Registration number:
Outlier Capital LLP
for the Year Ended 31 March 2023
Outlier Capital LLP
(Registration number: OC404177)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
5,443,856 |
2,653,987 |
|
Investments |
20,673,327 |
5,412,157 |
|
26,117,183 |
8,066,144 |
||
Current assets |
|||
Debtors |
88,687 |
105,354 |
|
Cash and short-term deposits |
3,742,984 |
2,946,099 |
|
3,831,671 |
3,051,453 |
||
Creditors: Amounts falling due within one year |
(3,234,632) |
(1,586,045) |
|
Net current assets |
597,039 |
1,465,408 |
|
Net assets attributable to members |
26,714,222 |
9,531,552 |
|
Total members' interests |
|||
Other debts due to members |
4,506,282 |
2,177,685 |
|
Equity |
22,207,940 |
7,353,867 |
|
26,714,222 |
9,531,552 |
Outlier Capital LLP
(Registration number: OC404177)
Balance Sheet as at 31 March 2023 (continued)
For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Outlier Capital LLP (registered number OC404177) were approved by the
|
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting' by Limited Liability Partnerships.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The limited liability partnership is exempt from the requirement to produce consolidated accounts on the basis that it qualifies as a small limited liability partnership.
The functional currency of Outlier Capital LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Going concern
The partnership has substantial cash balances which enables it to pay its debts as they fall due for the foreseeable future and accordingly, the partnership has continued to prepare its financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for consultancy services in connection with the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The limited liability partnership recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Limited Liability Partnerships's activities.
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Foreign currency
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Taxation
The taxation payable on the partnership's profits is the personal liability and responsibility of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Intangible assets
Intangible assets relate to intangible assets at cost and revalued intangibles.
Intangible assets at cost relate to cryptocurrency option and investment agreements which are measured at cost less accumulated impairment and illiquid cryptocurrency tokens received from staking rewards which are measured at market value on the date they are received less accumulated impairment.
Revalued intangibles relate to liquid cryptocurrencies that have a very active trading market and can be readily converted to cash. Liquid cryptocurrencies are initially measured at cost and are subsequently measured at fair value, with changes in fair value recognised in other comprehensive income.
Any gain or loss on disposal of intangible fixed assets are recognised in other operating income.
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Fixed asset investments
Investments into equity or tokens which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Particulars of employees |
The limited liability partnership does not employ any staff and therefore the average number of employees during the year was
Intangible fixed assets |
Revalued intangibles |
Intangibles at cost |
Total |
|
Cost |
|||
At 1 April 2022 |
1,230,090 |
1,423,897 |
2,653,987 |
Additions |
4,060,933 |
2,187,567 |
6,248,500 |
Disposals |
(2,393,143) |
(736,741) |
(3,129,884) |
Fair value gain |
(328,747) |
- |
(328,747) |
At 31 March 2023 |
2,569,133 |
2,874,723 |
5,443,856 |
Impairment |
|||
At 1 April 2022 |
- |
- |
- |
At 31 March 2023 |
- |
- |
- |
Net book value |
|||
At 31 March 2023 |
2,569,133 |
2,874,723 |
5,443,856 |
At 31 March 2022 |
1,230,090 |
1,423,897 |
2,653,987 |
Revalued intangible fixed assets are bought and sold regularly. They are revalued to market value at the end of each financial year.
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Investments held as fixed assets |
Shares in group undertakings and participating interests
Subsidiary undertakings |
Total |
|
Cost |
||
At 1 April 2022 |
290,971 |
290,971 |
At 31 March 2023 |
290,971 |
290,971 |
Net book value |
||
At 31 March 2023 |
290,971 |
290,971 |
At 31 March 2022 |
290,971 |
290,971 |
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
4 |
Investments held as fixed assets (continued) |
Details of undertakings
Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
Principal activity |
Subsidiary undertakings |
||||
|
England and Wales |
Ordinary |
|
Provision of consultancy services |
|
England and Wales |
Ordinary |
|
Investing in startups |
|
England and Wales |
Ordinary |
|
Advisory/Consulting services |
Subsidiaries
The financial period end of Outlier Ventures Operations Limited is 31 March.
The financial period end of Outlier Ventures Participations Limited is 31 March.
The financial period end of Outlier Ventures Services Limited is 31 March.
Outlier Capital LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
4 |
Investments held as fixed assets (continued) |
Other investments
Unlisted investments |
Total |
|
Cost |
||
At 1 April 2022 |
5,121,186 |
5,121,186 |
Additions |
15,262,915 |
15,262,915 |
Disposals |
(1,745) |
(1,745) |
At 31 March 2023 |
20,382,356 |
20,382,356 |
Net book value |
||
At 31 March 2023 |
20,382,356 |
20,382,356 |
At 31 March 2022 |
5,121,186 |
5,121,186 |
Debtors |
2023 |
2022 |
|
Other debtors |
14,402 |
38,216 |
Prepayments and accrued income |
74,285 |
67,138 |
88,687 |
105,354 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
|
Trade creditors |
100,958 |
772,230 |
Amounts owed to group undertakings |
2,759,649 |
438,636 |
Other creditors |
365,125 |
354,018 |
Accruals and deferred income |
8,900 |
21,161 |
3,234,632 |
1,586,045 |
Related party transactions |
The LLP has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with the ultimate parent entity or any wholly owned subsidiary undertaking of the group.