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REGISTERED NUMBER: OC429082
Verum Financial LLP
Filleted Unaudited Financial Statements
5 April 2023
Verum Financial LLP
Financial Statements
Year ended 5 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Verum Financial LLP
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
13,688
17,803
Current assets
Debtors
6
140,964
108,947
Cash at bank and in hand
193,980
156,112
---------
---------
334,944
265,059
Creditors: amounts falling due within one year
7
59,562
92,164
---------
---------
Net current assets
275,382
172,895
---------
---------
Total assets less current liabilities
289,070
190,698
Creditors: amounts falling due after more than one year
8
27,442
59,493
---------
---------
Net assets
261,628
131,205
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
261,628
131,205
---------
---------
Members' other interests
Other reserves
---------
---------
261,628
131,205
---------
---------
Total members' interests
Amounts due from members
(2,557)
(986)
Loans and other debts due to members
9
261,628
131,205
Members' other interests
---------
---------
259,071
130,219
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 5 April 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Verum Financial LLP
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the members and authorised for issue on 18 September 2023 , and are signed on their behalf by:
Mr L Giles
Mr M A Pitchacaren
Designated Member
Designated Member
Mr J V Woolgar
Designated Member
Registered number: OC429082
Verum Financial LLP
Notes to the Financial Statements
Year ended 5 April 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Members' participation rights
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 member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. 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. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 5 (2022: 5 ).
5.
Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 6 April 2022
666
31,518
32,184
Additions
426
426
----
--------
--------
At 5 April 2023
666
31,944
32,610
----
--------
--------
Depreciation
At 6 April 2022
292
14,089
14,381
Charge for the year
94
4,447
4,541
----
--------
--------
At 5 April 2023
386
18,536
18,922
----
--------
--------
Carrying amount
At 5 April 2023
280
13,408
13,688
----
--------
--------
At 5 April 2022
374
17,429
17,803
----
--------
--------
6.
Debtors
2023
2022
£
£
Trade debtors
133,651
102,753
Other debtors
7,313
6,194
---------
---------
140,964
108,947
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
54
Social security and other taxes
3,393
1,591
Other creditors
56,115
90,573
--------
--------
59,562
92,164
--------
--------
Loans of £27,777 are secured on the assets of the LLP and repaid by monthly installments by October 2023.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
27,442
59,493
--------
--------
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
261,628
131,205
---------
---------