Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC308131 Paul Spires Andrew Hall true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC308131 2023-03-31 OC308131 2024-03-31 OC308131 2023-04-01 2024-03-31 OC308131 frs-core:CurrentFinancialInstruments 2024-03-31 OC308131 frs-core:Non-currentFinancialInstruments 2024-03-31 OC308131 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC308131 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC308131 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC308131 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC308131 frs-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC308131 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC308131 1 2023-04-01 2024-03-31 OC308131 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC308131 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC308131 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC308131 2022-03-31 OC308131 2023-03-31 OC308131 2022-04-01 2023-03-31 OC308131 frs-core:CurrentFinancialInstruments 2023-03-31 OC308131 frs-core:Non-currentFinancialInstruments 2023-03-31 OC308131 frs-core:OtherReservesSubtotal 2022-03-31
Registered number: OC308131
Sound Financial Services LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Reconciliation of Members' Interests 4—5
Notes to the Financial Statements 5—7
Page 1
Accountant's Report
Report to the partners on the preparation of the unaudited statutory accounts of Sound Financial Services LLP for the year ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, I have prepared for your approval the accounts of Sound Financial Services LLP which comprise the Income Statement, the Statement of Financial Position and the related notes, from the partnership’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the partners of Sound Financial Services LLP, as a body, in accordance with the terms of our engagement letter dated 26 July 2021. Our work has been undertaken solely to prepare for your approval the accounts of Sound Financial Services LLP and state those matters that we have agreed to state to the partners of Sound Financial Services LLP, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sound Financial Services LLP and its partners as a body for our work or for this report.
It is your duty to ensure that Sound Financial Services LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Sound Financial Services LLP. You consider that Sound Financial Services LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Sound Financial Services LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
22/08/2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Page 1
Page 2
Statement of Financial Position
Registered number: OC308131
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 3 62,440 22,857
Cash at bank and in hand 2,953 773
65,393 23,630
Creditors: Amounts Falling Due Within One Year 4 (91,711 ) (43,628 )
NET CURRENT ASSETS (LIABILITIES) (26,318 ) (19,998 )
TOTAL ASSETS LESS CURRENT LIABILITIES (26,318 ) (19,998 )
Creditors: Amounts Falling Due After More Than One Year 5 (30,833 ) (35,833 )
NET LIABILITIES ATTRIBUTABLE TO MEMBERS (57,151 ) (55,831 )
REPRESENTED BY:
Equity
Members' other interests
Members' capital (57,151) (55,831)
(57,151) (55,831)
TOTAL MEMBERS' INTEREST
Members' other interests (57,151) (55,831)
(57,151) (55,831)
Page 2
Page 3
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 applicable to LLPs subject to the small LLPs regime.)
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.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Income Statement.
On behalf of the members
Andrew Hall
Designated Member
21/08/2024
The notes on pages 5 to 7 form part of these financial statements.
Page 3
Page 4
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Members'Capital classified as Equity Other Reserves Total Equity Other amounts Total members' interest
£ £ £ £ £
Balance at 1 April 2022 (53,567) - (53,567) - (53,567)
Members' remuneration charged as an expense, including employment and retirement benefit costs - - - - -
Profit/(loss) for the financial year available for discretionary division among members - (2,264 ) (2,264 ) - (2,264 )
Members' interests after profit/(loss) for the year (53,567) (2,264) (55,831) - (55,831)
Other divisions of profits (losses) - - - - -
Other Movements (2,264) 2,264 - - -
As at 31 March 2023 and 1 April 2023 (55,831) - (55,831) - (55,831)
Members' remuneration charged as an expense, including employment and retirement benefit costs - - - - -
Profit/(loss) for the financial year available for discretionary division among members - (1,320 ) (1,320 ) - (1,320 )
Members' interests after profit/(loss) for the year (55,831) (1,320) (57,151) - (57,151)
Other divisions of profits (losses) - - - - -
Other Movements (1,320) 1,320 - - -
As at 31 March 2024 (57,151) - (57,151) - (57,151)
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Page 5
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2. Turnover
Turnover is rent receivable in respect of letting activities.
1.3. 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.
1.4. 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 ofl iabilities. 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.
...CONTINUED
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Page 6
1.4. Members' participation rights - continued
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.
2. Average Number of Employees
Average number of employees, including members, during the year was as follows: 2 (2023: 2)
2 2
3. Debtors
2024 2023
£ £
Due within one year
Trade debtors 62,440 22,857
62,440 22,857
4. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,440 22,857
Bank loans and overdrafts 5,000 5,000
Other creditors 24,271 15,771
91,711 43,628
5. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 30,833 35,833
30,833 35,833
6. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
2024 2023
£ £
Within 1 year 31,441 53,586
Between 1 and 5 years 125,764 214,344
After 5 years - 8,931
157,205 276,861
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Page 7
7. Related Party Transactions
Sound Financial Planning LtdA company in which both partners hold a controlling interest.During the year rental income of £146,189 (2023: £98,018) was received from Sound Financial Planning Ltd. At the balance sheet date there was a balance included in Trade Debtors owing from Sound Financial Planning Ltd of £62,440 (2023: £22,857). Included in other creditors is a loan from Sound Financial Planning Ltd of £24,271 (2023: £15,771).

Sound Financial Planning Ltd

A company in which both partners hold a controlling interest.

During the year rental income of £146,189 (2023: £98,018) was received from Sound Financial Planning Ltd. At the balance sheet date there was a balance included in Trade Debtors owing from Sound Financial Planning Ltd of £62,440 (2023: £22,857). Included in other creditors is a loan from Sound Financial Planning Ltd of £24,271 (2023: £15,771).

8. Ultimate Controlling Party
Andrew Hall and Paul Spires are jointly the ultimate controlling parties by virtue of their influence over the LLP.
9. General Information
Sound Financial Services LLP is a limited liability partnership, incorporated in England & Wales, registered number OC308131 . The Registered Office is 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU.
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