| Entrepreneur First Investment Manager LLP |
| Registered number: |
OC397263 |
| Balance Sheet |
| as at 31 March 2018 |
| Notes |
|
2018 |
|
2017 |
| £ |
£ |
| Current assets |
|
|
|
|
|
| Debtors |
2 |
|
333,727 |
|
186,419 |
| Cash at bank and in hand |
|
|
137,756 |
|
123,976 |
|
|
|
471,483 |
|
310,395 |
|
| Creditors: amounts falling due within one year |
3 |
|
(94,022) |
|
(208,180) |
|
| Net current assets |
|
|
377,461 |
|
102,215 |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
377,461 |
|
102,215 |
|
|
|
| Net assets attributable to members |
377,461 |
|
102,215 |
|
|
|
|
|
|
| Represented by: |
|
|
|
|
|
|
| Members' other interests |
| Members' capital classified as equity |
|
|
377,461 |
|
102,215 |
|
|
|
|
|
|
|
|
|
377,461 |
|
102,215 |
|
|
|
|
|
|
| Total members' interests |
| Members' other interests |
|
|
377,461 |
|
102,215 |
|
|
|
|
377,461 |
|
102,215 |
|
|
|
|
|
|
| For the year ended 31 March 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| These accounts were approved by the members on 20 December 2018 and signed on their behalf by: |
|
|
| Matt Clifford |
| Designated member |
|
| Entrepreneur First Investment Manager LLP |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
7,737 |
|
92,391 |
|
Other debtors |
325,990 |
|
94,028 |
|
|
|
|
|
|
333,727 |
|
186,419 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
92,975 |
|
49,848 |
|
Other creditors |
1,047 |
|
158,332 |
|
|
|
|
|
|
94,022 |
|
208,180 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Related party transactions |
|
|
During the year Entrepeneur First Investment Manager LLP purchased administrative services from Entrepeneur First Operations Limited. The purchases were at commercial rates. Of the partners, 4 are directors and shareholders in Entrepreneur First Operations Limited. At the balance sheet date £92,807 (2017 - £200,119) was owed by the partnership to the limited company. |
|
|
Other debtors includes the following sums due to the partnership from related entities: |
|
|
|
|
|
|
|
2018 |
|
2017 |
| £ |
£ |
|
Entrepreneur First Next Stage LP |
|
|
|
|
£0 |
|
£71,884 |
|
Entrepreneur First (Singapore) LP |
|
|
|
|
£207,558 |
|
£7,737 |
|
Entrepreneur First LP |
|
|
|
|
£6,623 |
|
£12,770 |
|
|
| 5 |
Other information |
|
|
Entrepreneur First Investment Manager LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
4th Floor |
|
8 Old Jewry |
|
London |
|
EC2R 8DN |
