Limited Liability Partnership registration number OC357140 (England and Wales)
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KINETIX CRITCHLEYS CORPORATE FINANCE LLP FOR THE YEAR ENDED 31 MAY 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 Kinetix Critchleys Corporate Finance LLP for the year ended 31 May 2023 which comprise, the balance sheet, the statement of changes in equity 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 https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of Kinetix Critchleys Corporate Finance LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Kinetix Critchleys Corporate Finance LLP and state those matters that we have agreed to state to the limited liability partnership's members of Kinetix Critchleys Corporate Finance 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 Kinetix Critchleys Corporate Finance LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Kinetix Critchleys Corporate Finance 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 Kinetix Critchleys Corporate Finance LLP. You consider that Kinetix Critchleys Corporate Finance LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kinetix Critchleys Corporate Finance 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.

21 September 2023
Critchleys LLP
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,863
1,465
Current assets
Work in progress
5
90,600
-
Debtors
6
67,869
8,726
Investments
7
12,500
12,500
Cash at bank and in hand
164,279
343,193
335,248
364,419
Creditors: amounts falling due within one year
8
(38,110)
(7,850)
Net current assets
297,138
356,569
Total assets less current liabilities and net assets attributable to members
299,001
358,034
Represented by:
Loans and other debts due to members within one year
9
Members' capital classified as a liability
279,001
338,034
Members' other interests
9
Members' capital classified as equity
20,000
20,000
299,001
358,034

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 year ended 31 May 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 Companies Act 2006 (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.

KINETIX CRITCHLEYS CORPORATE FINANCE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the members and authorised for issue on
21 September 2023
21 September 2023
and are signed on their behalf by R McGrigor (for Rob McGrigor Limited):
Rob McGrigor Ltd
Designated member
Limited Liability Partnership Registration No. OC357140
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Members' capital
Other reserves
Total
£
£
£
Balance at 1 June 2021
20,000
-
20,000
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
532,468
532,468
Profit allocations
-
(532,468)
(532,468)
Balance at 31 May 2022
20,000
-
20,000
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
335,921
335,921
Profit allocations
-
(335,921)
(335,921)
Balance at 31 May 2023
20,000
-
20,000
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Kinetix Critchleys Corporate Finance LLP is a limited liability partnership incorporated in England and Wales. The registered office is C/O Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, Oxfordshire, OX1 2EP.

 

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 2021, 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.

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
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents revenue earned under contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the LLP obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

For incomplete contracts, an assessment is made of the extent to which the revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms. Revenue in respect of contingent fee arrangements (over and above any agreed minimum fee) is recognised when the contingent event occurs and the recoverability of the fee is assured.

 

Accrued income includes the value of work performed which has not been invoiced at year end, in accordance with UITF40.

1.4
Members' participating interests

A member's share of the profit or loss for the year is accounted for as an allocation of profits between the members as set out in the LLP agreement.

 

1.5
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:

Computers
Straight line over 3 years
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -

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.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through the profit and loss account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits and post retirement payments to members

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

2
Employees

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

2023
2022
Number
Number
Fee earners
1
-
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
4
4
4
Tangible fixed assets
Computers
£
Cost
At 1 June 2022
5,132
Additions
1,446
Disposals
(1,032)
At 31 May 2023
5,546
Depreciation and impairment
At 1 June 2022
3,667
Depreciation charged in the year
1,048
Eliminated in respect of disposals
(1,032)
At 31 May 2023
3,683
Carrying amount
At 31 May 2023
1,863
At 31 May 2022
1,465
5
Work in progress
2023
2022
£
£
Work in progress
90,600
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,823
6,000
Prepayments and accrued income
3,046
2,726
67,869
8,726
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
7
Current asset investments
2023
2022
£
£
Unlisted investments
12,500
12,500
8
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
10,282
2,466
Other taxation and social security
15,292
119
Deferred income
-
3,000
Other creditors
1,629
726
Accruals
10,907
1,539
38,110
7,850
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
9
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Members' capital
Total
Total
2023
£
£
£
£
£
Members' interests at 1 June 2022
20,000
-
20,000
338,034
338,034
358,034
Profit for the financial year available for discretionary division among members
-
335,921
335,921
335,921
Members' interests after profit for the year
20,000
20,000
673,955
673,955
693,955
Drawings
-
-
-
(394,954)
(394,954)
(394,954)
Members' interests at 31 May 2023
20,000
-
20,000
279,001
279,001
299,001
KINETIX CRITCHLEYS CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
10
Loans and other debts due to members
2023
2022
£
£
Analysis of loans
Amounts falling due within one year
279,001
338,034

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2023-05-312022-06-01false21 September 2023CCH SoftwareCCH Accounts Production 2023.200OC3571402022-06-012023-05-31OC3571402023-05-31OC357140bus:PartnerLLP12022-06-012023-05-31OC357140bus:LimitedLiabilityPartnershipLLP2022-06-012023-05-31OC357140bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-31OC357140bus:FRS1022022-06-012023-05-31OC357140bus:AuditExemptWithAccountantsReport2022-06-012023-05-31OC357140bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:shares