UNITED PETROLEUM TRADING (UK) LLP LLP accounts

UNITED PETROLEUM TRADING (UK) LLP LLP accounts

UNITED PETROLEUM TRADING (UK) LLP - Company Information

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REGISTERED NUMBER: OC316945
UNITED PETROLEUM TRADING (UK) LLP
Unaudited Financial Statements
31 December 2019
UNITED PETROLEUM TRADING (UK) LLP
Financial Statements
Year ended 31 December 2019
Contents
Page
Members' report
1
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Statement of cash flows
8
Notes to the financial statements
9
UNITED PETROLEUM TRADING (UK) LLP
Members' Report
Year ended 31 December 2019
The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2019 .
Principal activities
The principal activity of the LLP during the year was that of dealing and transporting oil and oil related product outside the United Kingdom, in the Caspian region.
During the current year, the LLP managed to maintain long-term relationships with ship-owners, terminals and other service providers in the Caspian region. The LLP is a significant logistic provider in the Caspian Sea. The LLP also managed to secure important crude oil contracts in the region, increased further its presence in the market place and became one of the main Turkmen crude oil exporters.
However, due to fluctuations of the international crude oil and petroleum products prices, the company faced a slight decrease from the previous year in turnover.
Designated members
The designated members who served the LLP during the year were as follows:
K Chudasama
J E Rose-Innes
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
The Members have contributed the total sum of capital in the proportions specified in the LLP Agreement as shall be credited to each Members' Capital Account. The Members shall contribute any further capital which the Management Board determine as being required for the purposes of the LLP in accordance with instructions from the Management Board. New Members are required to subscribe to a level of capital as determined by the Management Board. The Management Board may not call for the Members to to contribute any further capital on the insolvency of the LLP. On retirement, capital is repaid to Members.
Each Member may receive drawings from the LLP on account of their entitlement to profit in such amounts as shall be determined by the Management Board.
Future developments
The LLPs strategy is to increase its turnover and to expand its presence in the Caspian market both as a trading and transportation actor. In order to remain competitive, and hence secure further long term contracts, the LLP has developed new export routes and proposed more favourable conditions to crude oil producers.
The Members believe that adopting such a strategy will guarantee stable growth for the company and higher profits in the future.
This report was approved by the members on 31 December 2020 and signed on behalf of the members by:
J E Rose-Innes
Designated Member
Registered office:
601 International House
223 Regent Street
London
W1B 2QD
UNITED PETROLEUM TRADING (UK) LLP
Statement of Comprehensive Income
Year ended 31 December 2019
2019
2018
Note
$000
$000
Turnover
4
23,846
1,094,344
Cost of sales
23,696
1,092,184
--------
------------
Gross profit
150
2,160
Administrative expenses
1
815
Other operating income
5
1
–
----
-------
Operating profit
8
150
1,345
Other interest receivable and similar income
9
305
316
Interest payable and similar expenses
10
–
10
----
-------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
455
1,651
----
-------
All the activities of the LLP are from continuing operations.
UNITED PETROLEUM TRADING (UK) LLP
Statement of Financial Position
31 December 2019
2019
2018
Note
$000
$000
$000
Current assets
Debtors
12
33,886
91,437
Cash at bank and in hand
2
44
--------
--------
33,888
91,481
Creditors: amounts falling due within one year
13
24,791
82,905
--------
--------
Net current assets
9,097
8,576
-------
-------
Total assets less current liabilities
9,097
8,576
Provisions
Other provisions
14
965
965
-------
-------
Net assets
8,132
7,611
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
15
8,126
7,605
Members' other interests
Members' capital classified as equity
6
6
Other reserves, including the fair value reserve
–
–
-------
-------
8,132
7,611
-------
-------
Total members' interests
Loans and other debts due to members
15
8,126
7,605
Members' other interests
6
6
-------
-------
8,132
7,611
-------
-------
For the year ending 31 December 2019 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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
UNITED PETROLEUM TRADING (UK) LLP
Statement of Financial Position (continued)
31 December 2019
These financial statements were approved by the members and authorised for issue on 31 December 2020 , and are signed on their behalf by:
J E Rose-Innes
Designated Member
Registered number: OC316945
UNITED PETROLEUM TRADING (UK) LLP
Reconciliation of Members' Interests
Year ended 31 December 2019
Members' other interests
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, including the fair value reserve
Total
Other amounts
Total
Total 2019
$000
$000
$000
$000
$000
$000
Balance at 1 January 2019
6
–
6
7,671
7,671
7,677
Profit for the financial year available for discretionary division among members
455
455
455
----
----
----
-------
-------
-------
Members' interests after profit for the year
6
455
461
7,671
7,671
8,132
Other division of profits
(455)
(455)
455
455
–
----
----
----
-------
-------
-------
Balance at 31 December 2019
6
–
6
8,126
8,126
8,132
----
----
----
-------
-------
-------
UNITED PETROLEUM TRADING (UK) LLP
Reconciliation of Members' Interests (continued)
Year ended 31 December 2019
Members' other interests
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, including the fair value reserve
Total
Other amounts
Total
Total 2018
$000
$000
$000
$000
$000
$000
Balance at 1 January 2018
6
–
6
5,954
5,954
5,960
Profit for the financial year available for discretionary division among members
1,651
1,651
1,651
----
-------
-------
-------
-------
-------
Members' interests after profit for the year
6
1,651
1,657
5,954
5,954
7,611
Other division of profits
(1,651)
(1,651)
1,651
1,651
–
----
-------
-------
-------
-------
-------
Balance at 31 December 2018
6
–
6
7,605
7,605
7,611
----
-------
-------
-------
-------
-------
UNITED PETROLEUM TRADING (UK) LLP
Statement of Cash Flows
Year ended 31 December 2019
2019
2018
$000
$000
Cash flows from operating activities
Profit for the financial year
455
1,651
Adjustments for:
Other interest receivable and similar income
( 305)
( 316)
Interest payable and similar expenses
–
10
Accrued income
–
( 30)
Changes in:
Trade and other debtors
57,551
( 59,154)
Trade and other creditors
( 58,114)
57,556
--------
--------
Cash generated from operations
( 413)
( 283)
Interest paid
–
( 10)
Interest received
305
316
----
----
Net cash (used in)/from operating activities
( 108)
23
----
----
Net (decrease)/increase in cash and cash equivalents
( 108)
23
Cash and cash equivalents at beginning of year
44
21
----
----
Cash and cash equivalents at end of year
( 64)
44
----
----
UNITED PETROLEUM TRADING (UK) LLP
Notes to the Financial Statements
Year ended 31 December 2019
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 601 International House, 223 Regent Street, London, W1B 2QD.
2.
Statement of compliance
These financial statements have been prepared in compliance with 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 2018 (SORP 2018).
3.
Accounting policies
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
The members have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorizing the accounts, and for the foreseeable future, the members consider the going concern assumption to still be appropriate. The members acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the members to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. The members have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the LLP will have sufficient funds to meet its liabilities as they fall due for that period. Consequently, the members are confident that the LLP will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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 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'.
Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4.
Turnover
Turnover arises from:
2019
2018
$000
$000
Rendering of services
23,846
1,094,344
--------
------------
The turnover is attributable to the one principal activity of the LLP. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2019
2018
$000
$000
Rest of World
23,846
1,094,344
--------
------------
5.
Other operating income
2019
2018
$000
$000
Other operating income
1
–
----
----
6.
Staff costs
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:
2019
2018
No.
No.
Administrative
2
2
----
----
The aggregate employment costs incurred during the year (excluding members) were:
2019
2018
$000
$000
Wages and salaries
1
1
----
----
7.
Auditor's remuneration
2019
2018
$000
$000
Fees payable for the audit of the financial statements
15
30
----
----
8.
Operating profit
Operating profit or loss is stated after charging:
2019
2018
$000
$000
Foreign exchange differences
–
9
----
----
9.
Other interest receivable and similar income
2019
2018
$000
$000
Interest on loans and receivables
305
316
----
----
10.
Interest payable and similar expenses
2019
2018
$000
$000
Interest on banks loans and overdrafts
–
10
----
----
11.
Information in relation to members
2019
2018
$000
$000
Highest paid members remuneration
1
1
----
----
2019
2018
No.
No.
Average number of members
2
2
----
----
12.
Debtors
2019
2018
$000
$000
Trade debtors
22,984
80,648
Loans receivable
10,902
10,789
--------
--------
33,886
91,437
--------
--------
13. Creditors: amounts falling due within one year
2019
2018
$000
$000
Trade creditors
24,783
82,718
Other creditors
8
187
--------
--------
24,791
82,905
--------
--------
14.
Provisions
Legal case
$000
At 1 January 2019 and 31 December 2019
965
----
15.
Loans and other debts due to members
2019
2018
$000
$000
Amounts owed to members in respect of profits
8,126
7,605
-------
-------
16.
Analysis of changes in net debt
At 1 Jan 2019
Cash flows
At 31 Dec 2019
$000
$000
$000
Cash at bank and in hand
44
(42)
2
----
----
----
Net debt (before members' debt)
44
(42)
2
----
----
----
Loans and other debts due to members
Other amounts
(7,605)
(521)
(8,126)
-------
----
-------
Net debt
( 7,561)
( 563)
( 8,124)
-------
----
-------
17.
Related party transactions
In the opinion of the members there were no transactions as defined by financial reporting Standard No 102 2The Financial Reporting Standard applicable in the UK and the Republic of Ireland".