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Registered number: OC303848
David Smith Financial Services Limited Liability Partnership
Unaudited Financial Statements
For The Year Ended 31 March 2024
L C & J A Charge
6 Hawk Close
Waltham Abbey
Essex
EN9 3NE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC303848
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 60,638 56,985
60,638 56,985
CURRENT ASSETS
Debtors 6 17,258 50,437
Cash at bank and in hand 290,654 278,396
307,912 328,833
Creditors: Amounts Falling Due Within One Year 7 (202,371 ) (66,311 )
NET CURRENT ASSETS (LIABILITIES) 105,541 262,522
TOTAL ASSETS LESS CURRENT LIABILITIES 166,179 319,507
Creditors: Amounts Falling Due After More Than One Year 8 (30,887 ) (18,504 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 135,292 301,003
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 130,292 291,003
130,292 291,003
Equity
Members' other interests
Members' capital 5,000 10,000
5,000 10,000
135,292 301,003
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 130,292 291,003
Members' other interests 5,000 10,000
135,292 301,003
Page 1
Page 2
For the year 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr James Smith
Partner
11/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
David Smith Financial Services Limited Liability Partnership is a limited liability partnership, incorporated in England & Wales, registered number OC303848 . The Registered Office is 78 The Broadway, Debden, Essex, IG10 3ST.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% per annum written down value
Motor Vehicles 25% per annum written down value
Fixtures & Fittings 10% per annum written down value
Computer Equipment 25% per annum straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was:
2024 2023
Office and administration 10 12
10 12
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 61,350
As at 31 March 2024 61,350
Amortisation
As at 1 April 2023 61,350
As at 31 March 2024 61,350
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 51,475 86,708 20,894 37,977 197,054
Additions - 116,724 - - 116,724
Disposals - (141,430 ) - - (141,430 )
As at 31 March 2024 51,475 62,002 20,894 37,977 172,348
Depreciation
As at 1 April 2023 51,474 48,563 14,284 25,748 140,069
Provided during the period - 15,500 1,652 3,051 20,203
Disposals - (48,562 ) - - (48,562 )
As at 31 March 2024 51,474 15,501 15,936 28,799 111,710
Net Book Value
As at 31 March 2024 1 46,501 4,958 9,178 60,638
As at 1 April 2023 1 38,145 6,610 12,229 56,985
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 17,258 35,000
Other debtors (1) - 15,437
17,258 50,437
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,557 6,721
Bank loans and overdrafts 31,303 52,339
Other creditors (DS) 69,380 -
Other creditors (CM) 81,824 -
Accruals and deferred income 13,307 7,251
202,371 66,311
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 30,887 18,504
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,557 6,721
Later than one year and not later than five years 30,887 18,504
37,444 25,225
37,444 25,225
Page 5