Met Securities LLP - Accounts to registrar (filleted) - small 23.2.5
Met Securities LLP - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2023 |
| for |
| Met Securities LLP |
| Met Securities LLP (Registered number: OC365831) |
| Contents of the Financial Statements |
| for the year ended 31 March 2023 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Met Securities LLP |
| General Information |
| for the year ended 31 March 2023 |
| Designated members: |
| Registered office: |
| Registered number: |
| Met Securities LLP (Registered number: OC365831) |
| Balance Sheet |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| Current assets |
| Debtors | 4 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 5 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
6 |
| Net assets attributable to members | 313,212 | 259,517 |
| Loans and other debts due to members | 313,212 | 259,517 |
| Total members' interests |
| Loans and other debts due to members | 313,212 | 259,517 |
| Amounts due from members | 4 | (361,746 | ) | (256,786 | ) |
| (48,534 | ) | 2,731 |
| 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. |
| 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 |
| Met Securities LLP (Registered number: OC365831) |
| Notes to the Financial Statements |
| for the year ended 31 March 2023 |
| 1. | Statutory information |
| Met Securities 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 |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover from trading is recognised by the LLP on settlement dates and earned on a mark-to-market basis. |
| Turnover comprises profits and losses derived from trading in fixed income and foreign exchange markets. |
| Financial instruments |
| Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments derivative financial instruments, trade and other payables, convertible loan notes and loans and borrowings. The LLP has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
| Financial assets and liabilities - classified as basic financial instruments |
| (i) Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
| (ii) Trade and other receivables |
| Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
| At the end of each reporting period, the LLP assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
| (iii) Equity investments |
| Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss. |
| (iv) Trade and other payables and loans and borrowings |
| Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
| Equity |
| Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. |
| Met Securities LLP (Registered number: OC365831) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 2. | Accounting policies - continued |
| Equity instruments issued by the LLP are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management. |
| Cash and cash equivalents include balances held with the LLP clearers, including net open positions on a mark-to-market basis. |
| Taxation |
| The LLP is not subject to tax. Taxable profits are allocated to the members in accordance with that allocation schedule set out in the LLP agreement and the liability for any tax is reflected in the parties own financial statements where applicable. |
| Going concern |
| These financial statements have been prepared on a going concern basis. |
| The current economic conditions present increased risks for all businesses. The members have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
| In response to such conditions, the members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
| Based on assessment, the members consider that the LLP maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
| In addition, the LLP's assets are assessed for recoverability on a regular basis, and the members consider that the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
| The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements. |
| 3. | Employee information |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Met Securities LLP (Registered number: OC365831) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 5. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Other creditors |
| 6. | Creditors: amounts falling due after more than one year |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| 7. | Related party disclosures |
| The LLP is managed by all its members and details of transactions with them are shown in the reconciliation of members' interests. |
| Included within other debtors/(creditors) are balances with related parties as at the Balance Sheet date as set out below. All balances are unsecured and interest-free with no fixed repayment terms. |
| 2023 | 2022 |
| £ | £ |
| Entities with control, joint control or significant influence by designated members |
(189,110 |
) |
(127,930 |
) |
| 8. | Ultimate controlling party |
| There is no one ultimate controlling party. |