Crossboundary UK Group LLP is a limited liability partnership incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, United Kingdom, WD3 5LH.
The principal activity of the limited liability partnership is that of an investment holding partnership.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in USD $, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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 current liabilities.
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at amortised cost.
There were no employees during the year.
The equity investments are not publicly traded and so the fair values cannot be reliably measured. Therefore the company's investments in subsidiaries and significant undertakings are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
These financial statements are separate limited liability partnership financial statements for the partnership.
Details of the limited liability partnership's subsidiaries at 31 December 2024 are as follows:
The investments in subsidiaries are stated at cost.
The following amounts were outstanding at the reporting end date:
The amounts due from related parties are unsecured, interest free and are repayable on demand.
There have been no guarantees provided for any related party receivables.
The transactions with the related parties have been made on normal terms and in the ordinary course of business.
For the years ended 31 December 2024 and 2023, the partnership has not recorded any impairment of receivables relating to amounts receivable from related parties.