Registered number
OC373299
Choicequest LLP
Filleted Accounts
31 March 2024
Choicequest LLP
Registered number: OC373299
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 875,565 875,642
Investments 4 1,787,725 1,707,598
2,663,290 2,583,240
Current assets
Debtors 5 358,212 325,143
Cash at bank and in hand 293,312 404,984
651,524 730,127
Creditors: amounts falling due within one year 6 (361,805) (361,806)
Net current assets 289,719 368,321
Total assets less current liabilities 2,953,009 2,951,561
Net assets attributable to members 2,953,009 2,951,561
Represented by:
Loans and other debts due to members 7 (6,676,406) (6,551,819)
Members' other interests
Other reserves 9,629,415 9,503,380
2,953,009 2,951,561
Total members' interests
Loans and other debts due to members 7 (6,676,406) (6,551,819)
Members' other interests 9,629,415 9,503,380
2,953,009 2,951,561
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to 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.
The 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.
These accounts were approved by the members on 8 August 2024 and signed on their behalf by:
Ms J S Lyons
Designated member
Choicequest LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if 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. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 875,335 6,963 882,298
At 31 March 2024 875,335 6,963 882,298
Depreciation
At 1 April 2023 - 6,656 6,656
Charge for the year - 77 77
At 31 March 2024 - 6,733 6,733
Net book value
At 31 March 2024 875,335 230 875,565
At 31 March 2023 875,335 307 875,642
4 Fixed asset investments
Other
investments
£
Cost
At 1 April 2023 1,707,598
Additions 405,835
Revaluation 134,249
Disposals (459,957)
At 31 March 2024 1,787,725
5 Debtors 2024 2023
£ £
Other debtors 358,212 325,143
6 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest 355,685 355,685
Other creditors 6,120 6,121
361,805 361,806
7 Loans and other debts due to members 2024 2023
£ £
Loans from members 1,066,115 1,100,105
Amounts due to members in respect of profits (7,742,521) (7,651,924)
(6,676,406) (6,551,819)
Amounts falling due within one year (6,676,406) (6,551,819)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Choicequest LLP is a limited liability partnership incorporated in England. Its registered office is:
109 Gloucester Place
London
W1U 6JW
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