REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
ADVANTAGE ACCOUNTANCY & ADVISORY |
(CARDIFF) LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
ADVANTAGE ACCOUNTANCY & ADVISORY |
(CARDIFF) LLP (REGISTERED NUMBER: OC358727) |
Profit and Loss Account |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
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 |
CURRENT ASSETS |
Debtors | 7 |
Prepayments and accrued income |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
9 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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 |
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 |
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 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
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. |