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Registered Number: OC351133
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2024

for

CIB WEALTH MANAGEMENT LLP

Report of the Accountants to the Members on the preparation of the unaudited statutory accounts of CIB Wealth Management LLP for the year ended 31 March 2024



In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of CIB Wealth Management LLP for the year ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member of the Association of Accounting Technicians (AAT), we are subject to their ethical and other professional requirements which are detailed at https://www.aat.org.uk/about-aat/mip-regulations-and-guidance.

This report is made solely to the members of CIB Wealth Management LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CIB Wealth Management LLP and state those matters that we have agreed to state to the members of CIB Wealth Management LLP, as a body, in this report in accordance with the guidance of AAT. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that CIB Wealth Management LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CIB Wealth Management LLP. You consider that CIB Wealth Management LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of CIB Wealth Management LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.








....................................................
Sinden Thackeray Partnership
Suite 7, Beaufort House
Beaufort Court
Sir Thomas Longley Road
Rochester
ME2 4FB
29 August 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,288    1,765 
1,288    1,765 
Current assets      
Debtors 1,542    4,430 
Cash at bank and in hand 30,134    35,016 
31,676    39,446 
Creditors: amount falling due within one year (2,134)   (1,395)
Net current assets 29,542    38,051 
 
Total assets less current liabilities 30,830    39,816 
Net assets 30,830    39,816 
 

Represented by:
Members' other interest
Members' capital 30,830    39,816 
Other reserves  
30,830    39,816 

30,830    39,816 
 

Total members' interests
Members' other interests 30,830    39,816 
30,830    39,816 
 


For the year ending 31 March 2024 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (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 opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account under section 444(1) of the Companies Act 2006.


The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006 (as applied to LLPs).

These accounts were approved by the members and signed on their behalf by:


.............................................................................
Jonathan Dalby
Designated Member
Date approved by the members: 29 August 2024
2
General Information
CIB Wealth Management LLP is a limited liability partnership, registered in England and Wales, registration number OC351133, registration address Beta House, Laser Quay, Culpeper Close, Medway City Estate, Rochester, KENT, ME24HU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Straight Line
Improvements to property 15% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Improvements to property   Total
  £   £   £
At 01 April 2023 10,253    3,385    13,638 
Additions    
Disposals    
At 31 March 2024 10,253    3,385    13,638 
Depreciation
At 01 April 2023 9,573    2,300    11,873 
Charge for year 315    162    477 
On disposals    
At 31 March 2024 9,888    2,462    12,350 
Net book values
Closing balance as at 31 March 2024 365    923    1,288 
Opening balance as at 01 April 2023 680    1,085    1,765 


4.

Members' Interests

Members' capital   Other reserves   Total  
Balance at 01 April 2023 39,815      39,815   
Profit for the period available for discretionary division among members   26,984    26,984   
Members' interests after profit for the period 39,815    26,984    66,799   
Other divisions of profits   (26,984)   (26,984)  
Introduced by members 325      325   
Repaid to members (36,294)     (36,294)  
Other movements 26,984      26,984   
Balance at 31 March 2024 30,830      30,830   
 



5.

Loans and Other Debts due to Members

Loans and other debts due to members would rank equally with other unsecured creditors in the event of a winding up.
3