Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity22falsetrue OC428744 2022-04-01 2023-03-31 OC428744 2021-04-01 2022-03-31 OC428744 2023-03-31 OC428744 2022-03-31 OC428744 c:ComputerEquipment 2022-04-01 2023-03-31 OC428744 c:ComputerEquipment 2023-03-31 OC428744 c:ComputerEquipment 2022-03-31 OC428744 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC428744 c:ComputerSoftware 2023-03-31 OC428744 c:ComputerSoftware 2022-03-31 OC428744 c:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 OC428744 c:CurrentFinancialInstruments 2023-03-31 OC428744 c:CurrentFinancialInstruments 2022-03-31 OC428744 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC428744 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC428744 d:FRS102 2022-04-01 2023-03-31 OC428744 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC428744 d:FullAccounts 2022-04-01 2023-03-31 OC428744 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC428744 6 2022-04-01 2023-03-31 OC428744 c:ComputerSoftware c:OwnedIntangibleAssets 2022-04-01 2023-03-31 OC428744 d:PartnerLLP3 2022-04-01 2023-03-31 OC428744 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure


Registered number: OC428744












JIGSAW VC LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

JIGSAW VC LLP

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9



 
REGISTERED NUMBER:OC428744
JIGSAW VC LLP

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
91,455
133,849

Tangible assets
 5 
1,161
1,571

  
92,616
135,420

Current assets
  

Debtors: amounts falling due within one year
 6 
1,120,495
21,585

Current asset investments
 7 
56,955
56,955

Cash at bank and in hand
  
9,189
670,089

  
1,186,639
748,629

Creditors: amounts falling due within one
year
 8 
(44,800)
(152,840)

Net current assets
  
 
 
1,141,839
 
 
595,789

Total assets less current liabilities
  
1,234,455
731,209

  

Net assets
  
1,234,455
731,209


Represented by:
  

Loans and other debts due to members within one year
  

Other amountsdue to members
 9 
1,234,455
731,209


Total members' interests
  

Loans and other debts due to members
 9 
1,234,455
731,209


Page 1


 
REGISTERED NUMBER:OC428744
JIGSAW VC LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Daniel Smith
Designated member

Date: 25 March 2024

The notes on pages 3 to 9 form part of these financial statements.

Jigsaw VC LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Jigsaw VC LLP is a limited liability partnership registered in England and Wales. Its registered office is 71- 75 Shelton Street, Covent Garden, London, WC2H 9JQ.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these fianncial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.4

Revenue

Revenue comprises management fee income net of value added tax. Income is recognised on an accruals basis in the period in which it is earned.

Page 3

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Other intangible fixed assets
-
5
years

  
2.6

Cash at bank at in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


2.7

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

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 LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 4

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.10

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.


3.


Employees

The average monthly number of employees, including members, during the year was 2 (2022 -2).

Page 6

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Computer software

£



Cost


At 1 April 2022
211,968



At 31 March 2023

211,968



Amortisation


At 1 April 2022
78,119


Charge for the year on owned assets
42,394



At 31 March 2023

120,513



Net book value



At 31 March 2023
91,455



At 31 March 2022
133,849



Page 7

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 April 2022
1,639



At 31 March 2023

1,639



Depreciation


At 1 April 2022
68


Charge for the year on owned assets
410



At 31 March 2023

478



Net book value



At 31 March 2023
1,161



At 31 March 2022
1,571


6.


Debtors: amounts falling due within one year

2023
2022
£
£


Other debtors
35,746
21,585

Prepayments and accrued income
1,084,749
-

1,120,495
21,585



7.


Current asset investments

2023
2022
£
£

Unlisted investments
56,955
56,955


Page 8

 

JIGSAW VC LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
16,392
11,572

Other taxation and social security
11,414
18,537

Other creditors
11,019
10,856

Accruals and deferred income
5,975
111,875

44,800
152,840



9.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
1,234,455
731,209



Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Included within amounts due to members are amounts of £800,000 due to non-designated members.


10.


Pension commitments

The LLP contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in a indipendently administered fund. The pension cost charge represents contibutions payable by the LLP to the fund and amounted to £1,431 (2022:£330). Contribution totalling £513 (2022:£256) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9