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QUILAM CAPITAL HOLDINGS 2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Quilam Capital Holdings 2 LLP (the "LLP"), is a limited liability partnership, incorporated in England and Wales. The LLP's registered number and registered address can be found on the LLP information page.
The principal activity of the LLP is that of a holding LLP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future.
Thus, the members adopt the going concern basis of accounting in preparing the financial statements, which the members believe is appropriate based on the facts set out below.
The members, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the LLP will continue in operation for the foreseeable future.
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Division and distribution of profits
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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