Silverfin false 30/04/2023 01/05/2022 30/04/2023 Craig Peter Hoyland 02/02/2009 Darren Anthony James 25/11/2008 22 October 2023 OC341664 2023-04-30 OC341664 bus:Director1 2023-04-30 OC341664 bus:Director2 2023-04-30 OC341664 core:CurrentFinancialInstruments 2023-04-30 OC341664 core:CurrentFinancialInstruments 2022-04-30 OC341664 2022-04-30 OC341664 2022-05-01 2023-04-30 OC341664 bus:FullAccounts 2022-05-01 2023-04-30 OC341664 bus:SmallEntities 2022-05-01 2023-04-30 OC341664 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 OC341664 bus:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC341664 bus:Director1 2022-05-01 2023-04-30 OC341664 bus:Director2 2022-05-01 2023-04-30 OC341664 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure

Company No: OC341664 (England and Wales)

DC INITIATIVES LLP

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

DC INITIATIVES LLP

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

DC INITIATIVES LLP

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
DC INITIATIVES LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Current assets
Debtors 3 377,003 663,755
Cash at bank and in hand 4 62,849 82,975
439,852 746,730
Creditors: amounts falling due within one year 5 ( 234,435) ( 767,847)
Net current assets/(liabilities) 205,417 (21,117)
Total assets less current liabilities 205,417 (21,117)
Net assets/(liabilities) attributable to members 205,417 ( 21,117)
Represented by
Loans and other debts due to members within one year
Other amounts 205,417 (21,117)
205,417 (21,117)
Members' other interests
0 0
205,417 (21,117)
Total members' interests
Amounts due from members (included in debtors) (77,845) 0
Loans and other debts due to members 7, 8 205,417 (21,117)
127,572 (21,117)

For the financial year ending 30 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.

Members' responsibilities:

DC Initiatives LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of DC Initiatives LLP (registered number: OC341664) were approved and authorised for issue by the Director on 22 October 2023. They were signed on its behalf by:

Darren Anthony James
Designated member
DC INITIATIVES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
DC INITIATIVES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DC Initiatives LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 85 Gresham Street Gresham Street, London, EC2V 7NQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Members' participation rights

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 6 6

3. Debtors

2023 2022
£ £
Trade debtors 129,256 284,177
Amounts owed by associates 0 44,061
Other debtors 247,747 335,517
377,003 663,755

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 62,849 82,975

5. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 49,349 101,693
Other creditors 185,086 666,154
234,435 767,847

6. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 47,250 114,551

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. There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

8. Members' transactions

At the balance sheet date, balances totalling £77,845 (2022: £21,117) were owed to the LLP by certain members. No interest is accruing on these amounts, which are repayable on demand.