NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
Elm Capital LLP is a Limited liability partnership incorporated and domiciled in England and Wales, with its registered office address at 11a Regent Street, London, SW1Y 4LR.
The principal object of the LLP is to provide management services to Elm Capital Holding Limited.
2.Accounting policies
|
|
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".
Turnover is measured at the fair value of amounts receivable in respect of services provided in the year, net of trade discounts and excluding value added tax.
Management fees are recognised in the period in which the services were performed.
|
|
Division and distribution of profits
|
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
|
|
Basic financial instruments
|
The LLP only enters into transactions that result in basic financial instruments such as trade & other debtors, trade & other creditors, cash at bank & in hand and loans to & from related parties.
Other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
|
The average monthly number of employees, including directors, during the year was 5 (2022 -5).
|
|