Registered number
OC393912
BTVK Advisory (Dubai) LLP
Filleted Accounts
31 May 2024
BTVK Advisory (Dubai) LLP
Registered number: OC393912
Balance Sheet
as at 31 May 2024
Notes 2024 2023
$ $
Fixed assets
Tangible assets 4 4,589 12,139
Current assets
Debtors 5 1,345,903 761,524
Cash at bank and in hand 494,190 2,115,281
1,840,093 2,876,805
Creditors: amounts falling due within one year 6 (222,287) (112,282)
Net current assets 1,617,806 2,764,523
Total assets less current liabilities 1,622,395 2,776,662
Net assets attributable to members 1,622,395 2,776,662
Represented by:
Loans and other debts due to members 7 1,622,395 2,776,662
1,622,395 2,776,662
Total members' interests
Loans and other debts due to members 7 1,622,395 2,776,662
1,622,395 2,776,662
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 16 January 2025 and signed on their behalf by:
C. Droege
Authorised by Baker Tilly Corporation, a member of BTVK Advisory LLP, to sign on behalf of BTVK Advisory LLP, Designated Member of BTVK Advisory (Dubai) LLP
BTVK Advisory (Dubai) LLP
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Presentation currency
The financial statements have been presented in $. This is also the functional currency.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and Equipment 1-5 years
Fixtures, fittings and equipment - various rates with a maximum of three years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: J Tiltman FCCA
Firm: DTL Auditors Limited
Date of audit report: 16 January 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 6 4
4 Tangible fixed assets
Plant and machinery etc
$
Cost
At 1 June 2023 22,938
Additions 354
Transfer in -
Disposals (13,677)
At 31 May 2024 9,615
Depreciation
At 1 June 2023 10,799
Charge for the year 4,399
On disposals (10,172)
At 31 May 2024 5,026
Net book value
At 31 May 2024 4,589
At 31 May 2023 12,139
5 Debtors 2024 2023
$ $
Trade debtors 1,242,530 595,588
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest 30,278 43,025
Employee receivables - 44,711
Other debtors 73,095 78,200
1,345,903 761,524
6 Creditors: amounts falling due within one year 2024 2023
$ $
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest 58,173 5,505
Other taxes and social security costs 21,642 15,614
Other creditors 142,472 91,163
222,287 112,282
7 Loans and other debts due to members 2024 2023
$ $
Amounts due to members in respect of profits 1,622,395 2,776,662
Amounts falling due within one year 1,622,395 2,776,662
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Events after the reporting date
In June 2024, Baker Tilly US, LLP underwent an organizational restructuring due to receiving a strategic investment from private equity firms Hellman & Friedman and Valeas Capital Partners. Due to professional standards regulations governing licensed CPA firms in the United States, Baker Tilly US, LLP restructured into two entities: Baker Tilly US, LLP and Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. Baker Tilly Advisory Group, LP’s international entities are subsidiaries of Baker Tilly Corporation, a wholly-owned subsidiary of Baker Tilly Advisory Group, LP
9 Other financial commitments 2024 2023
$ $
Total future minimum payments under non-cancellable operating leases 75,000 75,000
10 Other information
BTVK Advisory (Dubai) LLP is a limited liability partnership incorporated in England. Its registered office is:
5th Floor
2 London Wall Place
London
EC2Y 5AU
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