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REGISTERED NUMBER: OC429905
G&B Associates Independent Financial Advisers LLP
Filleted Unaudited Financial Statements
5 April 2024
G&B Associates Independent Financial Advisers LLP
Balance Sheet
5 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
15,806
21,071
Current assets
Debtors
6
47,164
30,085
Cash at bank and in hand
66,616
42,478
---------
--------
113,780
72,563
Creditors: amounts falling due within one year
7
24,437
10,380
---------
--------
Net current assets
89,343
62,183
---------
--------
Total assets less current liabilities
105,149
83,254
---------
--------
Net assets
105,149
83,254
---------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
25,149
3,254
Members' other interests
Members' capital classified as equity
80,000
80,000
Other reserves
---------
--------
105,149
83,254
---------
--------
Total members' interests
Loans and other debts due to members
8
25,149
3,254
Members' other interests
80,000
80,000
---------
--------
105,149
83,254
---------
--------
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 5 April 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 .
G&B Associates Independent Financial Advisers LLP
Balance Sheet (continued)
5 April 2024
These financial statements were approved by the members and authorised for issue on 9 October 2024 , and are signed on their behalf by:
Mr S J Watson
Designated Member
Registered number: OC429905
G&B Associates Independent Financial Advisers LLP
Notes to the Financial Statements
Year ended 5 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 27 Gate Lane,, Boldmere,, Sutton Coldfield, West Midlands, B73 5TR.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates and assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and 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 balance sheet.
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 balance sheet.
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 balance sheet 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 balance sheet within 'Members' other interests'.
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.
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:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
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.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 6 (2023: 6 ).
5.
Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 6 April 2023 and 5 April 2024
13,296
59,888
73,184
--------
--------
--------
Depreciation
At 6 April 2023
9,007
43,106
52,113
Charge for the year
1,072
4,193
5,265
--------
--------
--------
At 5 April 2024
10,079
47,299
57,378
--------
--------
--------
Carrying amount
At 5 April 2024
3,217
12,589
15,806
--------
--------
--------
At 5 April 2023
4,289
16,782
21,071
--------
--------
--------
6.
Debtors
2024
2023
£
£
Trade debtors
39,596
21,295
Other debtors
7,568
8,790
--------
--------
47,164
30,085
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,442
Social security and other taxes
1,485
1,544
Other creditors
9,510
8,836
--------
--------
24,437
10,380
--------
--------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
25,149
3,254
--------
-------
Amounts owed to members rank as unsecured creditors.