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REGISTERED NUMBER: OC415960 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Freedom Advice LLP

Freedom Advice LLP (Registered number: OC415960)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Freedom Advice LLP

General Information
for the Year Ended 28 February 2023







DESIGNATED MEMBERS: L S H Dyson
Mrs M M Dyson





REGISTERED OFFICE: 655 Scott Hall Road
Leeds
LS17 5PD





REGISTERED NUMBER: OC415960 (England and Wales)





ACCOUNTANTS: Leon & Company
Chartered Accountants
100 High Ash Drive
Alwoodley
Leeds
West Yorkshire
LS17 8RE

Freedom Advice LLP (Registered number: OC415960)

Report of the Members
for the Year Ended 28 February 2023

The members present their report with the financial statements of the LLP for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of Financial Advisors

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

L S H Dyson
Mrs M M Dyson

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £185,725 (2022 - £260,493 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





L S H Dyson - Designated member


21 November 2023

Freedom Advice LLP (Registered number: OC415960)

Income Statement
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

TURNOVER 382,649 387,382

Cost of sales 10,464 15,204
GROSS PROFIT 372,185 372,178

Administrative expenses 180,775 103,581
191,410 268,597

Other operating income - 928
OPERATING PROFIT 4 191,410 269,525

Interest receivable and similar income 127 2
191,537 269,527

Interest payable and similar expenses 5,812 9,034
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




185,725




260,493

Freedom Advice LLP (Registered number: OC415960)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 202,764 145,234

CURRENT ASSETS
Debtors 6 2,872 17,872
Cash at bank 8,949 36,972
11,821 54,844
CREDITORS
Amounts falling due within one year 7 31,731 20,627
NET CURRENT (LIABILITIES)/ASSETS (19,910 ) 34,217
TOTAL ASSETS LESS CURRENT
LIABILITIES

182,854

179,451

CREDITORS
Amounts falling due after more than one
year

8

174,756

103,473
NET ASSETS ATTRIBUTABLE TO
MEMBERS

8,098

75,978

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

8,098

75,978

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 8,098 75,978

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 28 February 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.

Freedom Advice LLP (Registered number: OC415960)

Balance Sheet - continued
28 February 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 21 November 2023 and were signed by:





L S H Dyson - Designated member

Freedom Advice LLP (Registered number: OC415960)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Freedom Advice LLP is registered in England and Wales. 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.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2022 - NIL ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

28.2.23 28.2.22
£    £   
Depreciation - owned assets 53,147 38,098

Freedom Advice LLP (Registered number: OC415960)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 197,246
Additions 140,160
Disposals (36,854 )
At 28 February 2023 300,552
DEPRECIATION
At 1 March 2022 52,012
Charge for year 53,147
Eliminated on disposal (7,371 )
At 28 February 2023 97,788
NET BOOK VALUE
At 28 February 2023 202,764
At 28 February 2022 145,234

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 2,872 17,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 28,430 18,628
Other creditors 3,301 1,999
31,731 20,627

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 174,756 103,473

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts to members rank equally with debts to ordinary creditors in the event of a winding up of the LLP