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REGISTERED NUMBER: OC404013
Yoo Capital Advisors LLP
Filleted Unaudited Accounts
31 March 2024
Yoo Capital Advisors LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
19,993
21,291
Current assets
Debtors
5
403,959
1,490,609
Cash at bank and in hand
593,200
253,214
---------
------------
997,159
1,743,823
Creditors: amounts falling due within one year
6
( 967,793)
( 1,765,114)
---------
------------
Net current assets/(liabilities)
29,366
( 21,291)
--------
--------
Total assets less current liabilities
49,359
--------
----
Net assets
49,359
--------
----
Represented by:
Loans and other debts due to members
Other amounts
7
49,359
--------
----
Members' other interests
Other reserves
--------
----
49,359
--------
----
Total members' interests
Amounts due from members
(2,587)
(167,026)
Loans and other debts due to members
7
49,359
Members' other interests
--------
---------
46,772
(167,026)
--------
---------
These accounts have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 accounts .
Yoo Capital Advisors LLP
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the members and authorised for issue on 20 August 2024 , and are signed on their behalf by:
J Hitchcox
Designated Member
Registered number: OC404013
Yoo Capital Advisors LLP
Notes to the Accounts
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 2 Bentinck Street, London, W1U 2FA.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A FRS102,'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 2021
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the Members opinion based on current budgets, positive cash balances and its working capital requirements, the company has sufficient funds to meet its liabilities for at least twelve months from approval of these accounts. The company will also continue to rely on on-going support from its ultimate controlling party.
Revenue recognition
Revenue is measured at the fair value of consideration received for services rendered net of Value Added Tax. Revenue of services are recognised over the term of contract in relation to services rendered in the year adjusted for deferred and accrued services.
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'.
Tangible 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 the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 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, fittings and equipment
-
15% straight line
Equipment
-
15% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
269
35,753
36,022
Additions
4,419
4,419
----
--------
--------
At 31 March 2024
269
40,172
40,441
----
--------
--------
Depreciation
At 1 April 2023
40
14,691
14,731
Charge for the year
40
5,677
5,717
----
--------
--------
At 31 March 2024
80
20,368
20,448
----
--------
--------
Carrying amount
At 31 March 2024
189
19,804
19,993
----
--------
--------
At 31 March 2023
229
21,062
21,291
----
--------
--------
5.
Debtors
2024
2023
£
£
Trade debtors
760,014
Prepayments and accrued income
18,592
6,676
Amounts due from members
2,587
167,026
Other debtors
382,780
556,893
---------
------------
403,959
1,490,609
---------
------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,906
2,700
Accruals and deferred income
618,715
1,762,414
Other creditors
347,172
---------
------------
967,793
1,765,114
---------
------------
7.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
49,359
--------
----