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REGISTERED NUMBER: OC426976
Flying Tiger LLP
Filleted Unaudited Financial Statements
31 March 2024
Flying Tiger LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Members' report
1
Statement of financial position
2
Notes to the financial statements
4
Flying Tiger LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Designated members
The designated members who served the LLP during the year were as follows:
C D A Bruce
Flying Tiger Member Ltd
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 9 October 2024 and signed on behalf of the members by:
C D A Bruce
Designated Member
Registered office:
Camburgh House
27 New Dover Road
Canterbury
Kent
United Kingdom
CT1 3DN
Flying Tiger LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
22,281
22,579
Current assets
Debtors
6
162,040
316,909
Cash at bank and in hand
123,748
106,186
---------
---------
285,788
423,095
Creditors: amounts falling due within one year
7
46,854
69,770
---------
---------
Net current assets
238,934
353,325
---------
---------
Total assets less current liabilities
261,215
375,904
---------
---------
Net assets
261,215
375,904
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
261,215
375,904
---------
---------
Members' other interests
Other reserves
---------
---------
261,215
375,904
---------
---------
Total members' interests
Loans and other debts due to members
8
261,215
375,904
Members' other interests
---------
---------
261,215
375,904
---------
---------
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 .
Flying Tiger LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 9 October 2024 , and are signed on their behalf by:
C D A Bruce
Designated Member
Registered number: OC426976
Flying Tiger 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
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 2021 (SORP 2021).
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.
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 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.
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
-
20% 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2023: 1 ).
5.
Tangible assets
Equipment
£
Cost
At 1 April 2023
32,356
Additions
6,509
--------
At 31 March 2024
38,865
--------
Depreciation
At 1 April 2023
9,777
Charge for the year
6,807
--------
At 31 March 2024
16,584
--------
Carrying amount
At 31 March 2024
22,281
--------
At 31 March 2023
22,579
--------
6.
Debtors
2024
2023
£
£
Trade debtors
160,910
129,770
Other debtors
1,130
187,139
---------
---------
162,040
316,909
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,731
24,779
Social security and other taxes
14,163
27,541
Other creditors
9,960
17,450
--------
--------
46,854
69,770
--------
--------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
261,215
375,904
---------
---------