Company No:
Contents
Note | 31.01.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 4 |
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1,471 | ||
Current assets | ||
Debtors | 5 |
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Investments | 6 |
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Cash at bank and in hand |
|
|
517,182 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 498,300 | |
Total assets less current liabilities | 499,771 | |
Net assets attributable to members |
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Represented by | ||
Loans and other debts due to members within one year | ||
Other amounts | 499,771 | |
499,771 | ||
Members' other interests | ||
0 | ||
499,771 | ||
Total members' interests | ||
Loans and other debts due to members | 499,771 | |
499,771 |
Members' responsibilities:
The financial statements of GKA Advisors LLP (registered number:
G Kadare 1 Ltd
Designated member |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
---|---|---|
Other amounts | Total | |
£ | £ | |
Balance at 05 January 2023 | 0 | 0 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 642,682 | 642,682 |
Members' interest after result for the financial period | 642,682 | 642,682 |
Drawings | (142,911) | (142,911) |
Amounts due to members | 499,771 | |
Balance at 31 January 2024 | 499,771 | 499,771 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
GKA Advisors LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 7 Larnach Road, London, W6 9NX, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Computer equipment |
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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 credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
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) 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
Basic financial liabilities, including trade and other creditors and accruals, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
Period from 05.01.2023 to 31.01.2024 |
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Number | |
Monthly average number of persons employed by the LLP during the year |
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Profits are shared among the directors in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.
31.01.2024 | |
Number | |
Average number of members during the financial period | 2 |
Amounts paid under employment contract and amounts paid under the terms of the LLP agreement was £642,682.
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 05 January 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated depreciation | |||
At 05 January 2023 |
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Charge for the financial period |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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31.01.2024 | |
£ | |
Trade debtors |
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Accrued income |
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Other debtors |
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31.01.2024 | |
£ | |
Other investments – at cost less impairment |
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31.01.2024 | |
£ | |
Trade creditors |
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Accruals |
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Other taxation and social security |
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The designated members of the LLP are considered to be key management responsible for planning, directing and controlling the activities of the LLP. Transactions with the designated members are shown in the Reconciliation of Members Interests.