Limited Liability Partnership registration number OC427475 (England and Wales)
ORCINI ASSOCIATES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ORCINI ASSOCIATES LLP
CONTENTS
Page
Accountants' report
Balance sheet
1
Notes to the financial statements
2 - 3
ORCINI ASSOCIATES LLP
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,673
32,091
Current assets
Cash at bank and in hand
22,910
14,889
Creditors: amounts falling due within one year
4
(2,606)
(2,652)
Net current assets
20,304
12,237
Total assets less current liabilities
45,977
44,328
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
45,977
44,328
Total members' interests
Loans and other debts due to members
45,977
44,328

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 26 September 2023 and are signed on their behalf by:
26 September 2023
Mr S P Rigby
Designated member
Limited Liability Partnership Registration No. OC427475
ORCINI ASSOCIATES LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Orcini Associates LLP is a limited liability partnership incorporated in England and Wales. The registered office is .

 

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 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients under contractual obligations which are performed gradually over time.

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 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.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

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
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:

Motor vehicles
20% on 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.

ORCINI ASSOCIATES LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Employee benefits

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

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
Total
2
2
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022 and 31 March 2023
51,872
Depreciation and impairment
At 1 April 2022
19,781
Depreciation charged in the year
6,418
At 31 March 2023
26,199
Carrying amount
At 31 March 2023
25,673
At 31 March 2022
32,091
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
878
1,075
Other creditors
1,728
1,577
2,606
2,652
5
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.

2023-03-312022-04-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200OC4274752022-04-012023-03-31OC4274752023-03-31OC427475bus:PartnerLLP12022-04-012023-03-31OC4274752021-04-012022-03-31OC427475bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC427475bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC427475bus:FRS1022022-04-012023-03-31OC427475bus:AuditExemptWithAccountantsReport2022-04-012023-03-31OC427475bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:shares