Acorah Software Products - Accounts Production 15.0.600 false true true 5 April 2023 6 April 2022 false 6 April 2023 5 April 2024 5 April 2024 OC427574 Mr Juliette Clarisse Mr Sergii Shudra iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC427574 2023-04-05 OC427574 2024-04-05 OC427574 2023-04-06 2024-04-05 OC427574 frs-core:CurrentFinancialInstruments 2024-04-05 OC427574 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC427574 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-06 2024-04-05 OC427574 frs-bus:FilletedAccounts 2023-04-06 2024-04-05 OC427574 frs-bus:SmallEntities 2023-04-06 2024-04-05 OC427574 frs-bus:AuditExempt-NoAccountantsReport 2023-04-06 2024-04-05 OC427574 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC427574 frs-countries:EnglandWales 2023-04-06 2024-04-05 OC427574 frs-bus:PartnerLLP1 2023-04-06 2024-04-05 OC427574 frs-bus:PartnerLLP2 2023-04-06 2024-04-05 OC427574 2022-04-05 OC427574 2023-04-05 OC427574 2022-04-06 2023-04-05 OC427574 frs-core:CurrentFinancialInstruments 2023-04-05 OC427574 frs-core:OtherReservesSubtotal 2022-04-05
Registered number: OC427574
Oakhill IT Solutions LLP
Unaudited Financial Statements
For The Year Ended 5 April 2024
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1
Reconciliation of Members' Interests 2—3
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: OC427574
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 3 17,700 36,351
Cash at bank and in hand 173,727 47,738
191,427 84,089
Creditors: Amounts Falling Due Within One Year 4 (75,827 ) (15,705 )
NET CURRENT ASSETS (LIABILITIES) 115,600 68,384
TOTAL ASSETS LESS CURRENT LIABILITIES 115,600 68,384
NET ASSETS ATTRIBUTABLE TO MEMBERS 115,600 68,384
REPRESENTED BY:
Equity
Members' other interests
Members' capital 100 100
Other reserves 115,500 68,284
115,600 68,384
TOTAL MEMBERS' INTEREST
Members' other interests 115,600 68,384
115,600 68,384
For the year ending 5 April 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 Income Statement.
On behalf of the members
Mr Sergii Shudra
Designated Member
20/08/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 1
Page 2
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Members'Capital classified as Equity Other Reserves Total Equity Other amounts Total members' interest
£ £ £ £ £
Balance at 6 April 2022 100 - 100 - 100
Members' remuneration charged as an expense, including employment and retirement benefit costs - - - 68,284 68,284
Profit/(loss) for the financial year available for discretionary division among members - - - - -
Members' interests after profit/(loss) for the year 100 - 100 68,284 68,384
Drawings - - - (68,284) (68,284)
Other Movements - 68,284 68,284 - 68,284
As at 5 April 2023 and 6 April 2023 100 68,284 68,384 - 68,384
Members' remuneration charged as an expense, including employment and retirement benefit costs - - - 45,212 45,212
Profit/(loss) for the financial year available for discretionary division among members - - - - -
Members' interests after profit/(loss) for the year 100 68,284 68,384 45,212 113,596
Other divisions of profits (losses) - - - - -
Drawings - - - (45,212) (45,212)
Other Movements - 47,216 47,216 - 47,216
As at 5 April 2024 100 115,500 115,600 - 115,600
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Going Concern Disclosure
The members have not identified any material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern.
1.3. 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.
1.4. Financial Instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and
from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially
recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of
impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present
value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is
recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled,
or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c)
control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to
an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price,
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they
are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently
measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is
discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
1.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2. Average Number of Employees
Average number of employees, including members, during the year was as follows: 2 (2023: 2)
2 2
Page 3
Page 4
3. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,700 36,351
17,700 36,351
4. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 69,377 4,110
Other creditors - 11,595
Accruals and deferred income 6,450 -
75,827 15,705
5. General Information
Oakhill IT Solutions LLP is a limited liability partnership, incorporated in England & Wales, registered number OC427574 . The Registered Office is Coach House, Bellevue Road, London, N11 3NY.
Page 4