Limited Liability Partnership registration number OC372229 (England and Wales)
TWENTY20 INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
TWENTY20 INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Dr I Bauer
Dr A C Lane
LLP registration number
OC372229
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
25 Green Street
London
W1K 7AX
TWENTY20 INVESTMENTS LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Accountants' report
3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 7
TWENTY20 INVESTMENTS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The members present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of an investment company.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's 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".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Dr I Bauer
Dr A C Lane

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 22 November 2024 and signed on behalf by:
22 November 2024
Dr I Bauer
Dr A C Lane
Designated Member
Designated Member
TWENTY20 INVESTMENTS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

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 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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TWENTY20 INVESTMENTS LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TWENTY20 INVESTMENTS LLP FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Twenty20 Investments LLP for the year ended 28 February 2024 set out on pages 4 to 7 from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of Twenty20 Investments LLP, as a body, in accordance with the terms of our engagement letter dated 22 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Twenty20 Investments LLP and state those matters that we have agreed to state to the limited liability partnership's members of Twenty20 Investments LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twenty20 Investments LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Twenty20 Investments LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Twenty20 Investments LLP. You consider that Twenty20 Investments LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Twenty20 Investments LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bryden Johnson Limited
25 November 2024
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
TWENTY20 INVESTMENTS LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
2024
2023
£
£
Turnover
520
8,855
Administrative expenses
(43)
(4,597)
Operating profit
477
4,258
Interest receivable and similar income
193
-
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
670
4,258
TWENTY20 INVESTMENTS LLP
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
2
1,444
-
Cash at bank and in hand
215
188
1,659
188
Creditors: amounts falling due within one year
3
-
(7,783)
Net current assets/(liabilities) and net assets/(liabilities) attributable to members
1,659
(7,595)
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(85,127)
(97,969)
Members' other interests
Members' capital classified as equity
86,116
86,116
Other reserves classified as equity
670
4,258
1,659
(7,595)

For the financial year ended 28 February 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 22 November 2024 and are signed on their behalf by:
22 November 2024
Dr I Bauer
Dr A C Lane
Designated member
Designated Member
Limited Liability Partnership registration number OC372229 (England and Wales)
TWENTY20 INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
1
Accounting policies
Limited liability partnership information

Twenty20 Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The limited liability partnership 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.

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.

TWENTY20 INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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 limited liability partnership 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.

Classification of 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.

 

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 limited liability partnership’s obligations expire or are discharged or cancelled.

2
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,444
-
3
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
1,833
Taxation and social security
-
3,120
Other creditors
-
2,830
-
7,783
4
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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