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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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Hycroft LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Hycroft LLP |
Hycroft LLP (Registered number: OC349943) |
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Contents of the Financial Statements |
for the year ended 31 December 2018 |
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Page |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 6 |
Hycroft LLP |
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General Information |
for the year ended 31 December 2018 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1-2 Charterhouse Mews |
London |
EC1M 6BB |
Hycroft LLP (Registered number: OC349943) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,105,605 |
1,105,605 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 400,000 | 400,000 |
Other reserves |
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1,105,605 | 1,105,605 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 1,105,605 | 1,105,605 |
Amounts due from members | 4 | (2,827,697 | ) | (2,757,769 | ) |
(1,722,092 | ) | (1,652,164 | ) |
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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. |
Hycroft LLP (Registered number: OC349943) |
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Balance Sheet - continued |
31 December 2018 |
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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. |
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The financial statements were approved by the members of the LLP on
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Hycroft LLP (Registered number: OC349943) |
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Notes to the Financial Statements |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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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. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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During the year, the partnership made a loss of £70,024 (2017: £661,014). 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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Hycroft LLP (Registered number: OC349943) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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6. | RELATED PARTY DISCLOSURES |
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During the year, Hycroft LLC settled certain operating expenses totalling £47,748 (2017: £Nil) on behalf of the |
LLP. In addition to this, the Hycroft LLC provided working capital amounting to £37,086 (2017: £573,589). |
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As at 31st December 2018, the balance due to Hycroft LLC amounted to £1,649,480 (2017: £1,564,646). |
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During the year, the parent undertaking, Hycroft (UK) Limited, settled certain operating expenses totalling £86 |
(2017: (£2,391)) on behalf of the LLP. A net loss of £70,024 (2017: £661,014) was allocated to Hycroft UK |
Limited. |
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At at 31st December 2018, the balance due from Hycroft (UK) Limited amounted to £2,827,707 (2017: |
£2,757,769). |
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7. | ULTIMATE CONTROLLING PARTY |
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The immediate parent undertaking is Hycroft UK Limited. |
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The ultimate parent undertaking and controlling party of the LLP is Hycroft LLC, a Company incorporated in the |
United States of America. |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Hycroft LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Members are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability |
Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your |
approval the financial statements of Hycroft LLP for the year ended 31 December 2018 which comprise the Income |
Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the members of Hycroft LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hycroft LLP and state those matters that we have agreed to state to the members of Hycroft LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hycroft LLP and its members, as a body, for our work or for this report. |
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It is your duty to ensure that Hycroft LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hycroft LLP. You consider that Hycroft LLP is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Hycroft LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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1-2 Charterhouse Mews |
London |
EC1M 6BB |
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