REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2023 to 31 March 2024 |
for |
Symington Consulting LLP |
REGISTERED NUMBER: |
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 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
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 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. |
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 |
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: |
Registered office: |
2. | Statement of compliance |
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 |
Motor vehicles | - |
Office equipmt | - |
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 |
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 |
Depreciation |
At 1 August 2023 |
Charge for period |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 July 2023 |
6. | Debtors: amounts falling due within one year |
31.3.24 | 31.7.23 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
31.3.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
31.3.24 | 31.7.23 |
£ | £ |
Bank loans |
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. |