Limited Liability Partnership Registration No. OC304844 (England and Wales)
Edward Charles & Partners LLP
Annual report and unaudited financial statements
For the year ended 30 June 2023
Pages for filing with registrar
EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 6
EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,698
25,351
Current assets
Debtors
4
1,041,000
879,433
Cash at bank and in hand
1,086,155
871,706
2,127,155
1,751,139
Creditors: amounts falling due within one year
5
(669,884)
(469,079)
Net current assets
1,457,271
1,282,060
Total assets less current liabilities
1,476,969
1,307,411
Total members' interests
Loans and other debts due to members
(1,784,458)
(1,030,969)
Members' other interests
3,261,427
2,338,380
1,476,969
1,307,411

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

For the financial year ended 30 June 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, Partnerships and Groups (Accounts and Audit) Regulations 2016).

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 18 January 2024 and are signed on their behalf by:
18 January 2024
C C Okin
Designated member
Limited Liability Partnership Registration No. OC304844
EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
Members' interests at 1 July 2022
2,338,384
2,338,384
1,307,413
1,307,413
3,645,797
Profit for the financial year available for discretionary division among members
3,261,427
3,261,427
-
-
3,261,427
Members' interests after profit for the year
5,599,811
5,599,811
1,307,413
1,307,413
6,907,224
Allocation of profits for June 2022
(2,338,384)
(2,338,384)
1,908,816
1,908,816
-
Drawings
-
-
(3,091,871)
(3,091,871)
(3,091,871)
Members' interests at 30 June 2023
3,261,427
3,261,427
(1,784,458)
(1,784,458)
1,476,969
EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Edward Charles & Partners 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 December 2021, together with FRS 102 “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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts. Professional fees are recognised as income when the deal relating to the fee becomes unconditional.

 

1.3
Members' participating interests

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. 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.

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.

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:

Land and buildings Leasehold
Straight line over the length of the lease
Fixtures, fittings & equipment
20% straight line
EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was - 6 (2022: - 6).

2023
2022
Number
Number
Total
6
6
EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
32,970
20,840
53,810
Additions
-
1,585
1,585
At 30 June 2023
32,970
22,425
55,395
Depreciation and impairment
At 1 July 2022
17,035
11,424
28,459
Depreciation charged in the year
3,297
3,941
7,238
At 30 June 2023
20,332
15,365
35,697
Carrying amount
At 30 June 2023
12,638
7,060
19,698
At 30 June 2022
15,935
9,416
25,351
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
985,215
825,175
Other debtors
55,785
54,258
1,041,000
879,433
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,152
25,084
Taxation and social security
356,453
238,694
Other creditors
295,279
205,301
669,884
469,079
6
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.

EDWARD CHARLES & PARTNERS LLP
Edward Charles & Partners LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
475,267
599,264
The company is committed to 4 years, however extention of the lease is likely to be taken to 9 years.
8
Control

The LLP is controlled by its designated members, which remains unchanged from the prior year.

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