Silverfin false 31/03/2024 01/05/2023 31/03/2024 Craig Peter Hoyland 02/02/2009 Darren Anthony James 25/11/2008 05 September 2024 OC341664 2024-03-31 OC341664 bus:Director1 2024-03-31 OC341664 bus:Director2 2024-03-31 OC341664 core:CurrentFinancialInstruments 2024-03-31 OC341664 core:CurrentFinancialInstruments 2023-04-30 OC341664 2023-04-30 OC341664 2023-05-01 2024-03-31 OC341664 bus:FullAccounts 2023-05-01 2024-03-31 OC341664 bus:SmallEntities 2023-05-01 2024-03-31 OC341664 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC341664 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC341664 bus:Director1 2023-05-01 2024-03-31 OC341664 bus:Director2 2023-05-01 2024-03-31 OC341664 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: OC341664 (England and Wales)

DC INITIATIVES LLP

Unaudited Financial Statements
For the financial period from 01 May 2023 to 31 March 2024
Pages for filing with the registrar

DC INITIATIVES LLP

Unaudited Financial Statements

For the financial period from 01 May 2023 to 31 March 2024

Contents

DC INITIATIVES LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
DC INITIATIVES LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 30.04.2023
£ £
Current assets
Debtors 3 492,948 377,003
Cash at bank and in hand 4 232,273 62,849
725,221 439,852
Creditors: amounts falling due within one year 5 ( 205,529) ( 234,435)
Net current assets 519,692 205,417
Total assets less current liabilities 519,692 205,417
Net assets attributable to members 519,692 205,417
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

For the financial 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.

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: OC341664) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

Darren Anthony James
Designated member
DC INITIATIVES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 March 2024
DC INITIATIVES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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.

Members' participation rights

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.

Leases

The LLP as lessee
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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

2. Employees

Period from
01.05.2023 to
31.03.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the LLP during the period 4 6

3. Debtors

31.03.2024 30.04.2023
£ £
Trade debtors 12,000 129,256
Amounts owed by members 109,074 77,845
Prepayments 67,516 19,442
Other debtors 304,358 150,460
492,948 377,003

4. Cash and cash equivalents

31.03.2024 30.04.2023
£ £
Cash at bank and in hand 232,273 62,849

5. Creditors: amounts falling due within one year

31.03.2024 30.04.2023
£ £
Trade creditors 50,944 0
Accruals and deferred income 139,448 183,073
Other taxation and social security 14,330 49,349
Other creditors 807 2,013
205,529 234,435

6. Financial commitments

Commitments

31.03.2024 30.04.2023
£ £
Total future minimum lease payments under non-cancellable operating lease 57,000 47,250

7. Loans and other debts due to members

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.

8. Members' transactions

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.