Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ETTYQ LLP
INFORMATION
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ETTYQ LLP
CONTENTS
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ETTYQ LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The members present their annual report together with the audited financial statements of ETTYQ LLP (the "LLP") for the period ended 31 December 2023.
Principal activities
The LLP was incorporated on
The principal activity of the LLP during the period was to provide information technology services.
Results for the period and allocation to members
The loss for the period, amounted to £171,736.
Designated Members
DataArt Technologies UK Limited and Func Digital Ltd were designated members of the LLP throughout the period.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the period ended 31 December 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 and divided between members after finalisation of the financial statements. Members 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.
Going concern
We draw attention to an area of material uncertainty related to going concern. Management have prepared the financial statements on the going concern basis having projected cashflow and operating forecasts for the business for a period of at least 12 months from the date of signing these financial statements. However, at the date of signing of these financial statements, management anticipate that the Company will not be able to generate sufficient positive cash flows, and for this reason consider that there is a material uncertainty in relation to going concern. The financial statements do not include adjustments that would result if the Company were unable to continue as a going concern.
Management have assessed the situation and believe that resources will become available through the upturn in sales over the next 12 months or through support from the parent company. Despite this, management have concluded, for the reasons described above, that a material uncertainty exists which may cast significant doubt on the entity’s ability to continue as a going concern.
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies
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ETTYQ LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Act 2006) Regulations 2008), 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 company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the 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.
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
This report was approved by the members on 5 September 2024 and signed on their behalf by:
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ETTYQ LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETTYQ LLP
We have audited the financial statements of ETTYQ LLP (the ‘limited liability partnership’) for the period ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, reconciliation of members interests, statement of cash flows and the related 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).
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in Note 2.2 to the financial statements concerning the Company’s ability to continue as a going concern. The Company’s status as a going concern is reliant on its ability to Company’s ability to generate positive cash flows in the future.
This is uncertain due to insufficient evidence of the company’s ability to attract new projects which will generate the sufficient cash required to meet its forecasted liabilities as the fall. Management believe that resources will become available through the upturn in sales over the next 12 months or through support from the parent company, and that the Company has the ability to continue as a going concern. These conditions, along with the other matters explained in Note 2.2 to the financial statements, indicate the existence of a material uncertainty which may cast doubt about the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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ETTYQ LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETTYQ LLP (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The members are responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the members’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the members’ report has been prepared in accordance with applicable legal requirements.
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ETTYQ LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETTYQ LLP (CONTINUED)
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 an Auditors' Report 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 obtained an understanding of the legal and regulatory frameworks applicable to the limited liability partnership, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 applicable in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxations laws.
∙We understood how the limited liability partnership is complying with those legal and regulatory frameworks through discussions with management and those charged with governance.
∙We assessed the susceptibility of the limited liability partnership’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
οidentifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
οunderstandingunderstanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
οchallenging assumptions and judgements made by management in its significant accounting estimates;
οidentifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
οassessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
∙Performing a detailed review of the limited liability partnership’s period-end adjusting entries;
∙Enquiring of management with regard to actual and potential litigation and claims;
∙Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance;
∙Testing the appropriateness of the accounting policies relating to revenue recognition and performing specific procedures over the existence and cut-off of revenue around the period end;
∙Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
∙Performing a detailed review of key accounting estimates, including a respective review of outcomes against estimates included in the prior period’s financial statements and assessing whether the judgements made in arriving at the accounting estimates are indicative of potential bias; and
∙We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
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ETTYQ LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETTYQ LLP (CONTINUED)
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.
A further description of our responsibilities is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership’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 Auditors & Chartered Accountants
Pikes End
Middlesex
HA5 2EX
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ETTYQ LLP
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ETTYQ LLP
REGISTERED NUMBER: OC446543
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 10 to 15 form part of these financial statements.
ETTYQ LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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ETTYQ LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ETTYQ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
ETTYQ LLP is a limited liability partnership incorporated in England and Wales on 25th March 2023, registration number OC446543. The address of the registered office is 55 King William Street, London, United Kingdom, EC4R 9AD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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 following principal accounting policies have been applied:
We draw attention to an area of material uncertainty related to going concern. Management have prepared the financial statements on the going concern basis having projected cashflow and operating forecasts for the business for a period of at least 12 months from the date of signing these financial statements. However, at the date of signing of these financial statements, management anticipate that the Company will not be able to generate sufficient positive cash flows, and for this reason consider that there is a material uncertainty in relation to going concern. The financial statements do not include adjustments that would result if the Company were unable to continue as a going concern.
Management have assessed the situation and believe that resources will become available through the upturn in sales over the next 12 months or through support from the parent company. Despite this, management have concluded, for the reasons described above, that a material uncertainty exists which may cast significant doubt on the entity’s ability to continue as a going concern.
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ETTYQ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ETTYQ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
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ETTYQ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The total turnover of the limited liability partnership for the period has been derived from its principal activity wholly undertaken in the United Kingdom.
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ETTYQ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ETTYQ LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £330. There were no contributions outstanding at the period end.
The LLP's immediate parent company is DataArt Technologies UK Limited, a company incorporated in England. The LLP's ultimate controlling party is DataArt Enterprise Inc., a company incorporated in the USA.
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