Quone 1 LLP OC442504 false 2022-05-30 2023-05-31 2023-05-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 OC442504 2022-05-30 2023-05-31 OC442504 2023-05-31 OC442504 core:CurrentFinancialInstruments 2023-05-31 OC442504 bus:SmallEntities 2022-05-30 2023-05-31 OC442504 bus:AuditExemptWithAccountantsReport 2022-05-30 2023-05-31 OC442504 bus:FullAccounts 2022-05-30 2023-05-31 OC442504 bus:SmallCompaniesRegimeForAccounts 2022-05-30 2023-05-31 OC442504 bus:RegisteredOffice 2022-05-30 2023-05-31 OC442504 bus:PartnerLLP1 2022-05-30 2023-05-31 OC442504 bus:PartnerLLP2 2022-05-30 2023-05-31 OC442504 bus:LimitedLiabilityPartnershipLLP 2022-05-30 2023-05-31 OC442504 countries:AllCountries 2022-05-30 2023-05-31 iso4217:GBP xbrli:pure

Registration number: OC442504

Prepared for the registrar

Quone 1 LLP

Annual Report and Unaudited Financial Statements

for the period from 30 May 2022 to 31 May 2023

 

Quone 1 LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Quone 1 LLP

Limited liability partnership information

Designated members

Charmaine Malone

Michael Quinn

Registered office

Twyver Lodge Upton Lane
Upton St. Leonards
Gloucester
GL4 8EG

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Quone 1 LLP

(Registration number: OC442504)
Balance Sheet as at 31 May 2023

Note

31 May 2023
 £

Fixed assets

 

Investment property

4

780,000

Current assets

 

Debtors

1,832

Creditors: Amounts falling due within one year

6

(116,355)

Net current liabilities

 

(114,523)

Net assets attributable to members

 

665,477

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

236,000

Other amounts

7

429,477

 

665,477

   

665,477

Total members' interests

 

Loans and other debts due to members

 

665,477

   

665,477

For the year ending 31 May 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.


These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Quone 1 LLP (registered number OC442504) were approved by the members and authorised for issue on 20 February 2024. They were signed on behalf of the LLP by:

.........................................
Charmaine Malone
Designated member

 

Quone 1 LLP

Notes to the Financial Statements for the Period Ended 31 May 2023

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Twyver Lodge Upton Lane
Upton St. Leonards
Gloucester
GL4 8EG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Quone 1 LLP

Notes to the Financial Statements for the Period Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Quone 1 LLP

Notes to the Financial Statements for the Period Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Impairment of financial 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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 2.

4

Investment property

31 May 2023
 £

Additions

352,000

Fair value adjustments

428,000

At 31 May 2023

780,000

There has been no valuation of investment property by an independent valuer.

 

Quone 1 LLP

Notes to the Financial Statements for the Period Ended 31 May 2023 (continued)

5

Debtors

31 May 2023
 £

Accrued income

1,832

6

Creditors: Amounts falling due within one year

31 May 2023
 £

Other creditors

116,000

Accruals

355

116,355

7

Analysis of other amounts

31 May 2023
 £

Money owed to members by the LLP in respect of profits

429,477