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Registered number: OC374392
Gracechurch Partners LLP
Unaudited Financial Statements
For the Period 1 May 2023 to 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC374392
31 March 2024 30 April 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,135 19,418
19,135 19,418
CURRENT ASSETS
Debtors 5 830,805 701,433
Cash at bank and in hand 1,136 853
831,941 702,286
Creditors: Amounts Falling Due Within One Year 6 (15,968 ) (3,869 )
NET CURRENT ASSETS (LIABILITIES) 815,973 698,417
TOTAL ASSETS LESS CURRENT LIABILITIES 835,108 717,835
NET ASSETS ATTRIBUTABLE TO MEMBERS 835,108 717,835
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 835,108 717,835
835,108 717,835
835,108 717,835
TOTAL MEMBERS' INTEREST
Amounts due from members (830,805) (699,056)
Loans and other debts due to members within one year 835,108 717,835
4,303 18,779
Page 1
Page 2
For the period 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 Profit and Loss Account.
On behalf of the members
Mr Nakul Kapur
Partner
27/08/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gracechurch Partners LLP is a limited liability partnership, incorporated in England & Wales, registered number OC374392 . The Registered Office is 35 Howards Lane, London, SW15 6NX.
2. Accounting Policies
2.1. 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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the period was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 May 2023 49,315
Additions 6,095
As at 31 March 2024 55,410
Depreciation
As at 1 May 2023 29,897
Provided during the period 6,378
As at 31 March 2024 36,275
Net Book Value
As at 31 March 2024 19,135
As at 1 May 2023 19,418
Page 3
Page 4
5. Debtors
31 March 2024 30 April 2023
£ £
Due within one year
Other debtors - 2,377
Amounts due from members 830,805 699,056
830,805 701,433
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 30 April 2023
£ £
Trade creditors 3,245 3,245
Other taxes and social security 1,932 624
Other creditors 10,791 -
15,968 3,869
Page 4