Limited Liability Partnership registration number OC376489 (England and Wales)
ASIL PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
ASIL PARTNERS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr Vikas Chauhan
Astra Financials UK Limited
Limited liability partnership number
OC376489
Registered office
72 Cannon Street
London
England
EC4N 6AE
Auditor
Fisher, Sassoon and Marks
43-45 Dorset Street
London
W1U 7NA
ASIL PARTNERS LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 21
ASIL PARTNERS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The members present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the limited liability partnership is that of investment advisory and brokerage services. The LLP is regulated by the Financial Conduct Authority.

Fair review of the business

The results for the year and the financial position at the year end represent tough market condition. The members are actively exploring new income streams, products and potential business in the areas of brokerage services and remains optimistic for the foreseeable future.

 

At the year end the LLP had net assets of £1,318,842 (2022: £1,418,842)

 

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Vikas Chauhan
Astra Financials UK Limited
Post reporting date events

There are no other matters to report.

Auditor

The auditor, Fisher, Sassoon and Marks, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ASIL PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

On behalf of the members
Mr Vikas Chauhan
Designated Member
26 January 2024
ASIL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASIL PARTNERS LLP
- 3 -
Opinion

We have audited the financial statements of Asil Partners LLP (the 'limited liability partnership') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

ASIL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASIL PARTNERS LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

ASIL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASIL PARTNERS LLP
- 5 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion.

 

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Marks (Senior Statutory Auditor)
For and on behalf of Fisher, Sassoon and Marks
26 January 2024
Chartered Accountants
Statutory Auditor
43-45 Dorset Street
London
W1U 7NA
ASIL PARTNERS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
654,168
561,167
Administrative expenses
(488,703)
(548,644)
Other operating income
94,969
94,610
Operating profit
4
260,434
107,133
Interest receivable and similar income
7
-
6,348
Profit for the financial year before members' remuneration and profit shares
260,434
113,481
Members' remuneration charged as an expense
6
(260,434)
(113,481)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ASIL PARTNERS LLP
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
5,974
5,664
Current assets
Debtors
10
1,128,787
1,531,689
Cash at bank and in hand
451,269
144,551
1,580,056
1,676,240
Creditors: amounts falling due within one year
12
(267,188)
(263,062)
Net current assets
1,312,868
1,413,178
Total assets less current liabilities and net assets attributable to members
1,318,842
1,418,842
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
449,110
349,110
Other amounts
254,732
454,732
703,842
803,842
Members' other interests
Members' capital classified as equity
615,000
615,000
1,318,842
1,418,842
Total members' interests
Amounts due from members
(832,933)
(520,033)
Loans and other debts due to members
703,842
803,842
Members' other interests
615,000
615,000
485,909
898,809
The financial statements were approved by the members and authorised for issue on 26 January 2024 and are signed on their behalf by:
26 January 2024
Mr Vikas Chauhan
Designated member
Limited Liability Partnership registration number OC376489 (England and Wales)
ASIL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
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
Members' capital (classified as equity)
Other amounts
Total
Total
2023
£
£
£
£
Amount due to members
803,842
Amount due from members
(520,033)
Members' interests at 1 July 2022
615,000
283,809
283,809
898,809
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
260,434
260,434
260,434
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
615,000
544,243
544,243
1,159,243
Reclassifications
-
(355,000)
(355,000)
(355,000)
Repayment of debt (including members' capital classified as a liability)
-
(200,000)
(200,000)
(200,000)
Drawings
-
(118,334)
(118,334)
(118,334)
Members' interests at 30 June 2023
615,000
(129,091)
(129,091)
485,909
Amounts due to members
703,842
Amounts due from members, included in debtors
(832,933)
(129,091)
ASIL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
Prior 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
Members' capital (classified as equity)
Other amounts
Total
Total
2022
£
£
£
£
Amount due to members
585,753
Amount due from members
(414,225)
Members' interests at 1 July 2021
615,000
171,528
171,528
786,528
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
113,481
113,481
113,481
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
615,000
285,009
285,009
900,009
Introduced by members
-
150,000
150,000
150,000
Drawings
-
(151,200)
(151,200)
(151,200)
Members' interests at 30 June 2022
615,000
283,809
283,809
898,809
Amounts due to members
803,842
Amounts due from members, included in debtors
(520,033)
283,809
ASIL PARTNERS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
629,718
(183,682)
Investing activities
Purchase of tangible fixed assets
(3,056)
(1,571)
Proceeds on disposal of tangible fixed assets
-
440
Interest received
-
6,348
Net cash (used in)/generated from investing activities
(3,056)
5,217
Financing activities
Capital introduced by members (classified as debt or equity)
-
150,000
Repayment of capital or debt to members
(200,000)
-
Payments to members that represent a return on amounts subscribed or otherwise contributed
(118,334)
(151,200)
Repayment of borrowings
(1,610)
1,443
Net cash (used in)/generated from financing activities
(319,944)
243
Net increase/(decrease) in cash and cash equivalents
306,718
(178,222)
Cash and cash equivalents at beginning of year
144,551
322,774
Cash and cash equivalents at end of year
451,269
144,551
ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
1
Accounting policies
Limited liability partnership information

Asil Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 72 Cannon Street, London, England, EC4N 6AE.

 

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable from provision of investment advisory, execution and brokerage services. Revenue in respect of brokerage services is recognised on the date of settlement of the trade.

1.4
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.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
1.5
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:

Fixtures, fittings & equipment
25% straight line basis
Computer equipment
25% straight line basis

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 recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -

Basic financial liabilities, including 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 receipts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.10
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 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.

1.11
Retirement benefits and post retirement payments to members

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Commission receivable
654,168
561,167
2023
2022
£
£
Turnover analysed by geographical market
UK
654,168
561,167
2023
2022
£
£
Other significant revenue
Interest income
-
6,348
Net rents receivable
94,969
94,610
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(830)
(878)
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
10,550
7,800
Depreciation of owned tangible fixed assets
2,746
3,862
Operating lease charges
83,172
77,629
ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
5
Employees

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

2023
2022
Number
Number
Administration
3
3

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
174,168
179,510
Social security costs
16,627
15,661
Pension costs
3,622
4,063
194,417
199,234
6
Members' remuneration
2023
2022
Number
Number
The average number of members during the year was
5
5
2023
2022
as restated
£
£
Profit / (loss) attributable to the member with the highest entitlement
100,000
68,088
2023
2022
£
£
Members profit / (loss)
260,434
113,481
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
6,348
ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
7
Interest receivable and similar income
(Continued)
- 17 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
6,348
8
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 July 2022
46,670
-
46,670
Additions
1,189
1,867
3,056
At 30 June 2023
47,859
1,867
49,726
Depreciation and impairment
At 1 July 2022
41,006
-
41,006
Depreciation charged in the year
2,310
436
2,746
At 30 June 2023
43,316
436
43,752
Carrying amount
At 30 June 2023
4,543
1,431
5,974
At 30 June 2022
5,664
-
5,664
9
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,083,505
1,499,029
Carrying amount of financial liabilities
Measured at amortised cost
867,188
1,008,723
10
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Amounts owed by members
832,933
520,033
Other debtors
262,656
626,823
Prepayments and accrued income
33,198
29,833
1,128,787
1,176,689
ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Debtors
(Continued)
- 18 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
355,000
Total debtors
1,128,787
1,531,689

Other debtors include loans granted to members, employees, and commercial partners amounting to £96,269 (2022: £877,411) carry variable interest rates, amongst which £nil (2022: £355,000) is repayable within more than one year. £nil (2022: £325,411) of this amount is secured against collateral under the terms of the loan agreement.

11
Loans and overdrafts
2023
2022
£
£
Other loans
2,343
3,953
Payable within one year
2,343
3,953
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
11
2,343
3,953
Trade creditors
42,566
78,148
Other taxation and social security
3,842
10,876
Deferred income
13
100,000
47,305
Other creditors
744
744
Accruals and deferred income
117,693
122,036
267,188
263,062
13
Deferred income
2023
2022
£
£
Other deferred income
100,000
47,305
ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,622
4,063

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

15
Loans and other debts due to members
2023
2022
£
£
Analysis of loans
Amounts falling due within one year
703,842
803,842

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

16
Financial commitments, guarantees and contingent liabilities

There are no contingent liability as at the year end.

ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
17
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, which fall due as follows:

2023
2022
£
£
Within one year
78,977
78,977
Between two and five years
137,398
216,375
216,375
295,352

The limited liability partnership has committed to a non-cancellable operating leases up till 26 March 2025.

18
Events after the reporting date

There are no matters to report.

19
Related party transactions

The total remuneration of the members of the LLP and the managers, who are considered to be the key management personnel of the LLP was £260,434 profit (2022 - £113,481), of which £nil (2021 - £nil) has been recognised as employee remuneration and £260,434 as profit (2022 - £113,481) distributable to members.

 

At the balance sheet date, Vikas Chauhan, a designated member of the company owed £8,719 (2022 - £13,000) under loan agreement. This amount is included within other debtors. This loan is repayable on demand.

 

At the balance sheet date, Himanshu Nautiyal, a member of the company up till 28 February 2020 owed £2,000 (2022 - £2,000) under loan agreement. This amount is included within other debtors. This loan is repayable on demand.

 

 

At the balance sheet date, Apeiron Securities LLP, a member of the company owed £nil (2022 - £355,000) under loan agreement. This amount is included within other debtors due after more than one year with interest rate of 4.5% per annum.

 

At the balance sheet date, Velos Industries Limited, a company owned by a member of LLP, owed £80,139 (2022 - £177,000) under loan agreements. This amount is included within other debtors, carries a market interest rate and repayable on demand.

20
Ultimate controlling party

Designated member V Chauhan, is the controlling party by the virtue of his voting rights.

ASIL PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
21
Cash generated from operations
2023
2022
£
£
Profit for the year
260,434
113,481
Adjustments for:
Investment income recognised in profit or loss
-
(6,348)
Depreciation and impairment of tangible fixed assets
2,746
3,862
Movements in working capital:
Decrease/(increase) in debtors
360,802
(332,302)
(Decrease) in creditors
(46,959)
(9,680)
Increase in deferred income
52,695
47,305
Cash generated from/(absorbed by) operations
629,718
(183,682)
22
Analysis of changes in net funds
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
144,551
306,718
451,269
Borrowings excluding overdrafts
(3,953)
1,610
(2,343)
Balances before members' debt
140,598
308,328
448,926
Loans and other debts due to members:
- Other amounts due to members
(803,842)
100,000
(703,842)
Balances including members' debt
(663,244)
408,328
(254,916)
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300falseOC3764892022-07-012023-06-30OC376489bus:PartnerLLP12022-07-012023-06-30OC376489bus:PartnerLLP22022-07-012023-06-30OC3764892023-06-30OC3764892021-07-012022-06-30OC376489bus:LimitedLiabilityPartnershipLLP2022-07-012023-06-30OC376489bus:FRS1022022-07-012023-06-30OC376489bus:Audited2022-07-012023-06-30OC376489bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP