REGISTERED NUMBER:
OC437406
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V1 International Limited Liability Partnership |
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|
Filleted Unaudited Financial Statements |
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V1 International Limited Liability Partnership |
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Statement of Financial Position |
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31 March 2025
Fixed assets
Current assets
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Debtors |
5 |
19,024,852 |
|
18,590,314 |
|
Cash at bank and in hand |
49,653 |
|
71,616 |
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------------- |
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------------- |
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19,074,505 |
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18,661,930 |
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|
|
|
|
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Creditors: amounts falling due within one year |
6 |
1,275 |
|
4,242 |
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------------- |
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------------- |
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Net current assets |
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19,073,230 |
18,657,688 |
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------------- |
------------- |
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Total assets less current liabilities |
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19,073,330 |
18,657,788 |
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|
|
|
|
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Creditors: amounts falling due after more than one year |
7 |
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19,540,114 |
19,091,726 |
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------------- |
------------- |
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Net liabilities |
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(
466,784) |
(
433,938) |
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------------- |
------------- |
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Represented by:
Loans and other debts due to members
Members' other interests
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Members' capital classified as equity |
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(433,938) |
(228,122) |
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Other reserves |
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(32,846) |
(205,816) |
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--------- |
--------- |
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(466,784) |
(433,938) |
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--------- |
--------- |
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|
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Total members' interests
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Amounts due from members |
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(405,000) |
(400,000) |
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Loans and other debts due to members |
|
– |
– |
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Members' other interests |
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(466,784) |
(433,938) |
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--------- |
--------- |
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(871,784) |
(833,938) |
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--------- |
--------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
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V1 International Limited Liability Partnership |
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Statement of Financial Position (continued) |
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31 March 2025
For the year ending 31 March 2025 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
members
and authorised for issue on
15 December 2025
, and are signed on their behalf by:
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Sergey Grachev |
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Designated Member |
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Registered number:
OC437406
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V1 International Limited Liability Partnership |
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Notes to the Financial Statements |
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Year ended 31 March 2025
The LLP is registered in England and Wales. The address of the registered office is 8 Devonshire Square, London, EC2M 4PL, United Kingdom.
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2. |
Statement of compliance |
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These financial statements have been prepared in compliance with Section 1A 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' issued in December 2021 (SORP 2021).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the members, continued financial support will be available such that the LLP can meet its liabilities as they fall due. Based on this, the members consider it appropriate that the financial statements are prepared on a going concern basis.
Consolidation
The LLP has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 on the basis that the LLP and its subsidiary undertakings comprise a small group.
Members' participation rights
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, '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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Shares in group undertakings |
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£ |
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Cost |
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At 1 April 2024 and 31 March 2025 |
100 |
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---- |
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Impairment |
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At 1 April 2024 and 31 March 2025 |
– |
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---- |
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Carrying amount |
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At 31 March 2025 |
100 |
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---- |
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At 31 March 2024 |
100 |
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---- |
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|
2025 |
2024 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the LLP has a participating interest |
18,585,006 |
18,157,218 |
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Other debtors |
439,846 |
433,096 |
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------------- |
------------- |
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19,024,852 |
18,590,314 |
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------------- |
------------- |
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6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
1,275 |
4,242 |
|
------- |
------- |
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7.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
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Other creditors |
19,540,114 |
19,091,726 |
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------------- |
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8. |
Related party transactions |
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The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group. During the year, the LLP received advertising services from My Adworld Limited worth £7,000, a company controlled by Sergey Gratchev. During the year, the LLP received consultancy services worth £1,000 from Joe Lipman, a close family member.