REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DAEDALUS PARTNERS LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DAEDALUS PARTNERS LLP |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
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 | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Reconciliation of Members' Interests | 11 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
DAEDALUS PARTNERS LLP |
GENERAL INFORMATION |
for the Year Ended 31 DECEMBER 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
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 the provision of investment products. |
The Partnership is regulated by the Financial Conduct Authority (with firm reference (564221) and has permissions to act as a small authorised UK alternative investment fund manager ("AIFM"). |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £6,628 (2022 - £2,625 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP. |
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As identified in the Partnerships internal capital adequacy assessment procedure ("ICAAP") the principal risks to the business are operational risk, business & strategic risk , liquidity risk and regulatory risk. |
Operational Risk |
Operational risk is the risk that failure of people, processes, systems or external events result in financial loss, damage to the reputation of the Partnership, or adverse regulatory intervention or fines. The Partnership has exposure to a number of operational risks which would threaten the Partnership's ability to meet its business objectives such as business disruption & system failure, cyber-attack, outsourced service failure, financial crime, proves failure, investment & fund management and financial and tax management. Operational risks are managed in accordance with the Partnership's operational risk standards, the risks and controls are assessed, and the Partnership considers residual risk against its risk appetite. |
Business & Strategic Risk |
Business risk is the risk caused by uncertainty in the macroeconomic environment, impacting the firm's ability to carry out its business plan or desired strategy. The firm adopts conservative assumptions in all its business and strategic planning. Changes to the wider business environment and business and strategic risks are monitored by the designated members. |
Liquidity risk |
This is the risk that Daedalus Partners LLP either does not have available sufficient financial resources to enable it to meet its obligations as they fall due or can only secure such resources at excessive cost. The Partnership maintains liquid resources which are adequate, both as to the amount and quality, to ensure there is no significant risk that we are unable to meet out liabilities as they fall due. We are required to have robust strategies, policies and processes and systems to enable us to identify, manage and monitor liquidity risk over and appropriate set of time horizons to ensure that we maintain adequate levels of liquidity buffers. The liquidity risk tolerance has been approved by the designated members and is reviewed on an annual basis. |
Regulatory Risk |
Regulatory risk is defined as failure to meet the regulatory obligations and standards required by the regulator. This includes corporate culture, ethical standards and fiduciary duties. The Partnership's compliance officer is responsible for monitoring and ensuring compliance with the relevant regulations with the support of external consultants and legal counsel as required. |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
REPORT OF THE MEMBERS |
for the Year Ended 31 DECEMBER 2023 |
ENERGY AND CARBON REPORTING |
Due to its size, the LLP falls within the disclosure requirements for streamlined energy and carbon reporting (SECR). Daedalus partners LLP has taken advantage of the exemption available to it to not provide the SECR disclosures as the LLP consumed less than 40,000 Kwh of energy during the period for which the report would be prepared, it qualifies as a low energy user and therefore no SECR reporting disclosures would have been given. |
S172 STATEMENT |
During the financial period to 31 December 2023, the active designated members have considered the needs of the Partnership's stakeholders as part of their decision-making process. Specifically, the active designated members consider the likely consequences of its key decisions in the long term and the need to act fairly between its stakeholders. The Partnership's key stakeholders, why they are important to the Partnership and how they have been engaged are; |
Partners: Delivering for the Partnership's partners ensures that the business continues to be successful in the long term and can therefore continue to deliver for all our stakeholders. As the partners are actively engaged on a full-time basis in the management of Daedalus Partners LLP then there is naturally complete transparency in operation. |
Clients: Clients are central to the business - without them the Partnership would not exist. The Partnership aims to deliver a consistently high performance in an efficient and continuously improving way so as to meet the customer's needs. The Partnership's engagement in the early stages of client's business allows the Partnership to add the most value, providing the client with the right advice or funding structure for their business. Feedback is sought throughout the engagement. |
Suppliers: Building strong relationships with suppliers enables the Partnership to obtain the best value, service and quality. The Partnership works with suppliers who understand our business and adhere to our ways of working. The active designated members work hard to understand our supply chain and develop deeper and more strategic relationships with key suppliers. |
Communities: What the Partnership does is an integral part of the start-up entrepreneur community and the community ultimately provides our customers with deal-flow. Poor relationships can damage and even destroy our reputation. Good relationships win goodwill. The Partnership seeks to actively engage with the start-up entrepreneur communities and seeks to reduce the environmental impact of our operations. |
MEMBERS' RESPONSIBILITIES STATEMENT |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
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. |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
REPORT OF THE MEMBERS |
for the Year Ended 31 DECEMBER 2023 |
MEMBERS' RESPONSIBILITIES STATEMENT - continued |
The members are responsible for preparing the members' report and the financial statement in accordance with applicable law and regulations |
Company law as applied to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law). Under company law as applied to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true anna fair view of the state of affairs of the LLP and the profit and 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 judgments 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. |
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 limited liability partnerships 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 |
DAEDALUS PARTNERS LLP |
Opinion |
We have audited the financial statements of Daedalus Partners LLP (the 'LLP') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 loss 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAEDALUS PARTNERS LLP |
Responsibilities of members |
As explained more fully in the Members' Responsibilities Statement set out on pages three and four, 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows: |
- enquiry of management and those charged with governance around actual and potential litigation and claims; |
- enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; and |
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management. |
To address the risk of fraud in relation to revenue recognition, we: |
- Performed analytical procedures to address completeness and accuracy of sales; |
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |
- Investigated the rationale behind significant or unusual transactions. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAEDALUS PARTNERS LLP |
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 |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
INCOME STATEMENT |
for the Year Ended 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Direct costs |
GROSS PROFIT |
Administrative expenses |
(8,216 | ) | (9,749 | ) |
Other income |
OPERATING (LOSS)/PROFIT | 5 | ( |
) |
Interest payable | 6 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
79,490 |
86,118 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
6,659 |
13,287 |
MEMBERS CAPITAL |
Members capital | 72,831 | 72,831 |
79,490 | 86,118 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 6,659 | 13,287 |
Members capital | 72,831 | 72,831 |
79,490 | 86,118 |
The financial statements were approved by the members of the LLP and authorised for issue on |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
RECONCILIATION OF MEMBERS' INTERESTS |
for the Year Ended 31 DECEMBER 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2023 | 72,831 | - | 72,831 |
Loss for the financial year available for discretionary division among members |
- |
(6,628 |
) |
(6,628 |
) |
Members' interests after loss for the year | 72,831 | (6,628 | ) | 66,203 |
Other divisions of loss | - | 6,628 | 6,628 |
Balance at 31 December 2023 | 72,831 | - | 72,831 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 13,287 |
Amount due from members | - |
Balance at 1 January 2023 | 13,287 | 86,118 |
Loss for the financial year available for discretionary division among members |
- |
(6,628 |
) |
Members' interests after loss for the year | 13,287 | 79,490 |
Other divisions of loss | (6,628 | ) | - |
Amount due to members | 6,659 |
Amount due from members | - |
Balance at 31 December 2023 | 6,659 | 79,490 |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
RECONCILIATION OF MEMBERS' INTERESTS |
for the Year Ended 31 DECEMBER 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2022 | 47,831 | - | 47,831 |
Profit for the financial year available for discretionary division among members |
- |
2,625 |
2,625 |
Members' interests after profit for the year | 47,831 | 2,625 | 50,456 |
Other divisions of profit | - | (2,625 | ) | (2,625 | ) |
Introduced by members | 25,000 | - | 25,000 |
Balance at 31 December 2022 | 72,831 | - | 72,831 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 10,662 |
Amount due from members | - |
Balance at 1 January 2022 | 10,662 | 58,493 |
Profit for the financial year available for discretionary division among members |
- |
2,625 |
Members' interests after profit for the year | 10,662 | 61,118 |
Other divisions of profit | 2,625 | - |
Introduced by members | - | 25,000 |
Amount due to members | 13,287 |
Amount due from members | - |
Balance at 31 December 2022 | 13,287 | 86,118 |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
CASH FLOW STATEMENT |
for the Year Ended 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 2 | ( |
) |
Interest paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from financing activities |
Transactions with members and former | members |
Capital introduced by members | - | 25,000 |
Repayments of borrowings | (9,847 | ) | (13,114 | ) |
Loan proceeds from group undertakings | 6,100 | - |
Net cash from financing activities | (3,747 | ) | 11,886 |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
3 |
54,688 |
Cash and cash equivalents at end of year | 3 | 57,809 | 52,752 |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 DECEMBER 2023 |
1. | CLASSIFICATION OF SHARE OF PROFITS |
The Parnership's distributable profits are allocated according to members' agreed share of profits. |
2. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
(6,628 |
) |
2,625 |
Finance costs | 802 | (2,465 | ) |
(5,826 | ) | 160 |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 57,809 | 52,752 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 52,752 | 54,688 |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 DECEMBER 2023 |
4. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 52,752 | 5,057 | 57,809 |
52,752 | 57,809 |
Debt |
Debts falling due |
within 1 year | (9,872 | ) | (224 | ) | - | (10,096 | ) |
Debts falling due |
after 1 year | (26,590 | ) | 10,071 | - | (16,519 | ) |
(36,462 | ) | 9,847 | - | (26,615 | ) |
Net funds (before |
members' debt) | 16,290 | 14,904 | - | 31,194 |
Loans and other debts |
due to members |
Other amounts |
due to members | (13,287 | ) | - | 6,628 | (6,659 | ) |
Net funds | 3,003 | 14,904 | 6,628 | 24,535 |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Daedalus Partners 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 |
The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements are prepared in sterling which is the functional currency of the entity. |
Going concern |
The members have reviewed the activities of the Group and Partnership to date the current working capital position of the group and the ability to reduce certain cost, the members currently believe the group can manage their cash flow for the year ahead. The Group and Partnership therefore continue to adopt the going concern basis in preparing its financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Judgement is applied when accessing the point at which the LLP obtains the right to consideration to determine if revenue and costs should be recognised in the current period, degree of completion and wether payment is likely or not to justify revenue recognition. |
Revenue recognition |
The total turnover of the LLP for the year has been derived from its principal activity wholly undertaken in the United Kingdom. Turnover included amounts receivable for sale of services in relation to alternative investment opportunities and products net of value added tax. Turnover in respect of service contracts and management fees of investment funds are recognised when the LLP obtains the rights to consideration and the fund has closed. |
Financial instruments |
Financial assets |
Financial assets are recognised when the entity becomes a party to the contractual provisions of the financial instrument. The LLP does not hold any third party financial assets. |
Loans and receivables |
Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are initially recognised at value transaction price and are subsequently measured at amortised cost using the effective interest method. |
Financial liabilities and equity instruments. |
Financial liabilities and equity 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 company after deducting all of its liabilities. Other financial liabilities (including borrowing and trade and other payables) are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss of the period in which it arises. |
Taxation |
Taxation on the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements. |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement 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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. |
3. | TURNOVER |
The turnover and loss (2022 - profit) for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
4. | EMPLOYEE INFORMATION |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Auditors' remuneration |
6. | INTEREST PAYABLE |
2023 | 2022 |
£ | £ |
Bank loan interest | ( |
) |
7. | INFORMATION IN RELATION TO MEMBERS |
2023 | 2022 |
The average number of members during the year was | 3 | 3 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
VAT | - | 778 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The above balance relates to the government backed bounce back loan. |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 6,659 | 13,287 |
Falling due within one year | 6,659 | 13,287 |
Amounts included in loans and other debts due to members would rank last in relation to unsecured creditors in the event of a winding up. There are no such restrictions or limitations in place on the ability of members to reduce the amount of members' other interests. |
13. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Sales | - | 7,500 |
Recharges from related party | 7,000 | 18,000 |
Amount due by group undertakings | 17,600 | 27,200 |
Amount due to group undertakings | - | 3,500 |
Amounts owed to and due from group undertakings are interest free, unsecured and repayable on demand. |
Other related parties |
2023 | 2022 |
£ | £ |
Interest received | 2,390 | - |
Amount due from related party | 58,014 | 55,624 |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The ultimate controlling party in the year was Growthdeck Limited. However on 27/09/2024 Your Personal VC became the ultimate controlling party. |
DAEDALUS PARTNERS LLP (REGISTERED NUMBER: OC365551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
15. | FINANCIAL INSTRUMENTS |
The carrying amount for each category of financial instrument is as follows: |
2023 | 2022 |
£ | £ |
Financial assets |
Financial assets that are debt instruments at amortised cost | 143,487 | 159,759 |
Financial liabilities |
Financial liabilities measured at amortised cost | 58,647 | 73,406 |
The LLP holds or issues financial instruments to finance its operations. The LLP does not trade in financial instruments. The LLP is not exposed to currency risk in respect of its day to day transactions in the ordinary course of the business, as all transactions are denominated in Sterling. |