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2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
2,098
513
420
933
1,165
1,585
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OC418578
2022-04-01
2023-03-31
OC418578
2023-03-31
OC418578
2022-03-31
OC418578
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2022-03-31
OC418578
2022-03-31
OC418578
2021-03-31
OC418578
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OC418578
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OC418578
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OC418578
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OC418578
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OC418578
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2022-03-31
REGISTERED NUMBER:
OC418578
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2023
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Year ended 31 March 2023
The members present their report and the unaudited financial statements of the LLP for the year ended
31 March 2023
.
Principal activities
The principal activity of the company during the year was providing marketing services to businesses.
Designated members
The designated members who served the LLP during the year were as follows:
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on
13 November 2023
and signed on behalf of the members by:
M D Fincham |
Designated Member |
|
Registered office: |
S4-02 Plimsoll Building |
1 Handyside Street |
London |
United Kingdom |
N1C 4BP |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
1,165 |
1,585 |
|
|
|
|
Current assets
Debtors |
6 |
3,605 |
3,272 |
Cash at bank and in hand |
1,715 |
8,606 |
|
------- |
-------- |
|
5,320 |
11,878 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,975 |
3,443 |
|
------- |
-------- |
Net current assets |
3,345 |
8,435 |
|
------- |
-------- |
Total assets less current liabilities |
4,510 |
10,020 |
|
------- |
-------- |
Net assets |
4,510 |
10,020 |
|
------- |
-------- |
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
8 |
4,510 |
10,020 |
|
------- |
-------- |
|
|
|
|
Members' other interests
Other reserves |
– |
– |
|
------- |
-------- |
|
4,510 |
10,020 |
|
------- |
-------- |
|
|
|
Total members' interests
Loans and other debts due to members |
8 |
4,510 |
10,020 |
Members' other interests |
– |
– |
|
------- |
-------- |
|
4,510 |
10,020 |
|
------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
members
and authorised for issue on
13 November 2023
, and are signed on their behalf by:
J M Brace |
M D Fincham |
Designated Member |
Designated Member |
|
|
Registered number:
OC418578
Notes to the Financial Statements |
|
Year ended 31 March 2023
The LLP is registered in England and Wales. The address of the registered office is S4-02 Plimsoll Building, 1 Handyside Street, London, N1C 4BP, United Kingdom.
2. |
Statement of compliance |
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
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.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
During the year the average number of employees was Nil (2022: Nil).
|
Equipment |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
2,098 |
|
------- |
Depreciation |
|
At 1 April 2022 |
513 |
Charge for the year |
420 |
|
------- |
At 31 March 2023 |
933 |
|
------- |
Carrying amount |
|
At 31 March 2023 |
1,165 |
|
------- |
At 31 March 2022 |
1,585 |
|
------- |
|
|
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,512 |
1,474 |
Other debtors |
2,093 |
1,798 |
|
------- |
------- |
|
3,605 |
3,272 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
573 |
Other creditors |
1,975 |
2,870 |
|
------- |
------- |
|
1,975 |
3,443 |
|
------- |
------- |
|
|
|
8. |
Loans and other debts due to members |
|
|
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to members in respect of profits |
4,510 |
10,020 |
|
------- |
-------- |
|
|
|