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Registration number: OC388851

S2M Ventures LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

S2M Ventures LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

S2M Ventures LLP

Limited liability partnership information

Designated members

V Malhotra

Transputec Development Ltd
 

Registered office

8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP

Principal place of business

2 Farrington Place
Batchworth Lane
Northwood
Middx
HA6 3SW

Accountants

Paul & Co
8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP

 

S2M Ventures LLP

(Registration number: OC388851)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Current assets

 

Stocks

3

1,435,615

1,435,615

Debtors

4

10,581

6,971

Cash and short-term deposits

 

14,944

12,241

 

1,461,140

1,454,827

Creditors: Amounts falling due within one year

5

(11,542)

(14,268)

Total assets less current liabilities

 

1,449,598

1,440,559

Creditors: Amounts falling due after more than one year

6

(1,644,518)

(1,611,977)

Net liabilities attributable to members

 

(194,920)

(171,418)

Represented by:

 

Members’ other interests

 

Other reserves

 

(194,920)

(171,418)

   

(194,920)

(171,418)

Total members' interests

 

Equity

 

(194,920)

(171,418)

   

(194,920)

(171,418)

For the year ending 31 December 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

S2M Ventures LLP

(Registration number: OC388851)
Balance Sheet as at 31 December 2023 (continued)

The financial statements of S2M Ventures LLP (registered number OC388851) were approved by the Board and authorised for issue on 26 March 2024. They were signed on behalf of the limited liability partnership by:

.........................................
V Malhotra
Designated member

 

S2M Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of S2M Ventures LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

 

S2M Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2022 - 1).

 

S2M Ventures LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

3

Stocks

2023
 £

2022
 £

Work in progress

1,435,615

1,435,615

4

Debtors

2023
 £

2022
 £

Other debtors

10,581

6,971

Total current trade and other debtors

10,581

6,971

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Other creditors

10,642

6,753

Accruals and deferred income

900

7,515

11,542

14,268

6

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

549,500

549,500

Other creditors

1,095,018

1,062,477

1,644,518

1,611,977