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Diapason Commodities Management UK LLP
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Unaudited financial statements
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for the year ended 31 December 2021
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Registered number: OC315741
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Diapason Commodities Management UK LLP - Registered number:OC315741
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Statement of financial position
As at 31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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Loans and other debts due to members
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Page 1
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Diapason Commodities Management UK LLP - Registered number:OC315741
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Statement of financial position (continued)
As at 31 December 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
Diapason Commodities Management UK LLP is a limited liability partnership incorporated in England & Wales. The address of the registered office and its principal place of business is 25 Upper Brook Street, London, WIK 7QD.
The principal activity of the LLP is to provide marketing and research support services.
2.Significant accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the financial cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimate. It also requires management to exercise judgement in applying the entity's accounting policies (see note 3).
The following principal accounting policies have been applied consistently throughout the year.
After reviewing the forecasts and projections the members have reasonable expectations that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore
continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of turnover can be measured reliably,
• it is probable that the LLP will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
All administrative expenses are accounted for on an accruals basis.
The taxation payable on the LLP's profits is the personal liability of the members and consequently
neither taxation nor related deferred taxation are accounted for in the financial statements. Amounts retained for tax are treated in the same way as other profits of the LLP and are included in 'Members' interests'or in 'Loans and other debts due to members' depending on whether or not division of profits has occurred.
Page 3
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
2.Significant accounting policies (continued)
Other operating income represents income derived from leasing of office space.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment for bad and doubtful debts.
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Cash and cash equivalents
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Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with financial institutions
repayable without penalty on notice and other short term highly liquid investments with original maturity of 3 months or less and bank overdrafts.
Page 4
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
2.Significant accounting policies (continued)
The LLP only enters into transactions that result in the recognition of basic financial instruments like trade and other debtors and creditors and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. The impairment loss is measured as the excess of an asset's carrying amount over its recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation
of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position
when there is an 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.
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
2.Significant accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is Pound Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in Statement of comprehensive income within 'other operating income'.
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Members capital (classified as equity)
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Members capital represents the value of capital contributed by the members.
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Loans and debts due to members
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The members of the partnership are remunerated based on the profit of the partnership in respect of each
financial year. It is allocated amongst the members in accordance with the limited liability partnership
agreement.
Loans and debts due to members comprises of balances due in respect of expenses incurred and settled on behalf of the LLP.
These balances are due for repayment within one year.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the year end date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means actual outcomes may differ from those estimates.
The members did not consider that there were any significant areas of estimation uncertainty or application of judgement during the year.
Page 6
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
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The LLP had no employees during the year (2020 - Nil)
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Page 7
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 8
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Diapason Commodities Management UK LLP
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Notes to the financial statements
for the year ended 31 December 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Page 9
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