Limited Liability Partnership Registration No. OC423058 (England and Wales)
YFM Equity Partners Buyout II (GP) LLP
Annual report and financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
YFM Equity Partners Buyout II (GP) LLP
Limited liability partnership information
Designated members
YFM Private Equity GP 2 Limited
YFM Private Equity GP 1 Limited
Limited liability partnership number
OC423058
Registered office
5th Floor Valiant Building
14 South Parade
Leeds
Yorkshire
LS1 5QS
Independent auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
YFM Equity Partners Buyout II (GP) LLP
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
YFM Equity Partners Buyout II (GP) LLP
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,323
2,323
Current assets
Debtors
4
85,303
72,750
Creditors: amounts falling due within one year
5
(85,053)
(72,500)
Net current assets
250
250
Total assets less current liabilities
2,573
2,573
Creditors: amounts falling due after more than one year
6
(2,323)
(2,323)
Net assets attributable to members
250
250
Represented by:
Members' other interests
Members' capital classified as equity
250
250
250
250

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

These financial statements have been prepared and delivered 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 18 June 2024 and are signed on their behalf by:
18 June 2024
YFM Private Equity GP 1 Limited
Designated member
Limited Liability Partnership Registration No. OC423058
YFM Equity Partners Buyout II (GP) LLP
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Limited liability partnership information

YFM Equity Partners Buyout II (GP) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5th Floor Valiant Building, 14 South Parade, Leeds, Yorkshire, LS1 5QS.

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
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised as it is done in line with the Limited Partnership Agreement for the fund which it acts as General Partner.

1.4
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.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

YFM Equity Partners Buyout II (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.5
Fixed asset investments

Interests in investments other than loans are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

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.

YFM Equity Partners Buyout II (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
4
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,323
2,323
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
85,303
72,750
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
85,053
72,500
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
2,323
2,323
7
Loans and other debts due to members

Members' capital is introduced by members on entry to the partnership and is classified as equity. It carries no contractual right to remuneration and no protection on wind up.

YFM Equity Partners Buyout II (GP) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Diane Petit-Laurent FCA
Statutory Auditors:
Saffery LLP
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the LLP
87,376
74,823

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the LLP
85,303
72,750
10
Ultimate parent undertaking

The company is a subsidiary of YFM Private Equity Limited. The ultimate parent entity and controlling party is YFM Equity Partners LLP, incorporated in England and Wales.

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