Company No:
Contents
Note | 2021 | |
£ | ||
Current assets | ||
Stocks | 3 |
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Debtors | 4 |
|
Cash at bank and in hand |
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11,867,172 | ||
Creditors | ||
Amounts falling due within one year | 5 | (
|
Net current assets | 11,692,814 | |
Total assets less current liabilities | 11,692,814 | |
Creditors | ||
Amounts falling due after more than one year | 6 | (
|
Net assets attributable to members |
|
|
Represented by | ||
Loans and other debts due to members within one year | ||
Members' capital classified as a liability | 9,999,990 | |
9,999,990 | ||
Members' other interests | ||
Members' capital classified as equity | 10 | |
Other reserves | (7,186) | |
(7,176) | ||
9,992,814 | ||
Total members' interests | ||
Loans and other debts due to members | 9,999,990 | |
Members' other interests | (7,176) | |
9,992,814 |
Members' responsibilities:
The financial statements of Finance Development LLP (registered number:
Square and Crescent Group Limited
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
---|---|---|---|---|---|
Members' capital (classified as equity) | Other reserves | Total | Members' capital (classified as debt) | Total | |
£ | £ | £ | £ | £ | |
Balance at 01 January 2021 | 0 | 0 | 0 | 0 | 0 |
Loss for the financial period available for discretionary division among members | 0 | (7,186) | (7,186) | 0 | (7,186) |
Members' interest after loss for the financial period | 0 | (7,186) | (7,186) | 0 | (7,186) |
Introduced by members | 10 | 0 | 10 | 9,999,990 | 10,000,000 |
Amounts due to members | 9,999,990 | ||||
Balance at 31 December 2021 | 10 | (7,186) | (7,176) | 9,999,990 | 9,992,814 |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Finance Development LLP is a limited liability partnership, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the LLP's registered office is 18 Walker Street, Edinburgh, EH3 7LP, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regimeand the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period is from 14 December 2020 to 31 December 2021 due to the incorporation date. Accounts will be presented annually hereafter.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. No such impairments have been noted in the accounts for this year.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
2021 | |
Number | |
Monthly average number of persons employed by the LLP during the period |
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2021 | |
£ | |
Work in progress |
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2021 | |
£ | |
Prepayments |
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VAT recoverable |
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Other debtors |
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2021 | |
£ | |
Trade creditors |
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Accruals |
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2021 | |
£ | |
Bank loans (secured) |
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