4 false false false false false false false false false false false false false false true true No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,013 583 294 877 136 430 xbrli:pure xbrli:shares iso4217:GBP SO300171 2022-03-01 2023-02-28 SO300171 2023-02-28 SO300171 2022-02-28 SO300171 2021-03-01 2022-02-28 SO300171 2022-02-28 SO300171 bus:Director1 2022-03-01 2023-02-28 SO300171 core:PlantMachinery 2022-02-28 SO300171 core:PlantMachinery 2023-02-28 SO300171 core:WithinOneYear 2023-02-28 SO300171 core:WithinOneYear 2022-02-28 SO300171 core:PlantMachinery 2022-03-01 2023-02-28 SO300171 core:PlantMachinery 2022-02-28 SO300171 bus:SmallEntities 2022-03-01 2023-02-28 SO300171 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SO300171 bus:FullAccounts 2022-03-01 2023-02-28 SO300171 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SO300171 bus:LimitedLiabilityPartnershipLLP 2022-03-01 2023-02-28
REGISTERED NUMBER: SO300171
Ezone Interactive LLP
Filleted Unaudited Financial Statements
28 February 2023
Ezone Interactive LLP
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
136
430
Current assets
Debtors
6
5,064
8,681
Cash at bank and in hand
1,522
663
-------
-------
6,586
9,344
Creditors: amounts falling due within one year
7
6,401
8,142
-------
-------
Net current assets
185
1,202
----
-------
Total assets less current liabilities
321
1,632
----
-------
Net assets
321
1,632
----
-------
Represented by:
Loans and other debts due to members
Other amounts
8
321
1,632
----
-------
Members' other interests
Other reserves
----
-------
321
1,632
----
-------
Total members' interests
Amounts due from members
(2,518)
Loans and other debts due to members
8
321
1,632
Members' other interests
-------
-------
(2,197)
1,632
-------
-------
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 28 February 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 .
Ezone Interactive LLP
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the members and authorised for issue on 28 November 2023 , and are signed on their behalf by:
Mr I Taylor
Designated Member
Registered number: SO300171
Ezone Interactive LLP
Notes to the Financial Statements
Year ended 28 February 2023
1.
General information
The LLP is registered in Scotland. The address of the registered office is 31 Palmerston Place, Edinburgh, EH12 5AP.
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).
3.
Accounting policies
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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'.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
33.33% straight line and Software 25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2022: 4 ).
5.
Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 March 2022 and 28 February 2023
1,013
1,013
-------
-------
Depreciation
At 1 March 2022
583
583
Charge for the year
294
294
-------
-------
At 28 February 2023
877
877
-------
-------
Carrying amount
At 28 February 2023
136
136
-------
-------
At 28 February 2022
430
430
-------
-------
6.
Debtors
2023
2022
£
£
Trade debtors
2,118
7,800
Other debtors
2,946
881
-------
-------
5,064
8,681
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,148
5,224
Social security and other taxes
1,827
1,523
Other creditors
1,426
1,395
-------
-------
6,401
8,142
-------
-------
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
321
1,632
----
-------