Company No:
Contents
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
1,983 | 4,339 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Investments | 6 |
|
|
|
Cash at bank and in hand | 7 |
|
|
|
578,561 | 969,536 | |||
Creditors: amounts falling due within one year | 8 | (
|
(
|
|
Net current assets | 379,608 | 527,311 | ||
Total assets less current liabilities | 381,591 | 531,650 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 369,591 | 519,650 | ||
369,591 | 519,650 | |||
Members' other interests | ||||
Members' capital classified as equity | 12,000 | 12,000 | ||
12,000 | 12,000 | |||
381,591 | 531,650 | |||
Total members' interests | ||||
Loans and other debts due to members | 369,591 | 519,650 | ||
Members' other interests | 12,000 | 12,000 | ||
381,591 | 531,650 |
Members' responsibilities:
The financial statements of Cairn Financial Advisers LLP (registered number:
J Caithie
Designated member |
L Murray
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.
Cairn Financial Advisers 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 9th Floor 107 Cheapside, London, EC2V 6DN, 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 limited liability partnership changed its year end to 31 March 2024 and these financial statements cover the period 1 May 2023 to 31 March 2024. The comparatives are for the year ended 30 April 2023.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Plant and machinery etc. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
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 |
|
|
Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.
31.03.2024 | 30.04.2023 | ||
Number | Number | ||
Average number of members during the financial period | 4 | 5 |
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
|
|
|
Additions |
|
|
|
At 31 March 2024 |
|
|
|
Accumulated depreciation | |||
At 01 May 2023 |
|
|
|
Charge for the financial period |
|
|
|
At 31 March 2024 |
|
|
|
Net book value | |||
At 31 March 2024 |
|
|
|
At 30 April 2023 |
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Other investments – at cost less impairment |
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|