Hycroft LLP - Accounts to registrar (filleted) - small 18.2

Hycroft LLP - Accounts to registrar (filleted) - small 18.2

HYCROFT LLP - Company Information

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REGISTERED NUMBER: OC349943 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Hycroft LLP
Hycroft LLP (Registered number: OC349943)






Contents of the Financial Statements
for the year ended 31 December 2019




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hycroft LLP

General Information
for the year ended 31 December 2019







DESIGNATED MEMBERS: Hycroft (UK) Limited
S Myers





REGISTERED OFFICE: 1 Charterhouse Mews
London
EC1M 6BB





REGISTERED NUMBER: OC349943 (England and Wales)





ACCOUNTANTS: ansteybond
1-2 Charterhouse Mews
London
EC1M 6BB
Page 1
Hycroft LLP (Registered number: OC349943)

Balance Sheet
31 December 2019

2019 2018
Notes £    £   
CURRENT ASSETS
Debtors 4 451,021 2,827,707
Cash at bank - 629
451,021 2,828,336
CREDITORS
Amounts falling due within one year 5 (51,021 ) (1,722,731 )
NET CURRENT ASSETS 400,000 1,105,605
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
400,000
1,105,605

LOANS AND OTHER DEBTS DUE TO
MEMBERS
-
-

MEMBERS' OTHER INTERESTS
Capital accounts 400,000 400,000
Other reserves - 705,605
400,000 1,105,605

TOTAL MEMBERS' INTERESTS
Members' other interests 400,000 1,105,605
Amounts due from members 4 (451,021 ) (2,827,697 )
(51,021 ) (1,722,092 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2019.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The notes form part of these financial statements

Page 2 continued...
Hycroft LLP (Registered number: OC349943)

Balance Sheet - continued
31 December 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22 December 2020 and were signed by:





S Myers - Designated member

The notes form part of these financial statements

Page 3
Hycroft LLP (Registered number: OC349943)

Notes to the Financial Statements
for the year ended 31 December 2019

1. STATUTORY INFORMATION

Hycroft LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

During the year, the partnership made a loss of £489 (2018: £70,024). The members of the have partnership indicated their willingness to support the company for a period of at least 12 months from the date of signing the financial statements. On this basis, it is considered appropriate to prepare the financial statements on a going concern basis.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Cash and cash equivalents
Cash and cash equivalents are included in the balance sheet at cost. Cash and cash equivalents comprise cash within the bank.

Members profit and loss allocations
Guaranteed drawings of profits and losses are shown within the Profit and Loss Account as members' salaries charged as an expense. Unallocated profits and losses are distributed per the partnership agreement.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2018 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Other debtors 451,021 2,827,707

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 33,055 56,076
Amounts owed to group undertakings - 1,649,480
Taxation and social security 13,775 13,775
Other creditors 4,191 3,400
51,021 1,722,731

Page 4 continued...
Hycroft LLP (Registered number: OC349943)

Notes to the Financial Statements - continued
for the year ended 31 December 2019

6. RELATED PARTY DISCLOSURES

During the year, Hycroft LLC settled certain operating expenses totalling £NIL (2018: £47,748) on behalf of the LLP. In addition to this, the Hycroft LLC provided working capital amounting to £Nil (2018: £37,086).

As at December 2019, the balance due to Hycroft LLC of £1,649,280 has been written off and credited to the profit or loss. As at 31 December 2019 the balance due to Hycroft LLC is £NIL (2018: £1,649,480).

During the year, the parent undertaking, Hycroft (UK) Limited, settled certain operating expenses totalling £Nil (2018: £86) on behalf of the LLP. A net loss of £NIL (2018: £70,024) was allocated to Hycroft UK Limited.

As at 31 December 2019, a balance due from Hycroft (UK) Limited of £2,395,203 has been written off and debited to the profit or loss. As at 31 December 2019 the a balance due from Hycroft (UK) Limited is £451,020 (2018: £2,827,767).

7. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Hycroft UK Limited.

The ultimate parent undertaking and controlling party of the LLP is Hycroft LLC, a Company incorporated in the United States of America.

Page 5