Company No:
Contents
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand | 4 |
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725,221 | 439,852 | |||
Creditors: amounts falling due within one year | 5 | (
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(
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Net current assets | 519,692 | 205,417 | ||
Total assets less current liabilities | 519,692 | 205,417 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 519,692 | 205,417 | ||
519,692 | 205,417 | |||
Members' other interests | ||||
0 | 0 | |||
519,692 | 205,417 | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | (109,074) | (77,845) | ||
Loans and other debts due to members | 7, 8 | 519,692 | 205,417 | |
410,618 | 127,572 |
Members' responsibilities:
DC Initiatives LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
The financial statements of DC Initiatives LLP (registered number:
Darren Anthony James
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
DC Initiatives LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 85 Gresham Street Gresham Street, London, EC2V 7NQ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period length is shorter than 12 months as these financial statements cover the period to the new accounting reference date of 31 March 2024. The reference date was amended to align with tax reporting periods, and so the prior year information is not directly comparable.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by members |
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Prepayments |
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Other debtors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Cash at bank and in hand |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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Commitments
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. 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.
At the balance sheet date, balances totalling £109,074 (2023: £77,845) were owed to the LLP by certain members. No interest is accruing on these amounts, which are repayable on demand.