5 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,332 4,686 1,082 6,936 1,764 1,110 812 2,062 4,874 1,568 2 78 80 80 2 xbrli:pure xbrli:shares iso4217:GBP OC355704 2023-04-01 2024-03-31 OC355704 2024-03-31 OC355704 2023-03-31 OC355704 2022-04-01 2023-03-31 OC355704 2023-03-31 OC355704 2022-03-31 OC355704 bus:Director2 2023-04-01 2024-03-31 OC355704 core:WithinOneYear 2024-03-31 OC355704 core:WithinOneYear 2023-03-31 OC355704 core:BetweenOneFiveYears 2023-03-31 OC355704 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 OC355704 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 OC355704 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 OC355704 core:Non-currentFinancialInstruments 2024-03-31 OC355704 core:Non-currentFinancialInstruments 2023-03-31 OC355704 bus:SmallEntities 2023-04-01 2024-03-31 OC355704 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC355704 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC355704 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC355704 bus:FullAccounts 2023-04-01 2024-03-31 OC355704 core:ComputerEquipment 2023-04-01 2024-03-31 OC355704 core:ComputerEquipment 2023-03-31 OC355704 core:ComputerEquipment 2024-03-31
REGISTERED NUMBER: OC355704
London Venture Partners LLP
Filleted Unaudited Financial Statements
31 March 2024
London Venture Partners LLP
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
5
4,874
1,568
Investments
6
80
2
-------
-------
4,954
1,570
Current assets
Debtors
7
125,180
171,809
Cash at bank and in hand
144,733
59,425
---------
---------
269,913
231,234
Creditors: amounts falling due within one year
8
64,689
73,989
---------
---------
Net current assets
205,224
157,245
---------
---------
Total assets less current liabilities
210,178
158,815
---------
---------
Net assets
210,178
158,815
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
195,102
143,739
Members' other interests
Members' capital classified as equity
15,076
15,076
Other reserves
---------
---------
210,178
158,815
---------
---------
Total members' interests
Loans and other debts due to members
9
195,102
143,739
Members' other interests
15,076
15,076
---------
---------
210,178
158,815
---------
---------
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 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) 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 .
London Venture Partners LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 2 July 2024 , and are signed on their behalf by:
D A Lau-Kee
Designated Member
Registered number: OC355704
London Venture Partners LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 25 Eccleston Place, London, England, SW1W 9NF.
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).
3.
Accounting policies
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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial asset, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 5 (2023: 4 ).
5.
Tangible assets
Equipment
£
Cost
At 1 April 2023 (as restated)
3,332
Additions
4,686
Disposals
( 1,082)
-------
At 31 March 2024
6,936
-------
Depreciation
At 1 April 2023
1,764
Charge for the year
1,110
Disposals
( 812)
-------
At 31 March 2024
2,062
-------
Carrying amount
At 31 March 2024
4,874
-------
At 31 March 2023
1,568
-------
6.
Investments
Shares in group undertakings
£
Cost
At 1 April 2023 as restated
2
Additions
78
----
At 31 March 2024
80
----
Impairment
At 1 April 2023 as restated and 31 March 2024
----
Carrying amount
At 31 March 2024
80
----
At 31 March 2023
2
----
7.
Debtors
2024
2023
(restated)
£
£
Trade debtors
4,200
45,927
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
65,720
72,932
Other debtors
55,260
52,950
---------
---------
125,180
171,809
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
16,995
14,575
Social security and other taxes
18,018
25,526
Other creditors
29,676
33,888
--------
--------
64,689
73,989
--------
--------
9.
Loans and other debts due to members
2024
2023
(restated)
£
£
Amounts owed to members in respect of profits
195,102
143,739
---------
---------
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
9,948
55,667
Later than 1 year and not later than 5 years
9,278
-------
--------
9,948
64,945
-------
--------