Limited Liability Partnership registration number OC367687 (England and Wales)
B.D. GAMBLE & PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
B.D. GAMBLE & PARTNERS LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
B.D. GAMBLE & PARTNERS LLP
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,187
4,412
Current assets
Debtors
4
24,033
35,135
Cash at bank and in hand
78
21,685
24,111
56,820
Creditors: amounts falling due within one year
5
(15,075)
(11,733)
Net current assets
9,036
45,087
Total assets less current liabilities
12,223
49,499
Creditors: amounts falling due after more than one year
6
(7,500)
(17,500)
Net assets attributable to members
4,723
31,999
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
4,723
31,999
Total members' interests
Loans and other debts due to members
4,723
31,999

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 August 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 and delivered 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 15 October 2024 and are signed on their behalf by:
15 October 2024
B D Gamble
Designated member
Limited Liability Partnership Registration No. OC367687
B.D. GAMBLE & PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
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
£
£
£
£
Amounts due to members
31,999
Members' interests at 1 September 2023
-
31,999
31,999
31,999
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
22,623
22,623
22,623
Profit for the financial year available for discretionary division among members
112,763
-
-
112,763
Members' interests after profit and remuneration for the year
112,763
54,622
54,622
167,385
Allocation of profit for the financial year
(112,763)
112,763
112,763
-
Introduced by members
-
1,800
1,800
1,800
Drawings
-
(164,462)
(164,462)
(164,462)
Members' interests at 31 August 2024
-
4,723
4,723
4,723
Amounts due to members
4,723
4,723
B.D. GAMBLE & PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
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
£
£
£
£
Amounts due to members
25,706
Members' interests at 1 September 2022
-
25,706
25,706
25,706
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
24,680
24,680
24,680
Profit for the financial year available for discretionary division among members
209,748
-
-
209,748
Members' interests after profit and remuneration for the year
209,748
50,386
50,386
260,134
Allocation of profit for the financial year
(209,748)
209,748
209,748
-
Introduced by members
-
19,750
19,750
19,750
Drawings
-
(247,885)
(247,885)
(247,885)
Members' interests at 31 August 2023
-
31,999
31,999
31,999
Amounts due to members
31,999
31,999
B.D. GAMBLE & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Limited liability partnership information

B.D. Gamble & Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2019, 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.

1.2
Going concern

At the time of approving the financials statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus, the members continue to adopt the going concern basis of accounting in preparing the financials statements.

1.3
Turnover

Turnover represents the amount derived from provision of services which fall within the LLP’s principal activity, stated net of value added tax. Recruitment income is recognised when the candidate is placed whilst consultancy income is recognised when the right to compensation has been earned.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

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.

B.D. GAMBLE & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -

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, fittings & equipment
25% on cost
Computer equipment
33.33% on cost

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.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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 and bank loans, 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 amount payable is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognized initially at transaction price.

B.D. GAMBLE & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons employed by the partnership during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
12,582
Additions
1,086
At 31 August 2024
13,668
Depreciation and impairment
At 1 September 2023
8,170
Depreciation charged in the year
2,311
At 31 August 2024
10,481
Carrying amount
At 31 August 2024
3,187
At 31 August 2023
4,412
B.D. GAMBLE & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,380
7,428
Other debtors
19,653
27,707
24,033
35,135
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
(See Note 6)
10,000
10,000
Trade creditors
960
908
Taxation and social security
354
121
Other creditors
3,761
704
15,075
11,733
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
7,500
17,500

The bank loan is repayable in instalments over a remaining 6 years term. The loan is guaranteed by the UK government and carries an interest rate of 2.5% p.a.

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