Registered number: OC379751
SIMMONS GAINSFORD GIBRALTAR LLP
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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SIMMONS GAINSFORD GIBRALTAR LLP
REGISTERED NUMBER: OC379751
BALANCE SHEET
AS AT 30 NOVEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Loans and other debts due to members
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SIMMONS GAINSFORD GIBRALTAR LLP
REGISTERED NUMBER: OC379751
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 27 August 2024.
D Pumfrey on behalf of
Simmons Gainsford LLP
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The notes on pages 4 to 8 form part of these financial statements.
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SIMMONS GAINSFORD GIBRALTAR LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' remuneration charged as an expense
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Members' interests after profit for the period
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Drawings on account and distribution of profit
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Members' remuneration charged as an expense
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Members' interests after profit for the period
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Drawings on account and distribution of profit
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Balance at 30 November 2023
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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SIMMONS GAINSFORD GIBRALTAR LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
Simmons Gainsford Gibraltar LLP is a limited liability partnership, incorporated in England and Wales, registration number OC379751. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
The company has amended its financial reporting date to align with the change in ownership on 6 December 2023. The comparative figures relate to the year ended 31 March 2023. Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable
The principal object of the LLP is to provide accountancy, taxation and insolvency services in Gibraltar.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
On 6th December 2023, the LLP entered into a conditional contract to transfer its assets, liabilities and trading activities to Simmons Gainsford Holdings (Gibraltar) Limited, a Gibraltarian registered entity.
The transaction is subject to Simmons Gainsford Holdings (Gibraltar) Limited obtaining regulatory approval by the Gibraltar Financial Services Commission, and until such time as that approval is received, the LLP continues to trade and remains a going concern and the accounts have been prepared on this basis.
Turnover comprises revenue recognised in respect of services supplied, exclusive of Value Added Tax and trade discounts. Where the LLP has incomplete contracts at the period end, income and expenditure for these contracts is recognised so that it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the value of the work performed. Revenue not billed to clients is included in debtors and payments in excess of the relevant amount of revenue are included in creditors.
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SIMMONS GAINSFORD GIBRALTAR LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
No provision for taxation on the profits of the LLP has been made in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP, which will be assessed on the individual members and not the LLP.
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SIMMONS GAINSFORD GIBRALTAR LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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The average monthly number of employees, including directors, during the period was 1 (2023 - 1).
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SIMMONS GAINSFORD GIBRALTAR LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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SIMMONS GAINSFORD GIBRALTAR LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £1,040 (2023 - £1,430). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 30 November 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Ultimate parent undertaking and controlling party
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The smallest group to prepare consolidated financial statements is that headed by Simmons Gainsford LLP whose registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
The auditors' report on the financial statements for the period ended 30 November 2023 was unqualified.
The audit report was signed on 27 August 2024 by Samantha Whiting (Senior statutory auditor) on behalf of GMP Audit Limited.
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