Limited Liability Partnership Registration No. OC331525 (England and Wales)
CURCHOD & CO LLP
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CURCHOD & CO LLP
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CURCHOD & CO LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CURCHOD & CO LLP FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Curchod & Co LLP for the Period ended 31 March 2023 which comprise, the Balance Sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

 

This report is made solely to the limited liability partnership's members of Curchod & Co LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Curchod & Co LLP and state those matters that we have agreed to state to the limited liability partnership's members of Curchod & Co LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Curchod & Co LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Curchod & Co LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Curchod & Co LLP. You consider that Curchod & Co LLP is exempt from the statutory audit requirement for the Period.

We have not been instructed to carry out an audit or a review of the financial statements of Curchod & Co LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Date:
26 September 2023
CURCHOD & CO LLP
Limited Liability Partnership Registration No. OC331525
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,709
-
Tangible assets
4
13,428
19,209
Investments
5
716,674
680,516
734,811
699,725
Current assets
Debtors
6
459,222
273,391
Cash at bank and in hand
391,633
678,460
850,855
951,851
Creditors: amounts falling due within one year
7
(130,006)
(610,707)
Net current assets
720,849
341,144
Total assets less current liabilities
1,455,660
1,040,869
Creditors: amounts falling due after more than one year
8
-
(201,949)
Net assets attributable to members
1,455,660
838,920
Represented by:
Members' other interests
9
Other reserves classified as equity
1,455,660
838,920
1,455,660
838,920

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial Period ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

CURCHOD & CO LLP
Limited Liability Partnership Registration No. OC331525
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the members and authorised for issue on 26 September 2023 and are signed on their behalf by:
26 September 2023
Breven Property Consultants Limited
Designated member
CURCHOD & CO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Limited liability partnership information

Curchod & Co LLP is a limited liability partnership incorporated in England and Wales. The registered office is Portmore House, 54 Church Street, Weybridge, Surrey, KT13 8DP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Reporting period

The LLP's year end has been extended from 31 December 2022 to 31 March 2023 so this accounting period is for 15 months. Therefore comparative amounts presented in the financial statements (including related notes) are for 12 months and therefore may not be entirely comparable.

1.3
Turnover

Turnover represents amounts receivable in respect of surveying and property management services supplied during the period, net of VAT and trade discounts. Income relating to the period and invoiced after date is included on the balance sheet in debtors. Income invoiced in the period that relates to future accounting periods is included on the balance sheet in creditors.

1.4
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

CURCHOD & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Costs
3 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments
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.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The limited liability partnership operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

CURCHOD & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average number of persons (excluding members) employed by the partnership during the Period was:

2023
2021
Number
Number
Total
26
26
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022
-
Additions
8,073
At 31 March 2023
8,073
Amortisation and impairment
At 1 January 2022
-
Amortisation charged for the Period
3,364
At 31 March 2023
3,364
Carrying amount
At 31 March 2023
4,709
At 31 December 2021
-
CURCHOD & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
72,440
Additions
3,836
At 31 March 2023
76,276
Depreciation and impairment
At 1 January 2022
53,230
Depreciation charged in the Period
9,618
At 31 March 2023
62,848
Carrying amount
At 31 March 2023
13,428
At 31 December 2021
19,209
5
Fixed asset investments
2023
2021
£
£
Shares in group undertakings and participating interests
716,674
680,516
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
680,516
Additions
36,158
At 31 March 2023
716,674
Carrying amount
At 31 March 2023
716,674
At 31 December 2021
680,516
CURCHOD & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
6
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
314,843
147,194
Amounts owed by group undertakings
13,749
4,723
Other debtors
130,630
121,474
459,222
273,391
7
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
-
48,051
Trade creditors
22,363
35,058
Taxation and social security
95,846
77,811
Other creditors
11,797
449,787
130,006
610,707
8
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
-
201,949

 

9
Reconciliation of Members' Interests
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Other reserves
Total
2023
£
£
Members' interests at 1 January 2022
838,920
838,920
Profit for the Period available for discretionary division among members
1,323,022
1,323,022
Members' interests after profit for the Period
2,161,942
2,161,942
Allocation of profit for the Period
(724,282)
(724,282)
Capital introduced
18,000
18,000
Members' interests at 31 March 2023
1,455,660
1,455,660
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