Registered number
OC374760
Innovation Financial Consultancy LLP
Unaudited Filleted Accounts
5 April 2023
Innovation Financial Consultancy LLP
Registered number: OC374760
Balance Sheet
as at 5 April 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 89,936 128,353
Cash at bank and in hand 511,028 444,027
600,964 572,380
Creditors: amounts falling due within one year 5 (162,979) (84,251)
Net current assets 437,985 488,129
Total assets less current liabilities 437,985 488,129
Net assets attributable to members 437,985 488,129
Represented by:
Members' other interests
Members' capital classified as equity 251,711 251,508
Other reserves 186,274 236,621
437,985 488,129
437,985 488,129
Total members' interests
Members' other interests 437,985 488,129
437,985 488,129
For the year ended 5 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 30 September 2023 and signed on their behalf by:
………………………..
P J Moroz
Designated member
Innovation Financial Consultancy LLP
Notes to the Accounts
for the year ended 5 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2022 12,983
At 5 April 2023 12,983
Depreciation
At 6 April 2022 12,983
At 5 April 2023 12,983
Net book value
At 5 April 2023 -
4 Debtors 2023 2022
£ £
Trade debtors 86,611 -
Other debtors 3,325 128,353
89,936 128,353
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 148,286 82,851
Other taxes and social security costs 12,215 -
Other creditors 2,478 1,400
162,979 84,251
6 Other information
Innovation Financial Consultancy LLP is a limited liability partnership incorporated in England. Its registered office is:
Merlin House, Priory Drive,
Langstone
Newport
Gwent
NP18 2HJ
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