Registered number
OC379731
KMS Wills and Trusts LLP
Unaudited Filleted Accounts
31 October 2023
KMS Wills and Trusts LLP
Registered number: OC379731
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Current assets
Cash at bank and in hand 1,007 1,120
Net current assets 1,007 1,120
Total assets less current liabilities 1,007 1,120
Net assets attributable to members 1,007 1,120
Represented by:
Loans and other debts due to members 4 1,007 1,120
1,007 1,120
Total members' interests
Loans and other debts due to members 4 1,007 1,120
1,007 1,120
For the year ended 31 October 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 16 December 2023 and signed on their behalf by:
Sean Dawson
Designated member
KMS Wills and Trusts LLP
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover represents commissions earned from the provision of financial services net of VAT and discounts. Commissions are recognised as earned, when, and to the extent that, the LLP has obtained the right to consideration in return for its performance. It is measured at the fair value of the right to consideration which represents amounts chargeable.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 211
At 31 October 2023 211
Depreciation
At 1 November 2022 211
At 31 October 2023 211
Net book value
At 31 October 2023 -
4 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 1,007 1,120
Amounts falling due within one year 1,007 1,120
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
5 Other information
KMS Wills and Trusts LLP is a limited liability partnership incorporated in England. Its registered office is:
136a Front Street
Chester le Street
Durham
DH3 3AY
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