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REGISTERED NUMBER: OC423219
ARMSTRONG CAMERON LLP
Unaudited Financial Statements
31 July 2023
ARMSTRONG CAMERON LLP
Financial Statements
Year ended 31 July 2023
Contents
Page
Designated members and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
7
ARMSTRONG CAMERON LLP
Designated Members and Professional Advisers
Designated members
Company secretary
Jacqueline Dawn Cameron
Registered office
325 Chapeltown Road
Leeds
West Yorkshire
United Kingdom
LS7 3LL
Accountants
Chambers Financial Solutions LTD
Chartered accountants
Suite 53
33 Great George Street
Leeds
West Yorkshire
United Kingdom
LS1 3AJ
ARMSTRONG CAMERON LLP
Directors' Report
Year ended 31 July 2023
The directors present their report and the unaudited financial statements of the LLP for the year ended 31 July 2023 .
Principal activities
The principal activity of the company during the year was designing evaluation frameworks in collaboration with clients.
Designated directors
The designated directors who served the LLP during the year were as follows:
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 30 April 2024 and signed on behalf of the members by:
Armstrong
Cameron
Director
Director
Jacqueline Dawn Cameron
LLP Secretary
Registered office:
325 Chapeltown Road
Leeds
West Yorkshire
United Kingdom
LS7 3LL
ARMSTRONG CAMERON LLP
Statement of Income and Retained Earnings
Year ended 31 July 2023
2023
Note
£
Turnover
45,530
--------
Gross profit
45,530
Distribution costs
900
Administrative expenses
18,809
--------
Operating profit
25,821
Suspense Account
34,406
--------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(34,406)
--------
All the activities of the LLP are from continuing operations.
ARMSTRONG CAMERON LLP
Statement of Financial Position
31 July 2023
2023
Note
£
Current assets
Debtors
4
8,585
Creditors: amounts falling due within one year
5
9,545
-------
Net current liabilities
960
----
Total assets less current liabilities
( 960)
Provisions
( 960)
----
Net liabilities
----
Represented by:
Loans and other debts due to members
Other amounts
----
Members' other interests
Other reserves
----
----
Total members' interests
Amounts due from members
(8,585)
Loans and other debts due to members
Members' other interests
-------
(8,585)
-------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 2023 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
ARMSTRONG CAMERON LLP
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the directors and authorised for issue on 30 April 2024 , and are signed on their behalf by:
Armstrong
Cameron
Director
Director
Registered number: OC423219
ARMSTRONG CAMERON LLP
Reconciliation of Members' Interests
Year ended 31 July 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 August 2022
Profit for the financial year available for discretionary division among members
25,821
25,821
25,821
--------
--------
----
----
--------
Members' interests after profit for the year
25,821
25,821
25,821
Other division of profits
8,585
8,585
(8,585)
(8,585)
--------
--------
-------
-------
--------
Balance at 31 July 2023
34,406
34,406
(8,585)
(8,585)
25,821
--------
--------
-------
-------
--------
ARMSTRONG CAMERON LLP
Notes to the Financial Statements
Year ended 31 July 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 325 Chapeltown Road, Leeds, West Yorkshire, LS7 3LL, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of income and retained earnings and are equity appropriations in the statement of financial position.
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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
2023
£
Other debtors
8,585
-------
5. Creditors: amounts falling due within one year
2023
£
Bank loans and overdrafts
9,545
-------
6.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 August 2021.
No transitional adjustments were required in equity or profit or loss for the year.