IRIS Accounts Production v23.3.0.418 OC358727 designated member designated member 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC3587272022-03-31OC3587272023-03-31OC3587272022-04-012023-03-31OC3587272021-03-31OC3587272021-04-012022-03-31OC3587272022-03-31OC358727ns15:PoundSterling2022-04-012023-03-31OC358727ns11:Director12022-04-012023-03-31OC358727ns11:Director22022-04-012023-03-31OC358727ns11:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC358727ns11:SmallEntities2022-04-012023-03-31OC358727ns11:AuditExemptWithAccountantsReport2022-04-012023-03-31OC358727ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC358727ns11:LimitedLiabilityPartnershipsSORP2022-04-012023-03-31OC358727ns11:FullAccounts2022-04-012023-03-31OC358727ns11:RegisteredOffice2022-04-012023-03-31OC358727ns6:CurrentFinancialInstruments2023-03-31OC358727ns6:CurrentFinancialInstruments2022-03-31OC358727ns6:Non-currentFinancialInstruments2023-03-31OC358727ns6:Non-currentFinancialInstruments2022-03-31OC358727ns6:PlantMachinery2022-04-012023-03-31OC358727ns6:OwnedAssets2022-04-012023-03-31OC358727ns6:OwnedAssets2021-04-012022-03-31OC358727ns6:PlantMachinery2022-03-31OC358727ns6:PlantMachinery2023-03-31OC358727ns6:PlantMachinery2022-03-31OC358727ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-31OC358727ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31
REGISTERED NUMBER: OC358727 (United Kingdom)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

General Information 1

Report of the Members 2

Profit and Loss Account 3

Balance Sheet 4

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Mr S J Bickerton
Mr M D Hislop





REGISTERED OFFICE: Advantage Accountancy & Advisory Ltd
5-7 Cathedral Road
Cardiff
CF11 9HA





REGISTERED NUMBER: OC358727 (United Kingdom)





ACCOUNTANTS: Advantage Accountancy & Advisory Ltd
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Report of the Members
for the Year Ended 31 March 2023


The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
accountancy and administrative support services.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr S J Bickerton
Mr M D Hislop

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £18,082 (2022 - £1,707 profit).

MEMBERS' INTERESTS
The members are entitled to draw monthly, on account of profit, such sums as may from time to time be mutually agreed.

The capital requisite for carrying on the business of the LLP shall be agreed and contributed by the members from time to time. The total amount of and the relating contributions of the members to the fixed capital of the LLP shall be in shares in which they are entitled to the net profits of the LLP. Partners moving up in relative profit sharing will contribute the relevant proportion of additional capital before being entitled to more shares.

ON BEHALF OF THE MEMBERS:





Mr S J Bickerton - Designated member


6 November 2023

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Profit and Loss Account
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 688,917 631,905

Administrative expenses (670,764 ) (627,815 )
OPERATING PROFIT 4 18,153 4,090


Interest payable and similar expenses (71 ) (2,383 )
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES


18,082


1,707

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES


18,082


1,707

Members' remuneration charged as an
expense

5

(18,082

)

(1,707

)
PROFIT FOR THE FINANCIAL YEAR AVAILABLE
FOR DISCRETIONARY DIVISION AMONG
MEMBERS


-


-

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 76,990 53

CURRENT ASSETS
Debtors 7 21,462 27,042
Prepayments and accrued income 83,000 48,000
Cash at bank 3 207
104,465 75,249
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

92,985

52,498
NET CURRENT ASSETS 11,480 22,751
TOTAL ASSETS LESS CURRENT LIABILITIES 88,470 22,804

CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR

9

47,584

-
NET ASSETS ATTRIBUTABLE TO MEMBERS 40,886 22,804

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

40,886

22,804

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 40,886 22,804

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 6 November 2023 and were signed by:




Mr S J Bickerton - Designated member




Mr M D Hislop - Designated member


ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Reconciliation of Members' Interests
for the Year Ended 31 March 2023


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 22,804
Amount due from members -
Balance at 1 April 2022 - 22,804 22,804
Members' remuneration charged
as an expense, including
employment and retirement
benefit costs



-



18,082



18,082



Profit for the financial year
available for discretionary division
among members


-


-


-


Members' interests after profit for
the year

-

40,886

40,886

Amount due to members 40,886
Amount due from members -
Balance at 31 March 2023 - 40,886 40,886

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Reconciliation of Members' Interests
for the Year Ended 31 March 2023

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 21,097
Amount due from members -
Balance at 1 April 2021 - 21,097 21,097
Members' remuneration charged
as an expense, including
employment and retirement
benefit costs



-



1,707



1,707



Profit for the financial year
available for discretionary division
among members


-


-


-


Members' interests after profit for
the year

-

22,804

22,804

Amount due to members 22,804
Amount due from members -
Balance at 31 March 2022 - 22,804 22,804

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Advantage Accountancy & Advisory (Cardiff) LLP is registered in United Kingdom. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% Straight line

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members' remuneration
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 14 (2022 - 12 ) .

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 640 12,496

5. INFORMATION IN RELATION TO MEMBERS
2023 2022
£    £   
Members' remuneration charged as an expense
Automatic division of profit 18,082 1,707

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 49,987
Additions 77,577
At 31 March 2023 127,564
DEPRECIATION
At 1 April 2022 49,934
Charge for year 640
At 31 March 2023 50,574
NET BOOK VALUE
At 31 March 2023 76,990
At 31 March 2022 53

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,010 18,400
Other debtors 18,452 8,642
21,462 27,042

ADVANTAGE ACCOUNTANCY & ADVISORY
(CARDIFF) LLP (REGISTERED NUMBER: OC358727)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 975 -
Hire purchase contracts 9,136 -
Trade creditors 32,891 12,744
Taxation and social security 36,223 37,312
Other creditors 13,760 2,442
92,985 52,498

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 47,584 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 56,720 -

Hire purchase liabilities are secured against the assets to which they relate.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.