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Registration number: OC425312

Paul Young Independent Financial Advisors LLP

Annual Report and Unaudited Financial Statements

for the period from 1 May 2023 to 31 March 2024

 

Paul Young Independent Financial Advisors LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

Paul Young Independent Financial Advisors LLP

Limited liability partnership information

Designated members

Mr A Gardner

Mr PB Young

Mr SA Fereday
 

Registered office

72 High Street
Harrold
Bedfordshire
MK43 7BH

Accountants

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Paul Young Independent Financial Advisors LLP

(Registration number: OC425312)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Fixed assets

 

Tangible assets

3

1,114

970

Current assets

 

Debtors

7,539

6,083

Cash and short-term deposits

 

186,035

171,065

 

193,574

177,148

Creditors: Amounts falling due within one year

5

(39,523)

(41,820)

Net current assets

 

154,051

135,328

Net assets attributable to members

 

155,165

136,298

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1

(2,364)

Other amounts

155,164

136,299

 

155,165

133,935

Members’ other interests

 

Other reserves

 

-

2,363

   

155,165

136,298

Total members' interests

 

Loans and other debts due to members

155,165

133,935

Equity

 

-

2,363

   

155,165

136,298

For the year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

Paul Young Independent Financial Advisors LLP

(Registration number: OC425312)
Balance Sheet as at 31 March 2024

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.

The financial statements of Paul Young Independent Financial Advisors LLP (registered number OC425312) were approved by the Board and authorised for issue on 24 July 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr A Gardner
Designated member

.........................................
Mr PB Young
Designated member

.........................................
Mr SA Fereday
Designated member

 

Paul Young Independent Financial Advisors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

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 and Wales. Registration number OC425312 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 Paul Young Independent Financial Advisors 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.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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.

 

Paul Young Independent Financial Advisors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Furniture and fittings

20% straight line

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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 6 (2023 - 8).

 

Paul Young Independent Financial Advisors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

3

Tangible fixed assets

Fixtures and fittings
 £

Total
£

Cost

At 1 May 2023

1,265

1,265

Additions

441

441

At 31 March 2024

1,706

1,706

Depreciation

At 1 May 2023

295

295

Charge for the year

297

297

At 31 March 2024

592

592

Net book value

At 31 March 2024

1,114

1,114

At 30 April 2023

970

970

4

Debtors

2024
£

2023
£

Trade debtors

6,500

6,000

Other debtors

-

83

Prepayments and accrued income

1,039

-

Total current trade and other debtors

7,539

6,083

5

Creditors: Amounts falling due within one year

31 March 2024
 £

30 April 2023
 £

Other creditors

27,500

27,500

Taxation and social security

1,458

3,693

Accruals

10,565

10,627

39,523

41,820

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.