Limited Liability Partnership Registration No. OC370848 (England and Wales)
ELTON FINANCIAL CONSULTANTS LLP
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ELTON FINANCIAL CONSULTANTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr S J Elton
Elton Financial Limited
Mrs G F Elton
Limited liability partnership number
OC370848
Registered office
Alpha House
4 Greek St
Stockport
Cheshire
United Kingdom
SK3 8AB
Accountants
Azets
Alpha House
4 Greek St
Stockport
Cheshire
United Kingdom
SK3 8AB
Business address
Suite 9a
Barrington House
Heyes Lane
Alderley Edge
Cheshire
United Kingdom
SK97LA
ELTON FINANCIAL CONSULTANTS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELTON FINANCIAL CONSULTANTS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3,750
5,000
Tangible assets
4
20,814
24,607
Current assets
Debtors
5
23,566
31,726
Cash at bank and in hand
87,201
131,831
110,767
163,557
Creditors: amounts falling due within one year
6
(24,157)
(21,981)
Net current assets
86,610
141,576
Total assets less current liabilities
111,174
171,183
Creditors: amounts falling due after more than one year
7
(23,102)
(28,063)
Net assets attributable to members
88,072
143,120
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
88,072
143,120
Total members' interests
Loans and other debts due to members
88,072
143,120
ELTON FINANCIAL CONSULTANTS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
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 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.
The financial statements were approved by the members and authorised for issue on 19 October 2023 and are signed on their behalf by:
19 October 2023
Mr S J Elton
Designated member
Limited Liability Partnership Registration No. OC370848
ELTON FINANCIAL CONSULTANTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information
Elton Financial Consultants LLP is a limited liability partnership incorporated in England and Wales. The registered office is Alpha House, 4 Greek St, Stockport, Cheshire, United Kingdom, SK3 8AB.
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
Turnover
Turnover represents commissions received.
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.
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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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.
ELTON FINANCIAL CONSULTANTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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:
Plant and machinery
33% straighline
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
Motor vehicles
25% reducing balance
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.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
12,500
Amortisation and impairment
At 1 April 2022
7,500
Amortisation charged for the year
1,250
At 31 March 2023
8,750
Carrying amount
At 31 March 2023
3,750
At 31 March 2022
5,000
ELTON FINANCIAL CONSULTANTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
74,509
Additions
3,136
At 31 March 2023
77,645
Depreciation and impairment
At 1 April 2022
49,902
Depreciation charged in the year
6,929
At 31 March 2023
56,831
Carrying amount
At 31 March 2023
20,814
At 31 March 2022
24,607
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,566
29,523
Other debtors
-
2,203
23,566
31,726
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,115
1,739
Other creditors
20,042
20,242
24,157
21,981
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,102
28,063
ELTON FINANCIAL CONSULTANTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
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.