REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Aitken Advisors LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Aitken Advisors LLP |
Aitken Advisors LLP (Registered number: OC344236) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Members | 1 |
Report of the Independent Auditors | 3 |
Profit & Loss Account | 7 |
Balance Sheet | 8 |
Reconciliation of Members' Interests | 10 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
Aitken Advisors LLP (Registered number: OC344236) |
Report of the Members |
for the Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of financial consulting. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £1,555,706 (2023 - £1,702,827 profit). |
MEMBERS' INTERESTS |
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. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Aitken Advisors LLP (Registered number: OC344236) |
Report of the Members |
for the Year Ended 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
AUDITORS |
The auditors, Wellers, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Aitken Advisors LLP |
Opinion |
We have audited the financial statements of Aitken Advisors LLP (the 'LLP') for the year ended 31 March 2024 which comprise the Profit & Loss Account, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Aitken Advisors LLP |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the members were not entitled to prepare the financial statements in accordance with the small LLPs regime. |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page one, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Aitken Advisors LLP |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax legislation. |
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the LLP and therefore may have a material effect on the financial statements include compliance with FCA regulations. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud, undertaking specific testing in respect of the LLP's FCA registration. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Aitken Advisors LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1 Vincent Square |
London |
SW1P 2PN |
Aitken Advisors LLP (Registered number: OC344236) |
Profit & Loss Account |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 4 |
Administrative expenses |
1,553,522 | 1,702,576 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Aitken Advisors LLP (Registered number: OC344236) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
310,926 |
434,506 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
13 |
135,731 |
312,624 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 60,000 | 60,000 |
Revaluation reserve | 14 |
310,926 | 434,506 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 13 | 135,731 | 312,624 |
Members' other interests | 175,195 | 121,882 |
310,926 | 434,506 |
Aitken Advisors LLP (Registered number: OC344236) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Aitken Advisors LLP (Registered number: OC344236) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Revaluation | Other |
equity) | reserve | reserves | Total |
£ | £ | £ | £ |
Balance at 1 April 2023 | 60,000 | 61,882 | - | 121,882 |
Profit for the financial year available for discretionary division among members |
- |
- |
1,555,706 |
1,555,706 |
Members' interests after profit for the year | 60,000 | 61,882 | 1,555,706 | 1,677,588 |
Other divisions of profit | - | - | (1,555,706 | ) | (1,555,706 | ) |
Revaluation Reserve | - | 53,313 | - | 53,313 |
Drawings on account and distributions of profit | - | - | - | - |
Balance at 31 March 2024 | 60,000 | 115,195 | - | 175,195 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 312,624 |
Amount due from members | - |
Balance at 1 April 2023 | 312,624 | 434,506 |
Profit for the financial year available for discretionary division among members |
- |
1,555,706 |
Members' interests after profit for the year | 312,624 | 1,990,212 |
Other divisions of profit | 1,555,706 | - |
Revaluation Reserve | - | 53,313 |
Drawings on account and distributions of profit | (1,732,599 | ) | (1,732,599 | ) |
Amount due to members | 135,731 |
Amount due from members | - |
Balance at 31 March 2024 | 135,731 | 310,926 |
Aitken Advisors LLP (Registered number: OC344236) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Revaluation | Other |
equity) | reserve | reserves | Total |
£ | £ | £ | £ |
Balance at 1 April 2022 | 60,000 | 43,740 | - | 103,740 |
Profit for the financial year available for discretionary division among members |
- |
- |
1,702,827 |
1,702,827 |
Members' interests after profit for the year | 60,000 | 43,740 | 1,702,827 | 1,806,567 |
Other divisions of profit | - | - | (1,702,827 | ) | (1,702,827 | ) |
Revaluation Reserve | - | 18,142 | - | 18,142 |
Drawings on account and distributions of profit | - | - | - | - |
Balance at 31 March 2023 | 60,000 | 61,882 | - | 121,882 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 137,147 |
Amount due from members | - |
Balance at 1 April 2022 | 137,147 | 240,887 |
Profit for the financial year available for discretionary division among members |
- |
1,702,827 |
Members' interests after profit for the year | 137,147 | 1,943,714 |
Other divisions of profit | 1,702,827 | - |
Revaluation Reserve | - | 18,142 |
Drawings on account and distributions of profit | (1,527,350 | ) | (1,527,350 | ) |
Amount due to members | 312,624 |
Amount due from members | - |
Balance at 31 March 2023 | 312,624 | 434,506 |
Aitken Advisors LLP (Registered number: OC344236) |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 2 |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (73,623 | ) | (108,995 | ) |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Transactions with members and | former members |
Payments to members | (1,732,599 | ) | (1,527,350 | ) |
Net cash from financing activities | (1,732,599 | ) | (1,527,350 | ) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
3 |
185,068 |
Cash and cash equivalents at end of year |
3 |
193,797 |
94,617 |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
All the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses whether of capital or otherwise sustained by the firm. |
2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
1,555,706 |
1,702,827 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance income | (2,127 | ) | - |
1,557,533 | 1,706,396 |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 193,797 | 94,617 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 94,617 | 185,068 |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
4. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 94,617 | 99,180 | 193,797 |
94,617 | 193,797 |
Net funds (before |
members' debt) | 94,617 | 99,180 | - | 193,797 |
Loans and other debts |
due to members |
Other amounts |
due to members | (312,624 | ) | 1,732,599 | (1,555,706 | ) | (135,731 | ) |
Net (debt)/funds | (218,007 | ) | 1,831,779 | (1,555,706 | ) | 58,066 |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Aitken Advisors LLP is a limited liability partnership registered in England and Wales. The partnership's registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, SW6 4TJ. |
2. | STATEMENT OF COMPLIANCE |
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" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the members there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements, other than the valuation of investments, useful life of fixed assets and the recoverability of debtors. |
Turnover |
Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at market value with any gains or losses being accounted for by fair value through profit and loss. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Fixtures and fittings - 20% straight line |
Computer equipment - 33% straight line |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
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 comprehensive income 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 comprehensive income 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 comprehensive income 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'. |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Other fixed asset investments |
Other fixed asset investments are initially recorded at cost and are reviewed at each reporting date to reflect the market value of the investment. Any gains and losses arising as a result of the revaluation will be recorded as fair value through profit and loss. |
4. | TURNOVER |
The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
An analysis of turnover by geographical market is given below: |
31.3.24 | 31.3.23 |
United Kingdom | 31.68% | 8.37% |
Europe | 3.10% | 3.34% |
United States of America | 46.79% | 87.35% |
Asia | 18.43% | 0.95% |
100.00% | 100.00% |
5. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | AUDITORS' REMUNERATION |
31.3.24 | 31.3.23 |
£ | £ |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements |
6,000 |
5,530 |
8. | INFORMATION IN RELATION TO MEMBERS |
31.3.24 | 31.3.23 |
£ | £ |
The amount of profit attributable to the member with the largest entitlement was | 777,853 |
851,414 |
31.3.24 | 31.3.23 |
The average number of members during the year was | 2 | 2 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
VAT | 10,618 | 13,637 |
Accruals and deferred income |
13. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed to members in respect of profits | 135,731 | 312,624 |
Falling due within one year | 135,731 | 312,624 |
Aitken Advisors LLP (Registered number: OC344236) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Revaluation Reserve |
At 31 March 2024 |
15. | RELATED PARTY DISCLOSURES |
At the year end the LLP owed the members, James Aitken and Ainslie Aitken, an amount of £67,866 each (2023: £156,312). During the year an amount of £866,299 (2023: £763,675) was withdrawn by each member. |