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Registered number: OC324470









DELTAGRIP TRADING LLP

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DELTAGRIP TRADING LLP
 

INFORMATION




Designated Members

Artemis Ventures International Limited
Laymarsh Investments Limited


LLP registered number

OC324470

Registered office

10 Tideway Yard Mortlake High StreetLondonSW14 8SN

Independent auditor

Price Bailey LLP24 Old Bond StreetLondonW1S 4AP


 
DELTAGRIP TRADING LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8 - 9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 22


 
DELTAGRIP TRADING LLP
 
  
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Members present their annual report together with the audited financial statements of Deltagrip Trading LLP (the "LLP") for the year ended 31 March 2024
 

Principal activities
 
 
The principal object of the LLP is that of buying and selling crude oil and petroleum products.
 
 
Designated Members
 
 
Artemis Ventures International Limited and Laymarsh Investments Limited were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each members' subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in Members' capital in the year ended 31 March 2024 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between Members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Energy and carbon report
 
 
The LLP has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Post balance sheet events
Please refer to the post balance sheet event note to the financial statements for details.


Members' responsibilities statement
 
 
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 (United Kingdom Accounting Standards and applicable law). 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 LLP and of the profit or loss of the LLP for that period.


 

Page 1

 
DELTAGRIP TRADING LLP
 
 
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
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 UK 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 to 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 the 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.
 
Disclosure of information to auditor
 
 
Each of the persons who are Members at the time when this Members' Report, incorporating the Energy and Carbon Report is approved has confirmed that:

so far as that Member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

This report was approved by the Members and signed on their behalf by: 




................................................
Artemis Ventures International Limited
Designated Member



Date: 27 May 2025

Page 2

 
DELTAGRIP TRADING LLP
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTAGRIP TRADING LLP
 

Opinion
 

We have audited the financial statements of Deltagrip Trading LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 March 2024 and of its profit 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 limited liability partnerships 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
DELTAGRIP TRADING LLP
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTAGRIP TRADING LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, 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 is 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.


Page 4

 
DELTAGRIP TRADING LLP
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTAGRIP TRADING LLP (CONTINUED)


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 an Auditor's Report 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management around actual and potential litigation, claims and fraud;
Review of board minutes of meeting; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


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 by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our 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 an Auditor's Report 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.


Page 5

 
DELTAGRIP TRADING LLP
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTAGRIP TRADING LLP (CONTINUED)



Richard Vass (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditor
  
24 Old Bond Street
London
W1S 4AP

27 May 2025
Page 6

 
DELTAGRIP TRADING LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
$000
$000

  

Turnover
 4 
3,057
699,230

Cost of sales
  
(2,910)
(698,193)

Gross profit
  
 
147
 
1,037

Administrative expenses
  
(1,239)
(837)

Operating (loss)/profit
 5 
 
(1,092)
 
200

Interest receivable and similar income
 8 
1,520
658

Interest payable and similar expenses
 9 
(17)
(17)

Profit before tax
  
 
411
 
841

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
411
 
841

There was no other comprehensive income for 2024 (2023$NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 7

 
DELTAGRIP TRADING LLP
REGISTERED NUMBER: OC324470

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
$000
$000

  

Current assets
  

Debtors
 10 
16,732
14,346

Current asset investments
 11 
13,055
1,805

Cash at bank and in hand
 12 
1,360
13,523

  
31,147
29,674

Creditors: Amounts Falling Due Within One Year
 13 
(1,517)
(452)

Net current assets
  
 
 
29,630
 
 
29,222

Total assets less current liabilities
  
29,630
29,222

  

Net assets
  
29,630
29,222


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 14 
759
762

  
759
762

Members' other interests
  

Members' capital classified as equity
 15 
8,936
8,936

Other reserves classified as equity
 15 
19,935
19,524

  
 
28,871
 
28,460

  
29,630
29,222


Total members' interests
  

Due from LLP members - balances b/fwd
  
(3,159)
(3,064)

Loans and other debts due to members
 14 
759
762

Members' other interests
 15 
28,871
28,460

  
26,471
26,158


Page 8

 
DELTAGRIP TRADING LLP
REGISTERED NUMBER: OC324470
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 27 May 2025.




................................................
Artemis Ventures International Limited
................................................
Laymarsh Investments Limited
Designated Member
Designated Member

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
DELTAGRIP TRADING LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Members capital (classified as equity)
Other reserves
Total equity

$000
$000
$000


At 1 April 2022
8,936
18,683
27,619


Comprehensive income for the year

Profit for year for discretionary division among Members
-
841
841
Total comprehensive income for the year
-
841
841


Total transactions with Members
-
-
-



At 1 April 2023
8,936
19,524
28,460


Comprehensive income for the year

Profit for year for discretionary division among Members
-
411
411
Total comprehensive income for the year
-
411
411


Total transactions with Members
-
-
-


At 31 March 2024
8,936
19,935
28,871

The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
DELTAGRIP TRADING LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
$000
$000

Cash flows from operating activities

Profit for the financial year
411
841

Adjustments for:

Interest paid
17
17

Interest received
(1,520)
(658)

(Increase)/decrease in debtors
(1,487)
84,135

Increase/(decrease) in creditors
873
(89,794)

Increase in provisions
192
-

Net cash generated from operating activities before transactions with members

(1,514)
(5,459)


Cash flows from investing activities

Purchase of unlisted and other investments
-
(782)

Investment in short term deposits
(11,250)
-

Interest received
785
658

Net cash from investing activities

(10,465)
(124)

Cash flows from financing activities

Interest paid
-
(17)

Distribution paid to members
-
(117)

Drawings paid to members
(184)
(194)

Net cash used in financing activities
(184)
(328)

Net (decrease) in cash and cash equivalents
(12,163)
(5,911)

Cash and cash equivalents at beginning of year
13,523
19,434

Cash and cash equivalents at the end of year
1,360
13,523


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,360
13,523

1,360
13,523


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The entity is a limited liability partnership and is incorporated in England. The address of its registered office is 10 Tideway Yard Mortlake High Street, London, SW14 8SN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

Profits of the LLP which are not yet divided among the Members are shown under 'Other reserves' on the Balance Sheet, pending a discretionary decision to divide the profits.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Page 15

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 16

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the LLP's accounting policies, which are described in note 2, the Members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or the period of the revision and future periods if the revision affects both current and future periods. The following judgements have the most significant effect on the financial statements:
No control or influence exercised over investments
The Members have assessed the control the LLP has over the entity in which shares are held and concluded that due to Croatian law, they do not have any control or influence over this entity. The investment has been recognised at cost, being $1,805k, as a current asset investment.
Recoverability of related party debtors
At the reporting date amounts due from related parties totalled $12,025k as disclosed in the debtors and related parties note. The Members have exercised judgement in determining if these balances will be recovered when called in.


4.


Turnover

The whole of the turnover is attributable to the buying and selling of crude oil and petroleum products.

100% of the LLP's turnover (2023: 100%) is attributable to geographical markets outside of the United Kingdom. 


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
$000
$000

Fees payable to the LLP's auditor for the audit of the LLP's annual financial statements
20
19

Exchange differences
1
21


6.


Employees




The entity has nil employees (2023: Nil).

Page 17

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
2
2










8.


Interest receivable

2024
2023
$000
$000


Other interest receivable
1,520
658

1,520
658


9.


Interest payable and similar expenses

2024
2023
$000
$000


Other loan interest payable
17
17

17
17


10.


Debtors

2024
2023
$000
$000

Due after more than one year

Other debtors
10,627
10,172

10,627
10,172

Due within one year

Trade debtors
919
64

Other debtors
1,912
1,046

Prepayments and accrued income
115
-

Amounts due from members
3,159
3,064

16,732
14,346


Page 18

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Current asset investments

2024
2023
$000
$000

Unlisted investments - brought forward
1,805
1,023

Unlisted investments - purchases
-
782

Short term deposits
11,250
-

13,055
1,805



12.


Cash and cash equivalents

2024
2023
$000
$000

Cash at bank and in hand
1,360
13,523

1,360
13,523



13.


Creditors: Amounts falling due within one year

2024
2023
$000
$000

Trade creditors
1,046
55

Other creditors
451
8

Accruals and deferred income
20
389

1,517
452


Page 19

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Loans and other debts due to members


2024
2023
$000
$000



Other amounts due to members
759
762

759
762

Loans and other debts due to members may be further analysed as follows:

2024
2023
$000
$000



Falling due after more than one year
759
762

759
762

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 20

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Reconciliation of members' interests 







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
Total

$000
$000
$000
$000
$000
$000

Amounts due to members
762
762

Amounts due from members
 



(3,064)
(3,064)


Profit for the year available for discretionary division among members
 
-
411
411
-
-
411

Members' interests after profit for the year
8,936
19,935
28,871
(2,400)
(2,400)
26,471

Amounts due to members
759
759

Amounts due from members
 



(3,159)
(3,159)


Balance at 31 March 2024 
8,936
19,935
28,871
(2,400)
(2,400)
26,471

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.

Page 21

 
DELTAGRIP TRADING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Analysis of net debt





At 1 April 2023
Arising from cash flows
Other non-cash changes
At 31 March 2024
$000

$000

$000

$000

Cash at bank and in hand

13,523

(12,163)

-

1,360

Net debt (before members' debt)
13,523
(12,163)
-
1,360

Loans and other debts due to members





Other amounts due to members
(762)

20

(17)

(759)

Net debt


12,761
(12,143)
(17)
601


17.


Related party transactions

During the year the partnership made loan payments of $831k (2023 - $308k) to companies under ultimate common control. 
The partnership also received repayments of loans of $146k (2023 - $209k) from companies related under ultimate common control. 
The partnership has written off owed amounts of $228k (2023 - $425k) from companies under common control.
At the year end the partnership was owed $2,992k (2023 - $2,491k) from companies related under ultimate common control. Interest charged in respect of these amounts was $43k (2023 - $42k)
At the year end the partnership was owed $9,033k (2023: $8,526k) from individuals that are deemed to hold significant influence over the partnership. Interest charged in respect of these amounts was $507k (2023 - $485k).


18.


Post balance sheet events

There were no subsequent events as at the date of authorisation of the financial statements. 


19.


Controlling party

The ultimate controlling parties are the Trustees of the Laymarsh Trust and the Artemis Trust. 

 
Page 22