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Registration number: OC359107

Spring Ventures LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Spring Ventures LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Spring Ventures LLP

Limited liability partnership information

Designated members

Mr J M Hudson

GDN House Ltd
 

Registered office

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

Accountants

UHY Ross Brooke
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Spring Ventures LLP

(Registration number: OC359107)
Balance Sheet as at 31 December 2021

Note

2021
 £

2020
 £

Fixed assets

 

Tangible assets

3

2,681

5,014

Current assets

 

Debtors

514,387

57,407

Cash and short-term deposits

 

536,851

488,150

 

1,051,238

545,557

Creditors: Amounts falling due within one year

5

(292,917)

(386,009)

Net current assets

 

758,321

159,548

Net assets attributable to members

 

761,002

164,562

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

10,001

10,001

Members’ other interests

 

Members' capital classified as equity

 

751,001

154,561

   

761,002

164,562

Total members' interests

 

Loans and other debts due to members

 

10,001

10,001

Equity

 

751,001

154,561

   

761,002

164,562

For the year ending 31 December 2021 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 Act, 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.

 

Spring Ventures LLP

(Registration number: OC359107)
Balance Sheet as at 31 December 2021 (continued)

The financial statements of Spring Ventures LLP (registered number OC359107) were approved by the Board and authorised for issue on 25 August 2022. They were signed on behalf of the limited liability partnership by:

.........................................
Mr J M Hudson
Designated member

 

Spring Ventures LLP

Statement of Changes in Members’ Interests
At 31 December 2021

 

Loans and other debts due to/(from) members

 

Members' capital classified as a liability
£

Members' other amounts
£

Total
2021
 £

Members' interest at 1 January 2021

10,001

154,561

164,562

Members' remuneration charged as an expense

-

599,555

599,555

Members' interests after total comprehensive income

10,001

754,116

764,117

Drawings (including tax payments)

-

(3,115)

(3,115)

At 31 December 2021

10,001

751,001

761,002

The split of Members' remuneration charged as an expense is £449,666 to GDN House Ltd and £149,889 to J Hudson.

 

Loans and other debts due to/(from) members

 

Members' capital classified as a liability
£

Members' other amounts
£

Total
2020
 £

Members' interest at 1 January 2020

10,001

286,049

296,050

Members' remuneration charged as an expense

-

355,771

355,771

Members' interests after total comprehensive income

10,001

641,820

651,821

Drawings (including tax payments)

-

(487,259)

(487,259)

At 31 December 2020

10,001

154,561

164,562

 

Spring Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2021

1

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.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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 functional currency of Spring Ventures 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 financial statements have been prepared on a going concern basis.

The members acknowledge the potential impact of the global coronavirus pandemic and believe that the partnership is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The members believe that they have adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.

Revenue recognition

Turnover from arrangement fees is recognised when legal completion takes place and revenue from directors services is recognised on an accruals basis as the services are provided. Turnover from management fees comprises the recharge of costs to SVGIL.

 

Spring Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (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.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line method

Trade debtors

Trade debtors are amounts due from customers for consultancy 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.

 

Spring Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

1

Accounting policies (continued)

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.

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2020 - 2).

 

Spring Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

3

Tangible fixed assets

Office equipment
£

Computer equipment
£

Total
£

Cost

At 1 January 2021

941

14,039

14,980

At 31 December 2021

941

14,039

14,980

Depreciation

At 1 January 2021

941

9,025

9,966

Charge for the year

-

2,333

2,333

At 31 December 2021

941

11,358

12,299

Net book value

At 31 December 2021

-

2,681

2,681

At 31 December 2020

-

5,014

5,014

4

Debtors

2021
 £

2020
 £

Trade debtors

214,057

-

Other debtors

300,330

17,407

Prepayments and accrued income

-

40,000

Total current trade and other debtors

514,387

57,407

5

Creditors: Amounts falling due within one year

2021
 £

2020
 £

Trade creditors

119

723

Other creditors

244,564

346,022

Accruals and deferred income

5,374

39,264

Taxation and social security

42,860

-

292,917

386,009

6

Related party transactions

The partnership has received payment from Spring Ventures Group Investments Ltd (a former designated member) for the provision of advisory services, payment has been received in advance as set out in the advisory agreement. At the year end the partnership owed the company £346,022 (2019 £451,642).

 

Spring Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

7

Control

The ultimate controlling party is J Hudson.