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Registration number: OC372057

Living Smart Partners LLP

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Living Smart Partners LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

Living Smart Partners LLP

Limited liability partnership information

Designated members

Mr Thomas Thorns

Registered office

Suite 33 Peel House
30 The Downs
Altrincham
WA14 2PX

Accountants

Alextra Group Limited
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Living Smart Partners LLP

(Registration number: OC372057)
Balance Sheet as at 29 February 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

3

1,329,169

1,426,559

Current assets

 

Debtors

4

990

16,115

Cash and short-term deposits

 

2,356

217

 

3,346

16,332

Creditors: Amounts falling due within one year

5

(39,398)

(3,930)

Net current (liabilities)/assets

 

(36,052)

12,402

Total assets less current liabilities

 

1,293,117

1,438,961

Creditors: Amounts falling due after more than one year

6

(840,102)

(876,408)

Net assets attributable to members

 

453,015

562,553

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(16,500)

(18,800)

Members’ other interests

 

Members' capital classified as equity

 

562,553

166,508

Other reserves

 

(93,038)

414,845

 

469,515

581,353

   

453,015

562,553

Total members' interests

 

Loans and other debts due to members

 

(16,500)

(18,800)

Equity

 

469,515

581,353

   

453,015

562,553

For the year ending 29 February 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

Living Smart Partners LLP

(Registration number: OC372057)
Balance Sheet as at 29 February 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Members Report and Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Living Smart Partners LLP (registered number OC372057) were approved by the Board and authorised for issue on 27 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Thomas Thorns
Designated member

 

Living Smart Partners LLP

Notes to the Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Living Smart Partners LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Living Smart Partners LLP

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

1

Accounting policies (continued)

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Living Smart Partners LLP

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

3

Tangible fixed assets

Investment property
£

Motor vehicles
£

Total
£

Cost

At 1 March 2023

1,425,000

10,000

1,435,000

Revaluation

(97,000)

-

(97,000)

At 29 February 2024

1,328,000

10,000

1,338,000

Depreciation

At 1 March 2023

-

8,441

8,441

Charge for the year

-

390

390

At 29 February 2024

-

8,831

8,831

Net book value

At 29 February 2024

1,328,000

1,169

1,329,169

At 28 February 2023

1,425,000

1,559

1,426,559

4

Debtors

2024
 £

2023
 £

Other debtors

-

14,883

Prepayments and accrued income

990

1,232

Total current trade and other debtors

990

16,115

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

4,081

3,930

Other creditors

34,567

-

Accruals and deferred income

750

-

39,398

3,930

6

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans and overdrafts

4,761

8,841

Other creditors

835,341

867,567

840,102

876,408