Limited Liability Partnership Registration No. OC345395 (England and Wales)
Freedom Management LLP
Annual report and unaudited financial statements
For the year ended 31 March 2023
Pages for filing with registrar
FREEDOM MANAGEMENT LLP
Freedom Management LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FREEDOM MANAGEMENT LLP
Freedom Management LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
298
397
Investments
4
32,560
40,052
32,858
40,449
Current assets
Debtors
5
1,188
12,253
Cash at bank and in hand
25,661
15,229
26,849
27,482
Creditors: amounts falling due within one year
6
(11,240)
(12,924)
Net current assets
15,609
14,558
Total assets less current liabilities
48,467
55,007
Represented by:
Loans and other debts due to members within one year
7
Other amounts
20,243
19,291
Members' other interests
7
Revaluation reserve
28,224
35,716
48,467
55,007
Total members' interests
7
Loans and other debts due to members
20,243
19,291
Members' other interests
28,224
35,716
48,467
55,007

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

FREEDOM MANAGEMENT LLP
Freedom Management LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

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 17 November 2023 and are signed on their behalf by:
17 November 2023
.......................................
K Webb
Designated member
Limited Liability Partnership Registration No. OC345395
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Freedom Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

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 January 2017, together with FRS 102 Section 1A. “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 are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT. Turnover is recognised at the point the services are provided to the customer.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise (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. 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.

FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures, fittings & equipment
25% 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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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, 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.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.8
Taxation
The taxation payable on profits is the liability of the members during the period.
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 1 (2022 - 1).

FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
6,457
Depreciation and impairment
At 1 April 2022
6,060
Depreciation charged in the year
99
At 31 March 2023
6,159
Carrying amount
At 31 March 2023
298
At 31 March 2022
397
4
Fixed asset investments
2023
2022
£
£
Investments
32,560
40,052

Unlisted investments

The unlisted investments relate to a 30% shareholding in 3Fire Music Limited.

 

The carrying value of the LLP's investment in 3Fire Music Limited is the LLP's 30% share of the company's net assets as reported in the latest accounts of the company, being the year ended 31 December 2022.

Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 April 2021
40,052
Valuation changes
(7,492)
At 31 March 2023
32,560
Carrying amount
At 31 March 2023
32,560
At 31 March 2022
40,052
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
11,065
Amounts owed by group undertakings
188
-
Other debtors
1,000
1,188
1,188
12,253
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,317
1,200
Taxation and social security
3,126
2,134
Other creditors
6,797
9,590
11,240
12,924
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
35,716
-
35,716
19,291
19,291
55,007
Profit for the financial year available for discretionary division among members
-
43,391
43,391
-
-
43,391
Members' interests after profit for the year
35,716
43,391
79,107
19,291
19,291
98,398
Allocation of profit for the financial year
-
(43,391)
(43,391)
43,391
43,391
-
Surplus arising on revaluation of fixed assets
(7,492)
-
(7,492)
-
-
(7,492)
Introduced by members
-
-
-
3,151
3,151
3,151
Drawings
-
-
-
(45,590)
(45,590)
(45,590)
Members' interests at 31 March 2023
28,224
-
28,224
20,243
20,243
48,467
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
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.

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