REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
RGPD LLP |
REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
RGPD LLP |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Statement of Members' Responsibilities | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Reconciliation of Members' Interests | 11 |
Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
RGPD LLP |
General Information |
for the Year Ended 31 December 2023 |
DESIGNATED MEMBERS: |
R Griffith |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Report of the Members |
for the Year Ended 31 December 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Partnership is to provide management services to Tetragon Financial Management LP. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
R Griffith |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was $13,004,286 (2022 - $29,501,245 profit). |
MEMBERS' INTERESTS |
Policies for Members’ drawings, subscriptions and repayment of Members’ capital are governed by the |
Limited Liability Partnership Deed, dated 31 December 2012. |
The Designated Members have the discretion to determine and vary the level of each member’s drawings. |
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 Members who held office at the date of approval of this Members' report confirm that, so far as they are each aware, there is no relevant audit information of which the Partnership's auditor is unaware; and each Member has taken all the steps that he ought to have taken as a Member to make himself aware of any relevant audit information and to establish that the Partnership's auditor is aware of that information. |
AUDITORS |
Pursuant to section 87 of the Companies Act 2006 an elective resolution has been passed to dispense with the need to appoint auditor annually, accordingly Primera Accountants Limited are deemed to be reappointed. |
ON BEHALF OF THE MEMBERS: |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Statement of Members' Responsibilities |
for the Year Ended 31 December 2023 |
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. |
Report of the Independent Auditors to the Members of |
RGPD LLP |
Opinion |
We have audited the financial statements of RGPD LLP (the 'LLP') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and 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 December 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 and the Statement of Members' Responsibilities, 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 |
RGPD 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. |
Report of the Independent Auditors to the Members of |
RGPD LLP |
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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through: |
- Obtaining an understanding of the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, employment, health and safety, and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. |
- Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to principal accounting estimates and uncertainties. |
Our audit procedures were designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities including fraud that are material to the financial statements. |
Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to: |
- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and |
- Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and |
- Considering the risk of non-compliance with laws and regulations; and |
- Considering whether the financial statement disclosures fairly represent the underlying transactions. |
Our audit procedures in relation to irregularities and fraud included, but were not limited to: |
- Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and |
- Gaining an understanding of the internal controls established to mitigate risks relating fraud; and |
- Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and |
- Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates. |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. |
Because of these inherent limitations, 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. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
RGPD 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 |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $'000 | $'000 |
TURNOVER | 3 |
Administrative expenses | ( |
) | ( |
) |
12,766 | 29,165 |
Other operating income | 4 |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $'000 | $'000 |
PROFIT 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 |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $'000 | $'000 |
FIXED ASSETS |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
3,640 |
3,256 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
3,640 |
3,256 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 3,640 | 3,256 |
The financial statements were approved by the members of the LLP and authorised for issue on |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
$'000 | $'000 | $'000 |
Amount due to members | 3,256 |
Amount due from members | - |
Balance at 1 January 2023 | - | 3,256 | 3,256 |
Profit for the financial year available for discretionary division among members |
13,004 |
- |
13,004 |
Members' interests after profit for the year |
13,004 |
3,256 |
16,260 |
Other divisions of profit | (13,004 | ) | 13,004 | - |
Drawings on account and distributions of profit |
- |
(12,620 |
) |
(12,620 |
) |
Amount due to members | 3,640 |
Amount due from members | - |
Balance at 31 December 2023 | - | 3,640 | 3,640 |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
$'000 | $'000 | $'000 |
Amount due to members | 2,606 |
Amount due from members | - |
Balance at 1 January 2022 | - | 2,606 | 2,606 |
Profit for the financial year available for discretionary division among members |
29,501 |
- |
29,501 |
Members' interests after profit for the year |
29,501 |
2,606 |
32,107 |
Other divisions of profit | (29,501 | ) | 29,501 | - |
Drawings on account and distributions of profit |
- |
(28,851 |
) |
(28,851 |
) |
Amount due to members | 3,256 |
Amount due from members | - |
Balance at 31 December 2022 | - | 3,256 | 3,256 |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $'000 | $'000 |
Cash flows from operating activities |
Cash generated from operations | 16 |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of fixed asset investments | (111 | ) | (108 | ) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Transactions with members and former | members |
Payments to members | (12,620 | ) | (28,851 | ) |
Net cash from financing activities | (12,620 | ) | (28,851 | ) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
17 |
538 |
Cash and cash equivalents at end of year | 17 | 992 | 850 |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
RGPD 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 |
Going concern |
These financial statements have been prepared on a going concern basis. The partners have made an assessment of the partnership's ability to continue as a going concern and have no reason to believe that the business will not be a going concern for twelve months from the date these financial statements were available to be issued, given the forecast future expenses and its considerable liquid assets available to fund those future expenses for many years. |
The members have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides the partnership will have sufficient funds to meet its liabilities as they fall due for that period. |
Whilst there are significant wider market uncertainties, the members do not believe this will significantly impact the profitability or liquidity of the partnership over the next 12 months. |
Consequently, the members are confident that the partnership will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, are initially recognised at transaction price unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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. |
Classification of share of profits in the cash flow statement |
Share of profits are included in cash generated from operations. |
Taxation |
No provision has been made for taxation in the accounts. Each partner is exclusively liable for any tax liabilities arising out of their interest in the Partnership, which will be assessed on the individual partners and not the Partnership. |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | TURNOVER |
Turnover represents management fees, which are stated net of value added tax, are attributable to the supply of investment management services to the Tetragon Financial Management LP. Fees are recognised once receivable. |
4. | OTHER OPERATING INCOME |
Other operating income includes profits/losses on the fair value of investments. |
5. | EMPLOYEE INFORMATION |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
$'000 | $'000 |
Auditors' remuneration |
7. | INFORMATION IN RELATION TO MEMBERS |
31.12.23 | 31.12.22 |
The average number of members during the year was | 2 | 2 |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | FIXED ASSET INVESTMENTS |
COST | Listed investments $'000 |
At 1 January 2023 | 2,406 |
Additions | 111 |
Gain on revaluation of investments | 127 |
At 31 December 2023 | 2,644 |
NET BOOK VALUE |
At 31 December 2023 | 2,644 |
At 31 December 2022 | 2,406 |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Fair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent to the risk taker. |
The Company categories financial instruments based on a hierarchical disclosure framework which prioritises and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment at the characteristics specific to the investment. |
Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgement used in measuring fair value. The determination of what constitutes 'observable' requires significant judgement by the Company. The Company considers observable data to be the market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in relevant market. |
The fair value hierarchy has the following levels: |
Quoted Market Price (Level 1) |
Unadjusted Quoted prices are available in active markets for identical investments from market data sources as of the reporting date. |
Valuation technique using observable inputs (Level 2) |
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). |
Valuation technique using observable inputs (Level 3) |
Pricing inputs are unobservable for the investment and may include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgement or estimation. |
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the investment. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. |
The following table analyses the Company's financial assets by class measured at fair value at December 31, 2023, within the fair value hierarchy: |
$’000 | Level 1 | Level 2 | Level 3 | Total Balance |
Assets |
Investments in Equities | 2,644 | - | - | 2,644 |
Total as at December 31, 2023 | 2,644 | - | - | 2,644 |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
Note 8 continued above... |
The Investments in equity shares represent holdings in Tetragon Financial Group Limited, which is listed on the London Stock Exchange. The value of $2,644,000 at 31 December 2023 is based on the published share price as at that date. This investment was held at 31 December 2023. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.2023 | 31.12.2022 |
$'000 | $'000 |
Tetragon Financial Management LP | 4 | 11 |
4 | 11 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$'000 | $'000 |
TFG Asset Management UK Ltd |
Accrued expenses |
11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.12.23 | 31.12.22 |
$'000 | $'000 |
Amounts owed to members in respect of profits | 3,640 | 3,256 |
Falling due within one year | 3,640 | 3,256 |
12. | OTHER FINANCIAL COMMITMENTS |
There are no other financial commitments and contingencies. |
13. | RELATED PARTY DISCLOSURES |
The designated members of the Partnership are also directors of TFG Asset Management UK Limited a company incorporated in England and Wales. |
During the year TFG Asset Management UK Limited paid invoices totalling $nil (2022: $6,000) on behalf of the Partnership and subsequently recharged these. |
At the year end the Partnership owed TFG Asset Management UK Limited $nil (2022: $6,000) in relation to these costs. |
The designated members of the Partnership have an interest in Tetragon Financial Management LP, a US based investment management entity. During the year the Partnership recognised management fees of $12,765,000 (2022: $31,600,000) from Tetragon Financial Management LP. |
At the year end Tetragon Financial Management LP owed the Partnership $4,000 (2022: $11,000). |
14. | POST BALANCE SHEET EVENTS |
In preparing these financial statements, the Partners have evaluated and disclosed all material subsequent events up to 18 September 2024, which is the date that the financial statements were issued. |
RGPD LLP (REGISTERED NUMBER: OC341170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | ULTIMATE CONTROLLING PARTY |
Reade Griffith is the ultimate controlling party. |
16. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
$'000 | $'000 |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
13,004 |
29,501 |
Gain on revaluation of fixed assets | (127 | ) | (228 | ) |
12,877 | 29,273 |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
17. | 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 December 2023 |
31.12.23 | 1.1.23 |
$'000 | $'000 |
Cash and cash equivalents | 992 | 850 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
$'000 | $'000 |
Cash and cash equivalents | 850 | 538 |
18. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
$'000 | $'000 | $'000 | $'000 |
Net cash |
Cash at bank | 850 | 142 | 992 |
850 | 992 |
Net funds (before |
members' debt) | 850 | 142 | - | 992 |
Loans and other debts |
due to members |
Other amounts |
due to members | (3,256 | ) | 12,620 | (13,004 | ) | (3,640 | ) |
Net debt | (2,406 | ) | 12,762 | (13,004 | ) | (2,648 | ) |