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REGISTERED NUMBER: OC366467 (England and Wales)















Unaudited Financial Statements

for the Period 1 August 2023 to 31 March 2024

for

Symington Consulting LLP

Symington Consulting LLP (Registered number: OC366467)

Contents of the Financial Statements
for the Period 1 August 2023 to 31 March 2024










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Symington Consulting LLP (Registered number: OC366467)

Statement of Financial Position
31 March 2024

31.3.24 31.7.23
Notes £ £
Fixed assets
Tangible assets 5 7,973 9,567

Current assets
Stocks 16,800 18,000
Debtors 6 488 683
Cash at bank 86 959
17,374 19,642
Creditors
Amounts falling due within one year 7 (2,049 ) (1,549 )
Net current assets 15,325 18,093
Total assets less current liabilities 23,298 27,660

Creditors
Amounts falling due after more than one
year

8

(4,332

)

(4,800

)
Net assets attributable to members 18,966 22,860

Loans and other debts due to members 9 18,966 22,860

Total members' interests
Loans and other debts due to members 9 18,966 22,860

Symington Consulting LLP (Registered number: OC366467)

Statement of Financial Position - continued
31 March 2024


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 August 2024 and were signed by:





Mr J M Symington - Designated member

Symington Consulting LLP (Registered number: OC366467)

Notes to the Financial Statements
for the Period 1 August 2023 to 31 March 2024


1. Statutory information

Symington Consulting LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC366467

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

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" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared using the historical cost method, on a going concern basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling (£), which is the functional currency of the entity.

Critical accounting judgements and key sources of estimation uncertainty
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.

a) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of tangible assets and note 3 for the useful economic lives for each class of assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is stated net of discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover from a sale can be recognised:

Turnover from the provision of business consulting related services is recognised when the service has been completed according to the job requirement, whereby at this point, the turnover can be measured reliably, it is probable that economic benefits will flow to the entity and the costs in respect of the transaction can be measured reliably.

Symington Consulting LLP (Registered number: OC366467)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% p.a. reducing balance
Office equipmt - 25% p.a. reducing balance

Stocks
Stocks are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

Work in progress is valued on the basis of directly attributable costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Symington Consulting LLP (Registered number: OC366467)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 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'.

4. Employee information

The average number of employees during the period was 2 (2023 - 2 ) .

Symington Consulting LLP (Registered number: OC366467)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024


5. Tangible fixed assets
Motor Office
vehicles equipmt Totals
£ £ £
Cost
At 1 August 2023
and 31 March 2024 37,725 2,199 39,924
Depreciation
At 1 August 2023 29,521 836 30,357
Charge for period 1,367 227 1,594
At 31 March 2024 30,888 1,063 31,951
Net book value
At 31 March 2024 6,837 1,136 7,973
At 31 July 2023 8,204 1,363 9,567

6. Debtors: amounts falling due within one year
31.3.24 31.7.23
£ £
Other debtors 488 683

7. Creditors: amounts falling due within one year
31.3.24 31.7.23
£ £
Bank loans and overdrafts 749 749
Other creditors 1,300 800
2,049 1,549

8. Creditors: amounts falling due after more than one year
31.3.24 31.7.23
£ £
Bank loans 4,332 4,800

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,332 1,800

Symington Consulting LLP (Registered number: OC366467)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024


9. Loans and other debts due to members
31.3.24 31.7.23
£ £
Amounts owed to members in respect of profits 18,966 22,860

Falling due within one year 18,966 22,860

Loans and other debts due to members are payable after all other creditors of the LLP have been settled.

10. Related party disclosures

No transactions were undertaken with the related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.