Limited Liability Partnership registration number OC367081 (England and Wales)
SMERIN ARCHITECTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
SMERIN ARCHITECTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
P Smerin
N M Smerin
LLP registration number
OC367081
Registered office
5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
SMERIN ARCHITECTS LLP
CONTENTS
Page
Members' report
1
Statement of comprehensive income
2
Balance sheet
3
Reconciliation of members' interests
4 - 5
Notes to the financial statements
6 - 9
SMERIN ARCHITECTS LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of architectural services.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

Members' capital is repayable and is therefore classified as a liability. Other than in exceptional cases, it is not repaid until after retirement. Because members may retire with less than one year's notice and typically have their capital repaid within one year of serving notice, members' capital is shown as being due within one year notwithstanding repayment could be made after more than one year at the discretion of the CEO.

Designated members

The designated members who held office during the period and up to the date of signature of the financial statements were as follows:

P Smerin
N M Smerin
Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 25 June 2024 and signed on behalf by:
25 June 2024
P Smerin
Designated Member
SMERIN ARCHITECTS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Period
Year
ended
ended
31 March
31 July
2024
2023
£
£
Turnover
55,555
145,813
Administrative expenses
(12,105)
(16,060)
Operating profit
43,450
129,753
Interest receivable and similar income
859
843
Profit for the financial period before members' remuneration and profit shares available for discretionary division among members
44,309
130,596
SMERIN ARCHITECTS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
31 March 2024
31 July 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,928
4,906
Current assets
Debtors
4
378
3,919
Cash at bank and in hand
59,332
72,147
59,710
76,066
Creditors: amounts falling due within one year
5
(4,708)
(6,380)
Net current assets
55,002
69,686
Total assets less current liabilities and net assets attributable to members
58,930
74,592
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
58,930
74,592

For the financial period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 25 June 2024 and are signed on their behalf by:
25 June 2024
P Smerin
Designated member
Limited Liability Partnership registration number OC367081 (England and Wales)
SMERIN ARCHITECTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 August 2023
-
74,592
74,592
74,592
Profit for the period available for discretionary division among members
44,309
-
-
44,309
Members' interests after profit for the period
44,309
74,592
74,592
118,901
Allocation of profit for the period
(44,309)
44,309
44,309
-
Drawings on account and distributions of profit
-
(59,971)
(59,971)
(59,971)
Members' interests at 31 March 2024
-
58,930
58,930
58,930
SMERIN ARCHITECTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 August 2022
-
294,972
294,972
294,972
Profit for the period available for discretionary division among members
130,596
-
-
130,596
Members' interests after profit for the year
130,596
294,972
294,972
425,568
Allocation of profit for the financial year
(130,596)
130,596
130,596
-
Drawings on account and distributions of profit
-
(350,976)
(350,976)
(350,976)
Members' interests at 31 March 2023
-
74,592
74,592
74,592
SMERIN ARCHITECTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Limited liability partnership information

Smerin Architects LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.

1.1
Reporting period

The financial statements are presented for a period of eight months, The year end was shortened to 31 March 2024 to bring the company year end in line with the new basis rules for LLPs. This means the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents sale of services, excluding value added tax. Income is recognised at the point of sale together with a provision for unbilled work in progress.

1.4
Members' participating interests

In accordance with the LLP agreement, the firm determines the amount of profit to be treated as member's fixed remuneration. This profit is treated as allocated.

 

Allocated profit is included within 'loan and other debts due to members'. Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as these are insufficient profits to allocate against such drawings. Any drawing in excess of total profits allocated would be included within 'amounts due from members' within debtors.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
Computer equipment
33.33% on cost
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

SMERIN ARCHITECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SMERIN ARCHITECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (including members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
2
2
SMERIN ARCHITECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023 and 31 March 2024
18,253
11,330
14,462
44,045
Depreciation and impairment
At 1 August 2023
16,042
9,495
13,602
39,139
Depreciation charged in the period
369
466
143
978
At 31 March 2024
16,411
9,961
13,745
40,117
Carrying amount
At 31 March 2024
1,842
1,369
717
3,928
At 31 July 2023
2,211
1,835
860
4,906
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
2,086
Other debtors
378
1,833
378
3,919
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
72
46
Taxation and social security
1,140
3,544
Other creditors
3,496
2,790
4,708
6,380
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