Registration number:
Spring Ventures LLP
for the Year Ended 31 December 2021
Spring Ventures LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Spring Ventures LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Spring Ventures LLP
(Registration number: OC359107)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
10,001 |
10,001 |
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Members’ other interests |
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Members' capital classified as equity |
751,001 |
154,561 |
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761,002 |
164,562 |
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Total members' interests |
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Loans and other debts due to members |
10,001 |
10,001 |
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Equity |
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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
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Spring Ventures LLP
Statement of Changes in Members’ Interests
At 31 December 2021
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Members' other amounts |
Total |
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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 |
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Members' capital classified as a liability |
Members' other amounts |
Total |
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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
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)
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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)
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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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Spring Ventures LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Tangible fixed assets |
Office equipment |
Computer equipment |
Total |
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Cost |
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At 1 January 2021 |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
- |
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At 31 December 2021 |
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Net book value |
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At 31 December 2021 |
- |
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At 31 December 2020 |
- |
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Debtors |
2021 |
2020 |
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Trade debtors |
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- |
Other debtors |
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Prepayments and accrued income |
- |
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Total current trade and other debtors |
514,387 |
57,407 |
Creditors: Amounts falling due within one year |
2021 |
2020 |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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- |
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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)
Control |
The ultimate controlling party is