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2022-12-28
Sage Accounts Production Advanced 2023 - FRS102_2023
10,072
10,072
2,197
2,197
7,875
xbrli:pure
xbrli:shares
iso4217:GBP
SO307691
2022-12-28
2024-03-31
SO307691
2024-03-31
SO307691
2022-12-27
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2022-12-28
2024-03-31
SO307691
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2024-03-31
REGISTERED NUMBER:
SO307691
Filleted Unaudited Financial Statements |
|
Period from 28 December 2022 to 31 March 2024
Report to the members on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
Abseline LLP |
|
Period from 28 December 2022 to 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Abseline LLP for the period ended 31 March 2024, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the members of Abseline LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Abseline LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abseline LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Abseline LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abseline LLP. You consider that Abseline LLP is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Abseline LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered accountants
216 West George Street
Glasgow
G2 2PQ
17 September 2024
Statement of Financial Position |
|
31 March 2024
Fixed assets
Current assets
Work in progress |
10,045 |
|
Debtors |
5 |
104,776 |
|
Cash at bank and in hand |
37,913 |
|
|
--------- |
|
|
152,734 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
33,082 |
|
|
--------- |
|
Net current assets |
|
119,652 |
|
|
--------- |
Total assets less current liabilities |
|
127,527 |
|
|
--------- |
Net assets |
|
127,527 |
|
|
--------- |
|
|
|
|
Represented by:
Loans and other debts due to members
Members' other interests
Members' capital classified as equity |
|
14,599 |
Other reserves |
|
– |
|
|
--------- |
|
|
127,527 |
|
|
--------- |
|
|
|
Total members' interests
Loans and other debts due to members |
7 |
|
112,928 |
Members' other interests |
|
14,599 |
|
|
--------- |
|
|
127,527 |
|
|
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the 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) relating to small LLPs.
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 financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
members
and authorised for issue on
17 September 2024
, and are signed on their behalf by:
Ms M Fisher |
Mr M Evans |
Designated Member |
Designated Member |
|
|
Registered number:
SO307691
Notes to the Financial Statements |
|
Period from 28 December 2022 to 31 March 2024
The LLP is registered in Scotland. The address of the registered office is 272 Bath Street, Glasgow, G2 4JR, Scotland.
2. |
Statement of compliance |
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
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.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
|
Equipment |
|
£ |
Cost |
|
At 28 December 2022 |
– |
Additions |
10,072 |
|
-------- |
At 31 March 2024 |
10,072 |
|
-------- |
Depreciation |
|
At 28 December 2022 |
– |
Charge for the period |
2,197 |
|
-------- |
At 31 March 2024 |
2,197 |
|
-------- |
Carrying amount |
|
At 31 March 2024 |
7,875 |
|
-------- |
|
|
|
31 Mar 24 |
|
£ |
Trade debtors |
103,343 |
Other debtors |
1,433 |
|
--------- |
|
104,776 |
|
--------- |
|
|
6.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
|
£ |
Trade creditors |
3,395 |
Social security and other taxes |
28,437 |
Other creditors |
1,250 |
|
-------- |
|
33,082 |
|
-------- |
|
|
7. |
Loans and other debts due to members |
|
|
|
31 Mar 24 |
|
£ |
Amounts owed to members in respect of profits |
112,928 |
|
--------- |
|
|