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REGISTERED NUMBER: OC339220
London Sports Orthopaedics LLP
Filleted Unaudited Financial Statements
31 March 2024
London Sports Orthopaedics LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
119,017
117,037
Cash at bank and in hand
28,479
59,691
---------
---------
147,496
176,728
Creditors: amounts falling due within one year
6
112,887
123,469
---------
---------
Net current assets
34,609
53,259
--------
--------
Total assets less current liabilities
34,609
53,259
--------
--------
Net assets
34,609
53,259
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
7
34,609
53,259
--------
--------
Members' other interests
Other reserves
--------
--------
34,609
53,259
--------
--------
Total members' interests
Amounts due from members
(7,743)
Loans and other debts due to members
7
34,609
53,259
Members' other interests
--------
--------
26,866
53,259
--------
--------
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 Sports Orthopaedics LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 15 October 2024 , and are signed on their behalf by:
Mr I McDermott
Mr M Phillips
Designated Member
Designated Member
Registered number: OC339220
London Sports Orthopaedics 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 36 Dene Road, Northwood, Middlesex, HA6 2DA.
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.
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.
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'.
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 9 (2023: 9 ).
5.
Debtors
2024
2023
£
£
Trade debtors
110,854
116,617
Other debtors
8,163
420
---------
---------
119,017
117,037
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
89,150
101,468
Social security and other taxes
11,232
10,040
Other creditors
12,505
11,961
---------
---------
112,887
123,469
---------
---------
7.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
34,609
53,259
--------
--------
8.
Related party transactions
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".