Limited Liability Partnership Registration No. OC423559 (England and Wales)
SIM4MED LLP
Annual report and unaudited financial statements
For the period ended 30 July 2022
Pages for filing with registrar
SIM4MED LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SIM4MED LLP
BALANCE SHEET
AS AT
30 JULY 2022
30 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
255
425
Current assets
Debtors
4
10,000
10,000
Creditors: amounts falling due within one year
5
(4,302)
(2,000)
Net current assets
5,698
8,000
Total assets less current liabilities and net assets attributable to members
5,953
8,425
Represented by:
Loans and other debts due from members within one year
6
Other amounts
(25,163)
(56,688)
Members' other interests
6
Members' capital classified as equity
170,000
170,000
Other reserves classified as equity
(138,884)
(104,887)
5,953
8,425
Total members' interests
6
Loans and other debts due from members
(25,163)
(56,688)
Members' other interests
31,116
65,113
5,953
8,425

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 30 July 2022 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.

SIM4MED LLP
BALANCE SHEET (CONTINUED)
AS AT
30 JULY 2022
30 July 2022
- 2 -
The financial statements were approved by the members and authorised for issue on 16 October 2023 and are signed on their behalf by:
16 October 2023
Rupert Lywood
For and on behalf of The UK Film & Television Production Company  Plc
Designated member
Limited Liability Partnership Registration No. OC423559
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2022
- 3 -
1
Accounting policies
Limited liability partnership information

Sim4Med LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

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 January 2017, 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 comparative amounts presented in the financial statements are for the year ended 31 July 2021.

1.3
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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
1
Accounting policies
(Continued)
- 4 -
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:

IT equipment
3 years 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.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors, 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, 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.

2
Employees

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

2022
2021
Number
Number
Total
-
0
-
0
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
- 5 -
3
Tangible fixed assets
IT  equipment
£
Cost
At 1 August 2021 and 30 July 2022
10,872
Depreciation and impairment
At 1 August 2021
10,446
Depreciation charged in the period
171
At 30 July 2022
10,617
Carrying amount
At 30 July 2022
255
At 31 July 2021
425
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
10,000
10,000
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,302
-
Other creditors
2,000
2,000
4,302
2,000
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
- 6 -
6
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 (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
(56,688)
Members' interests at 1 August 2021
170,000
(104,887)
65,113
(56,688)
(56,688)
8,425
Loss for the period available for discretionary division among members
-
(33,997)
(33,997)
-
-
(33,997)
Members' interests after loss for the period
170,000
(138,884)
31,116
(56,688)
(56,688)
(25,572)
Introduced/(drawn) by members
45,000
-
45,000
(13,475)
(13,475)
31,525
Reclassifications
(45,000)
-
(45,000)
45,000
45,000
-
Members' interests at 30 July 2022
170,000
(138,884)
31,116
(25,163)
(25,163)
5,953
Amounts due to members
(25,163)
(25,163)
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
- 7 -
7
Loans and other debts due to members

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

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