REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Stafford International Timberland IX GP |
LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Stafford International Timberland IX GP |
LLP |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 |
Stafford International Timberland IX GP |
LLP |
General Information |
for the year ended 31 December 2023 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
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 LLP in the year under review was that of a general partner for Stafford International Timberland IX Fund LP. |
Future developments |
The members expect the business to be well positioned for the forthcoming year. With view of the prevailing economic conditions, the members are satisfied that there is no material uncertainty leading to a significant doubt regarding the future operations of the LLP. |
Designated members |
The designated members during the year under review were: |
Manh Duy Van Cao resigned as a designated member on 29 September 2023. |
Michael Howard Mclaren Goodfellow was appointed as a designated member on 29 September 2023. |
Results for the year and allocation to members |
The profit for the year before members' remuneration and profit shares was £NIL (2022 - £NIL profit). |
Members' interests |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A members' capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
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. |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Report of the Members |
for the year ended 31 December 2023 |
Statement of members' responsibilities - continued |
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. |
On behalf of the members: |
Report of the Independent Auditors to the Members of |
Stafford International Timberland IX GP |
LLP |
Opinion |
We have audited the financial statements of Stafford International Timberland IX GP LLP (the 'LLP') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet 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, 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. |
Report of the Independent Auditors to the Members of |
Stafford International Timberland IX GP |
LLP |
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; or |
- | the members were not entitled to prepare the financial statements in accordance with the small LLPs regime. |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on pages two and 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 the directors 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 UK tax legislation. 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. |
Report of the Independent Auditors to the Members of |
Stafford International Timberland IX GP |
LLP |
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. |
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. |
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 |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Income Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
£ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating loss | ( |
) |
Interest receivable and similar income |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
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 | 6,231 | 9,755 |
Loans and other debts due to members | 6 | 6,230 | 9,754 |
Members' other interests |
Capital accounts | 1 | 1 |
6,231 | 9,755 |
Total members' interests |
Loans and other debts due to members | 6 | 6,230 | 9,754 |
Members' other interests | 1 | 1 |
6,231 | 9,755 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Stafford International Timberland IX GP 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 |
Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated). |
The presentational currency of the financial statements is British Pound Sterling (£). Amounts in these financial statements are rounded to the nearest £. |
Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In applying the firm's accounting policies, the members are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The members' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the company's accounting policies |
The critical judgement that the members have made in the process of applying the LLP's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the members have considered both external and internal sources of information such as market conditions, and experience or recoverability. There have been no indicators or impairments identified during the current financial period. |
Key accounting estimates and assumptions |
Due to the company's size, there are no key accounting estimates or assumptions that could have a material impact on the financial statements. |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Members' remuneration profit allocation |
Members' remuneration and profit allocation are stipulated in the Partnership Agreement, where the profits of the LLP in respect of any financial year of the LLP shall be allocated amongst the members in such a manner and in such proportions as shall be determined by the Members. |
Taxation |
As a limited liability partnership the firm 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. |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
3. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other creditors |
Stafford International Timberland IX GP |
LLP (Registered number: OC426008) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | Loans and other debts due to members |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. |
There is no provision for specific legally enforceable protection afforded to creditors in such an event. |
There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'. |
7. | Related party disclosures |
Angus Whiteley and Michael Goodfellow are the directors of the Company in the year and have a beneficial interest in Stafford Capital Partners Limited, a company registered in England and Wales. During the year the Company expensed £1,907 (2022: £9,913) to that entity. At 31 December 2023, £1,579 remains unpaid to Stafford Capital Partners Limited (2022: £891). |
8. | Ultimate controlling party |
It is considered that there is no ultimate controlling party. |