Silverfin false 31/03/2024 01/04/2023 31/03/2024 A Anton 12/04/2018 M K M Farmiloe 12/04/2018 28 January 2025 OC421968 2024-03-31 OC421968 bus:Director1 2024-03-31 OC421968 bus:Director2 2024-03-31 OC421968 2023-03-31 OC421968 core:CurrentFinancialInstruments 2024-03-31 OC421968 core:CurrentFinancialInstruments 2023-03-31 OC421968 core:CostValuation 2023-03-31 OC421968 core:CostValuation 2024-03-31 OC421968 2023-04-01 2024-03-31 OC421968 bus:FullAccounts 2023-04-01 2024-03-31 OC421968 bus:SmallEntities 2023-04-01 2024-03-31 OC421968 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC421968 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC421968 bus:Director1 2023-04-01 2024-03-31 OC421968 bus:Director2 2023-04-01 2024-03-31 OC421968 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC421968 (England and Wales)

VIRGINIACO. PARTNERS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

VIRGINIACO. PARTNERS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

VIRGINIACO. PARTNERS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
VIRGINIACO. PARTNERS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 1,500,000 1,500,000
1,500,000 1,500,000
Current assets
Debtors 4 1,348,789 1,111,789
Cash at bank and in hand 3,716 6,938
1,352,505 1,118,727
Creditors: amounts falling due within one year 5 ( 6,506) ( 3,026)
Net current assets 1,345,999 1,115,701
Total assets less current liabilities 2,845,999 2,615,701
Net assets attributable to members 2,845,999 2,615,701
Represented by
Loans and other debts due to members within one year
Other amounts 540,570 540,570
540,570 540,570
Members' other interests
Members' capital classified as equity 2,311,131 2,075,131
Other reserves (5,702) 0
2,305,429 2,075,131
2,845,999 2,615,701
Total members' interests
Amounts due from members (included in debtors) (685,000) (660,000)
Loans and other debts due to members 540,570 540,570
Members' other interests 2,305,429 2,075,131
2,160,999 1,955,701

For the financial year ending 31 March 2024 the LLP 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.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of VirginiaCo. Partners LLP (registered number: OC421968) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

M K M Farmiloe
Designated member
VIRGINIACO. PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
VIRGINIACO. PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other reserves Total Other amounts Total
£ £ £ £ £
Amounts due from members (622,500)
Balance at 01 April 2022 1,925,131 (28,918) 1,896,213 (622,500) 1,273,713
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 0 0 765,570 765,570
Profit for the financial year available for discretionary division among members 0 28,918 28,918 0 28,918
Members' interest after profit for the financial year 1,925,131 0 1,925,131 143,070 2,068,201
Introduced by members 150,000 0 150,000 0 150,000
Drawings 0 0 0 (262,500) (262,500)
Amounts due to members 540,570
Amounts due from members (660,000)
Balance at 31 March 2023 2,075,131 0 2,075,131 (119,430) 1,955,701
Loss for the financial year available for discretionary division among members 0 (5,702) (5,702) 0 (5,702)
Members' interest after loss for the financial year 2,075,131 (5,702) 2,069,429 (119,430) 1,949,999
Introduced by members 236,000 0 236,000 0 236,000
Drawings 0 0 0 (25,000) (25,000)
Amounts due to members 540,570
Amounts due from members (685,000)
Balance at 31 March 2024 2,311,131 (5,702) 2,305,429 (144,430) 2,160,999

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

VIRGINIACO. PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
VIRGINIACO. PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal activity of VirginiaCo. Partners LLP ("the LLP") during the year was that of management and business consultancy and the making of principal investments.

The LLP was incorporated in England and Wales, and the Registered Office address is 32-33 Cowcross Street, London, EC1M 6DF.

General information and basis of accounting

VirginiaCo. Partners LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 32-33 Cowcross Street, London, EC1M 6DF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 creditors: amounts falling due within one year.

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate.The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Income Tax

The LLP is not subject to income tax. Taxable profits and losses are allocated to the members in accordance with the underlying LLP agreement and any liability is taxable on the members.

2. Employees

2024 2023
Number Number
Monthly average number of employees, including members, during the year 2 2

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1,500,000 1,500,000
At 31 March 2024 1,500,000 1,500,000
Carrying value at 31 March 2024 1,500,000 1,500,000
Carrying value at 31 March 2023 1,500,000 1,500,000

4. Debtors

2024 2023
£ £
Amounts owed by members 685,000 660,000
Other debtors 663,789 451,789
1,348,789 1,111,789

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 626 626
Accruals 5,880 2,400
6,506 3,026

6. Related party transactions

All members are related parties, and transactions with them are included within total members' interests within the Statement of Financial Position.

Included within other debtors due within one year is a balance of £662,289 (2023: £450,289) due from a limited liability partnership of which VirginiaCo. Partners LLP is a designated member. This balance is unsecured and interest free, with no fixed repayment terms.

Also included within other debtors due within one year is a balance of £1,500 (2023: £1,500) due from a company in which one of the designated members is a director. This balance is unsecured and interest free, with no fixed repayment terms.