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REGISTERED NUMBER: OC346350 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Gray & Farrar International LLP

Gray & Farrar International LLP (Registered number: OC346350)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gray & Farrar International LLP

General Information
for the Year Ended 30 June 2023







DESIGNATED MEMBERS: Ms C M Sweetingham
Montagu Bond Limited





REGISTERED OFFICE: 3 Hill Street
London
W1J 5LB





REGISTERED NUMBER: OC346350 (England and Wales)





ACCOUNTANTS: Silvester Parker Limited
The Spinney
Beausale
Warwick
Warwickshire
CV35 7NU

Gray & Farrar International LLP (Registered number: OC346350)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,217 2,435
Investments 5 1 1
1,218 2,436

CURRENT ASSETS
Debtors 6 1,263,198 1,285,918
Cash at bank 18,809 (8,951 )
1,282,007 1,276,967
CREDITORS
Amounts falling due within one year 7 263,843 155,203
NET CURRENT ASSETS 1,018,164 1,121,764
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,019,382

1,124,200

CREDITORS
Amounts falling due after more than one year 8 (8,011 ) (99,085 )

ACCRUALS AND DEFERRED INCOME (1,011,371 ) (1,025,115 )
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

TOTAL MEMBERS' INTERESTS
Amounts due from members 6 (1,226,648 ) (1,235,679 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 June 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Gray & Farrar International LLP (Registered number: OC346350)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 29 March 2024 and were signed by:





Ms C M Sweetingham - Designated member

Gray & Farrar International LLP (Registered number: OC346350)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Gray & Farrar International LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Subscription fee revenue is generated from clients who subscribe to the LLP's matchmaking services. Subscription fee revenue is recognised on a monthly basis over the period during which the matchmaking services will be delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures & Fittings25% reducing balance, changed to 33% reducing balance in the year

Equipment50% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Foreign currencies
Transactions in foreign currencies are translated to the LLP's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account.

Gray & Farrar International LLP (Registered number: OC346350)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Going concern
Notwithstanding the net liability of the LLP, the financial statements have been prepared on the going concern basis, which the members believe to be appropriate for the following reasons:

- Managements' trading forecasts for the foreseeable future expect the LLP to make profits
and the entity will return net positive cash flows;
- The LLP has sufficient working capital to continue in operation for the foreseeable
future.




Members' participation rights
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. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet. ·

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

Gray & Farrar International LLP (Registered number: OC346350)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Taxation
The taxation payable on partnership profits is the liability of the members during the year. Consequently, neither partnership taxation nor related deferred taxation are accounted for in the financial statements


Provisions
A provision is recognised in the balance sheet when the LLP has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.


Expense
Operating lease
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as in integral part of the lease expense.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 612 38,892 39,504
DEPRECIATION
At 1 July 2022 612 36,457 37,069
Charge for year - 1,218 1,218
At 30 June 2023 612 37,675 38,287
NET BOOK VALUE
At 30 June 2023 - 1,217 1,217
At 30 June 2022 - 2,435 2,435

Gray & Farrar International LLP (Registered number: OC346350)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 1
NET BOOK VALUE
At 30 June 2023 1
At 30 June 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed by group undertakings 9,911 23,228
Amounts due from members 1,226,648 1,235,679
Other debtors 24,000 24,000
Prepayments 2,639 3,011
1,263,198 1,285,918

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts (see note 9) 91,074 82,360
Trade creditors 16,099 34,211
Social security and other taxes 21,108 22,166
VAT 38,049 -
Other creditors 1,153 1,208
Accrued expenses 96,360 15,258
263,843 155,203

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans (see note 9) 8,011 99,085

9. LOANS

An analysis of the maturity of loans is given below:

30.6.23 30.6.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 91,074 82,360

Gray & Farrar International LLP (Registered number: OC346350)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

9. LOANS - continued
30.6.23 30.6.22
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,011 99,085

10. CONTINGENT LIABILITIES

At the year end the LLP was in discussion with HMRC in respect of the historic VAT treatment of non-EU sales. There is uncertainty regarding the quantum of any VAT that may be due to or from the LLP and as such the LLP has not recognised a potential liability in the accounts at 30 June 2023.

11. RELATED PARTY DISCLOSURES

At the balance sheet date the LLP was owed:


20232022
£   £   

Ms C Sweetingham1,214,3621,224,564
Montagu Bond Limited12,28611,115

1,226,6481,235,679