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REGISTERED NUMBER: OC303990 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

FOR

IFS EMPLOYEE BENEFITS LLP

IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IFS EMPLOYEE BENEFITS LLP

GENERAL INFORMATION
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024







DESIGNATED MEMBERS: B C Wycherley
P V Baker
P Duffy
Mrs P A Wycherley
Mrs A Baker
Mrs D Duffy
S A Baker
Ms G A Baker





REGISTERED OFFICE: Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL10 3RF





BUSINESS ADDRESS: 4 Annex,
The Wheelhouse,
Bond's Mill,
Stonehouse
Gloucestershire
GL10 3RF





REGISTERED NUMBER: OC303990 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,746 4,752

CURRENT ASSETS
Debtors 5 55,309 53,801
Cash at bank 25,714 24,592
81,023 78,393
CREDITORS
Amounts falling due within one year 6 34,822 32,454
NET CURRENT ASSETS 46,201 45,939
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

50,947

50,691

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

50,947

50,691

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 50,947 50,691
Amounts due from members 5 (22,992 ) (23,427 )
27,955 27,264

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 14 October 2024 and were signed by:




B C Wycherley - Designated member




S A Baker - Designated member


IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

IFS Employee Benefits LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going concern
The partners have considered the risks and issues concerning the business and its activities, and conclude that there are no material uncertainties that may cast significant doubt about the ability to continue as a going concern.

Turnover
Turnover represents fees raised excluding value added tax at the date at which the matter is completed. All fees for the year are raised before the year end, and as such there is no work in progress.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS
102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest
method.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 8 (2023 - 9 ) .

IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 2,545 14,809 17,354
Additions - 1,306 1,306
At 31 March 2024 2,545 16,115 18,660
DEPRECIATION
At 1 March 2023 1,964 10,638 12,602
Charge for period 94 1,218 1,312
At 31 March 2024 2,058 11,856 13,914
NET BOOK VALUE
At 31 March 2024 487 4,259 4,746
At 28 February 2023 581 4,171 4,752

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,986 28,423
Amounts due from members 22,992 23,427
Other debtors 752 45
Prepayments 3,579 1,906
55,309 53,801

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,016 4,315
Social security and other taxes 3,130 3,178
Pensions 2,496 2,282
VAT 19,534 12,746
Accrued expenses 3,646 9,933
34,822 32,454

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of the LLP winding up, creditors interests will be met first and interests of the members will be met last.

IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

8. EXTENDED YEAR END

The LLP has changed its yearend from 28 February to 31 March. These financial statements cover a period of 13 months, such that figures may not be comparable between the previous financial year and the current period.