REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Petem Sales LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Petem Sales LLP |
Petem Sales LLP (Registered number: OC395328) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Petem Sales LLP |
General Information |
for the Year Ended 31 December 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Petem Sales LLP (Registered number: OC395328) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
26,606,605 |
28,471,227 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
26,606,443 |
28,471,065 |
MEMBERS' OTHER INTERESTS |
Members' capital classified as equity | 162 | 162 |
26,606,605 | 28,471,227 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members |
6 |
26,606,443 |
28,471,065 |
Members' other interests | 162 | 162 |
26,606,605 | 28,471,227 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
Petem Sales LLP (Registered number: OC395328) |
Statement of Financial Position - continued |
31 December 2023 |
The financial statements were approved and authorised for issue by the members of the LLP and authorised for issue on |
Petem Sales LLP (Registered number: OC395328) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Petem Sales LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The LLP's principal place of business is at Av. Paseo de las Palmas 239, Lomas de Chapultepec VSecc,11000 Ciudad de México, Mexico. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The LLP's functional and presentation currency is US dollars. |
Going concern disclosure for accounting policies: |
The LLP transferred its trade, to a related entity on 1st August 2019 and has ceased trading. As required by UK accounting standards, the members have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. |
Significant judgements and estimates |
In the preparation of the financial statements, management has made no judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. |
Financial instruments |
Financial assets and financial liabilities are recognised in the LLP's statement of financial position when the LLP becomes a party to the contractual provisions of the instrument. |
Financial assets and financial liabilities are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the transaction price of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. |
Trade and other receivables are initially measured at transaction price and are subsequently measured at amortised cost, using the effective interest rate method. |
For the purpose of the statement of cash flows, cash and cash equivalents comprise cash at bank. |
Trade and other payables are initially measured at transaction price and are subsequently measured at amortised cost, using the effective interest rate method. |
Petem Sales LLP (Registered number: OC395328) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Members' participation rights |
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. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of comprehensive income and are equity appropriations in the Statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the Statement of financial position within 'Loans and other debts due to members' and are charged to the Statement of comprehensive income within 'Members' remuneration charged as an expense'. |
Amounts due to members that are classified as equity are shown in the Statement of financial position within 'Members' other interests'. |
Taxation |
Taxation on all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
Petem Sales LLP (Registered number: OC395328) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | DEBTORS |
31.12.23 | 31.12.22 |
$ | $ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Other creditors |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up, loans and other debts due to members rank behind creditors. |
7. | CONTINGENT LIABILITIES |
The LLP has guaranteed a bank loan given to PULSO PETEM SAPI DE C. V. which is a related party as disclosed in note 12. At the 31st December 2022 the maximum liability under this loan is $Nil (2022: $61,600,356). The members do not consider any liability will arise. |
Petem Sales LLP (Registered number: OC395328) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | RELATED PARTY DISCLOSURES |
Amounts owed by connected parties falling due within one year |
31.12.23 | 31.12.22 |
Nature of relationship |
Nature of transaction |
$ |
$ |
Entity under joint control/significant influence of related persons |
Finance |
996,161 |
2,740,064 |
996,161 | 2,740.064 |
Amounts owed by connected parties: falling due more than one year |
31.12.23 | 31.12.22 |
Nature of relationship |
Nature of transaction |
$ |
$ |
Entity under joint control/significant influence of related persons |
Finance |
25,610,282 |
25,610,282 |
25,610,282 | 25,610,282 |
Amounts receivable are due for repayment by 16 December 2021 and are interest free until 27 December 2019. The monthly interest rate of LIBOR+2% is applicable on outstanding amounts after that date. |
9. | ULTIMATE PARENT COMPANY |
Vianelo International SA, incorporated in Panama, is regarded by members as being the LLP's ultimate parent company. It is also the ultimate controlling party. |
Edmonton Petem S.A., incorporated in Panama, is considered by the members of the LLP to be its parent undertaking. |