Registered No. OC419521 (England and Wales)
Circular3 Llp
Unaudited accounts
for the year ended 31 October 2023
Circular3 Llp
LLP Information
for the year ended 31 October 2023
Designated members
Mr Patrick Ogunmuyiwa
Registered Number
OC419521 (England and Wales)
Registered Office
86-90 Paul Street
London
London
EC2A 4NE
United Kingdom
Circular3 Llp
Statement of financial position
as at 31 October 2023
Cash at bank and in hand
2,129
4,106
Creditors: amounts falling due within one year
(7,554)
354
Net current assets
35,555
55,555
Total assets less current liabilities
35,555
55,555
Provisions for liabilities
(16,117)
-
Net assets attributable to members
19,438
55,555
Loans and other debts due to members
19,085
24,146
Members' capital classified as equity
100
1
Loans and other debts due to members
19,085
24,146
Members' other interests
353
31,409
For the year ending 31 October 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small 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.
These 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.
Approved by the members on 28 July 2024.
Mr Patrick Ogunmuyiwa
Designated member
Limited Liability Partnership Registration No. OC419521
Circular3 Llp
Notes to the Accounts
for the year ended 31 October 2023
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.
The accounts are presented in £ sterling.
Having given due consideration to the prospects of the partnership the Partners are of the view that it is
appropriate to prepare the financial statements on a going concern basis
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Remuneration paid to members under a contract of employment is included as an expense in the profit and loss account. Other amounts paid to members are also included within members' remuneration treated as an expense.
Profits are treated as being available for discretionary division only if the 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. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
The LLP operates a defined contribution scheme for the benefit of its employees and members. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Circular3 Llp is a limited liability partnership, incorporated in England and Wales, registration number OC419521. Its registered office is 86-90 Paul Street, , London, London, EC2A 4NE, United Kingdom.
Circular3 Llp
Notes to the Accounts
for the year ended 31 October 2023
3
Creditors: amounts falling due within one year
2023
2022
Trade creditors
6,899
6,899
Taxes and social security costs
655
(7,253)
4
Loans and other debts due to members
2023
2022
Members' capital classified as a liability
101
13,929
Amounts due to members in respect of profits
18,984
10,217
Amounts falling due within one year
19,085
24,146
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
The name of the parent of the smallest group for which consolidated financial statements are drawn up
of which this entity is a member:
Sustained Consulting Ltd
The parent's registered office address is:
86-90 Paul Street,
London,
EC2A 4NE
6
Average number of employees
During the year the average number of employees was 0 (2022: 0).