the accruals basis of accounting. |
Financial instruments |
Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, derivative financial instruments, trade and other payables, convertible loan notes and loans and borrowings. The LLP has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets and liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the LLP assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
Met Asset Management UK LLP (Registered number: OC345431) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
2. | Accounting policies - continued |
(iii) Equity investments |
Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss. |
(iv) Trade and other payables |
Trade and other payables are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
Equity |
Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. |
Equity instruments issued by the LLP are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
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. |
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management. |
Cash and cash equivalents include balances held with the LLP clearers, including net open positions on a mark-to-market basis. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet 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. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to the Income Statement in the period to which they relate. |
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. |
Taxation |
As a limited liability partnership, Met Asset Management UK LLP is not liable for United Kingdom taxation, its profits being liable to income tax in the hands of the members. Therefore, no provision for taxation is made in the financial statements. |
Met Asset Management UK LLP (Registered number: OC345431) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
2. | Accounting policies - continued |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. The members have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
The members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the members consider that the LLP maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the LLP's assets are assessed for recoverability on a regular basis, and the members consider that the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employee information |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration |
4. | Operating profit/(loss) |
The operating profit (2022 - operating loss) is stated after charging: |
2023 | 2022 |
£ | £ |
Auditors' remuneration |
Foreign exchange differences |
5. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Other loan interest payable |
6. | Information in relation to members |
2023 | 2022 |
The average number of members during the year was | 5 | 5 |
Met Asset Management UK LLP (Registered number: OC345431) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts due from members | 244,650 | 239,458 |
Other debtors |
Prepayments and accrued income |
8. | Cash at bank |
2023 | 2022 |
£ | £ |
Bank account | 393,349 | 481,847 |
Included within cash and cash equivalents is £31,486 (2022: £114,394 ) held with the LLP's clearers. |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Pensions | - | 1,083 |
Other creditors |
Accruals and deferred income |
10. | Financial instruments |
2023 | 2022 |
£ | £ |
Financial assets |
Financial assets that are measured at amortised cost | 1,146,444 | 1,047,694 |
Financial liabilities |
Financial liabilities that are measured at amortised cost | 1,025,616 | 933,087 |
Financial assets that are measured at amortised cost comprise of cash at bank and in hand, other debtors and amounts due from members. All amounts are receivable within one year and have no stated interest rate and therefore have been measured at the undiscounted amount of the consideration expected to be received. |
Financial liabilities measured at amortised cost comprise trade creditors, other creditors, accruals and amounts due to members. All amounts are payable within one year and have no stated interest rate and therefore have been measured at the undiscounted amount of the consideration expected to be transferred. |
Met Asset Management UK LLP (Registered number: OC345431) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
11. | Loans and other debts due to members |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 674,258 | 640,044 |
Capital account | 87,500 | 87,500 |
761,758 | 727,544 |
Falling due within one year | 761,758 | 727,544 |
In the event of winding up the amounts included in loans and other debts due to members rank equally with unsecured creditors. |
12. | Reserves |
Other |
reserves |
£ |
At 1 November 2022 |
At 31 October 2023 |
Other reserves is the accumulated profit/(loss) which is yet to be distributed to members. |
13. | Pension commitments |
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £2,184 (2022: £2,222). Contributions totalling £NIL (2022: £1,083) were payable to the fund at the reporting date and are included in creditors. |
14. | Related party disclosures |
Included within debtors due within one year are amounts owed by Limited Liability Partnerships (LLPs) totalling £106,713 (2022 - £326,388), which are related by virtue of common members. |
Included within creditors due within one year are amounts owed to LLPs totalling £200,866 (2022: £140,750), which are related by virtue of common members. |
The amounts are unsecured and interest free, with no repayment terms. |
15. | Ultimate controlling party |
There is no ultimate controlling party. |