Silverfin false 31/03/2023 01/04/2022 31/03/2023 C R Blunn 02/04/2020 P C Heslington 02/04/2020 A T Shall 02/04/2020 Peter Charles Heslington 23 November 2023 OC431368 2023-03-31 OC431368 bus:Director1 2023-03-31 OC431368 bus:Director2 2023-03-31 OC431368 bus:Director3 2023-03-31 OC431368 2022-03-31 OC431368 core:CurrentFinancialInstruments 2023-03-31 OC431368 core:CurrentFinancialInstruments 2022-03-31 OC431368 core:Non-currentFinancialInstruments 2023-03-31 OC431368 core:Non-currentFinancialInstruments 2022-03-31 OC431368 core:OtherPropertyPlantEquipment 2022-03-31 OC431368 core:OtherPropertyPlantEquipment 2023-03-31 OC431368 core:CurrentFinancialInstruments core:Secured 2023-03-31 OC431368 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-03-31 OC431368 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2022-03-31 OC431368 2022-04-01 2023-03-31 OC431368 bus:FullAccounts 2022-04-01 2023-03-31 OC431368 bus:SmallEntities 2022-04-01 2023-03-31 OC431368 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC431368 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC431368 bus:Director1 2022-04-01 2023-03-31 OC431368 bus:Director2 2022-04-01 2023-03-31 OC431368 bus:Director3 2022-04-01 2023-03-31 OC431368 bus:Director4 2022-04-01 2023-03-31 OC431368 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-04-01 2023-03-31 OC431368 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 OC431368 2021-04-01 2022-03-31 OC431368 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 OC431368 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 OC431368 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC431368 (England and Wales)

PRAXIS ADVISORY LLP

Unaudited Financial Statements
For the financial period ended 31 March 2023
Pages for filing with the registrar

PRAXIS ADVISORY LLP

Unaudited Financial Statements

For the financial period ended 31 March 2023

Contents

PRAXIS ADVISORY LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial period ended 31 March 2023
PRAXIS ADVISORY LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial period ended 31 March 2023
DESIGNATED MEMBERS C R Blunn
P C Heslington
A T Shall
REGISTERED OFFICE 1 Poultry
London
EC2R 8EJ
England
United Kingdom
REGISTERED NUMBER OC431368 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
PRAXIS ADVISORY LLP

BALANCE SHEET

As at 31 March 2023
PRAXIS ADVISORY LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 13,579 10,697
13,579 10,697
Current assets
Debtors 5 647,101 600,439
Cash at bank and in hand 6 127,850 54,577
774,951 655,016
Creditors: amounts falling due within one year 7 ( 579,063) ( 314,167)
Net current assets 195,888 340,849
Total assets less current liabilities 209,467 351,546
Creditors: amounts falling due after more than one year 8 ( 103,820) ( 224,256)
Net assets attributable to members 105,647 127,290
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 7,542 7,165
Other amounts 68,105 90,125
75,647 97,290
Members' other interests
Members' capital classified as equity 30,000 30,000
30,000 30,000
105,647 127,290
Total members' interests
Loans and other debts due to members 75,647 97,290
Members' other interests 30,000 30,000
105,647 127,290

For the financial period 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.

Members' responsibilities:

The financial statements of Praxis Advisory LLP (registered number: OC431368) were approved and authorised for issue by the Board of Directors on 23 November 2023. They were signed on its behalf by:

C R Blunn
Designated member
Peter Charles Heslington
Designated member
PRAXIS ADVISORY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2023
PRAXIS ADVISORY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Praxis Advisory LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 1 Poultry, London, EC2R 8EJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
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.

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. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

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 Profit and Loss Account 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'.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the period 8 6

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2023 2022
Number Number
Average number of members during the financial period 3 3

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 14,280 14,280
Additions 8,870 8,870
At 31 March 2023 23,150 23,150
Accumulated depreciation
At 01 April 2022 3,583 3,583
Charge for the financial period 5,988 5,988
At 31 March 2023 9,571 9,571
Net book value
At 31 March 2023 13,579 13,579
At 31 March 2022 10,697 10,697

5. Debtors

2023 2022
£ £
Trade debtors 466,937 417,239
Amounts owed by associates 0 34,689
Other debtors 180,164 148,511
647,101 600,439

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 127,850 54,577

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 21,774 27,896
Trade creditors 98,638 104,737
Amounts owed to associates 229,649 0
Amounts owed to connected persons 1,876 2,042
Other taxation and social security 144,929 101,480
Other creditors 82,197 78,012
579,063 314,167

Bank loans are secured by way of a fixed and floating charge over the assets of the LLP.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 63,657 85,741
Other creditors 40,163 138,515
103,820 224,256

Bank loans are secured by way of a fixed and floating charge over the assets of the LLP.

9. Financial commitments

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,005 613

10. Related party transactions

Transactions with the entity's members

2023 2022
£ £
Loan (from)/to a company under common control (229,649) 34,689
Fees payable to a company under common control 586,168 502,456

The loan from a company under the control of the members is interest free, unsecured and repayable on demand.