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REGISTERED NUMBER: OC368111 (England and Wales)
























Unaudited Financial Statements

for the Period 1 January 2023 to 31 March 2024

for

I.a.s.p. LLP

I.a.s.p. LLP (Registered number: OC368111)






Contents of the Financial Statements
for the Period 1 January 2023 to 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I.a.s.p. LLP

General Information
for the Period 1 January 2023 to 31 March 2024







DESIGNATED MEMBERS: M J Barlow
Mrs G M E M Barlow



REGISTERED OFFICE: 1,733 Coventry Road
South Yardley
Birmingham
West Midlands
B26 1DT



REGISTERED NUMBER: OC368111 (England and Wales)



ACCOUNTANTS: James, Stanley & Co. Limited
1,733 Coventry Road
South Yardley
Birmingham
West Midlands
B26 1DT



BANKERS: Barclays Bank plc
403 Holloway Road
London
N7 6HL

I.a.s.p. LLP (Registered number: OC368111)

Balance Sheet
31 March 2024

31.3.24 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 - 5,538

CURRENT ASSETS
Debtors 6 119,653 135,305
Cash at bank 4,038 451
123,691 135,756
CREDITORS
Amounts falling due within one year 7 43,950 91,608
NET CURRENT ASSETS 79,741 44,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,741

49,686

CREDITORS
Amounts falling due after more than one
year

8

12,500

25,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

67,241

24,686

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

66,455

32,771

MEMBERS' OTHER INTERESTS
Capital accounts 786 786
Transfers to members interests - (8,871 )
67,241 24,686

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 66,455 32,771
Members' other interests 786 (8,085 )
67,241 24,686

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.

I.a.s.p. LLP (Registered number: OC368111)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 October 2024 and were signed by:





M J Barlow - Designated member

I.a.s.p. LLP (Registered number: OC368111)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 March 2024

1. STATUTORY INFORMATION

I.a.s.p. 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 (£).


The principal place of business of the LLP is at Unit 2A, Singer Mews, 4 Union Road, London.

2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

There we no material departures from that standard.

Turnover
Turnover represents net invoiced fees for commercial photography and art buying, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Divisible profits and members' remuneration
Trading profits and losses of the LLP are divided and borne by the members in the proportions as set out in the members' agreement and shall be theirs as of right unless otherwise agreed from time to time.

The cash flow requirement of the LLP are taken into account when assessing the level of drawings taken by members

Revenue recognition
Income is recognised when photography and photographic services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Accounting period
The company extended its accounting year end therefore these financial statements are of a duration of 456 days. Consequently, the results for the current period are not directly comparable with those of the previous year which covered 365 days.

4. EMPLOYEE INFORMATION

The average number of employees during the period was NIL (2022 - NIL).

I.a.s.p. LLP (Registered number: OC368111)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 23,335 14,766 38,101
Disposals (23,335 ) (14,766 ) (38,101 )
At 31 March 2024 - - -
DEPRECIATION
At 1 January 2023 17,797 14,766 32,563
Eliminated on disposal (17,797 ) (14,766 ) (32,563 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 - - -
At 31 December 2022 5,538 - 5,538

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.12.22
£    £   
Trade debtors 118,392 113,220
Other debtors 1,261 -
Prepayments and accrued income - 22,085
119,653 135,305

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors - 23,278
Social security and other taxes 19,523 12,524
Other creditors 9,912 11,219
Accruals and deferred income 4,515 34,587
43,950 91,608

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.12.22
£    £   
Bank loans 12,500 25,000

I.a.s.p. LLP (Registered number: OC368111)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.12.22
£    £   
Bank loans 22,500 35,000

I.a.s.p. LLP has provided a fixed and floating charge to Barclays Bank plc including a cross guarantee and debenture for liabilities of It's All Sorted Productions Ltd.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in the appendix to the SORP, Accounting for Limited Liability Partnerships, is that members' other interests rank after unsecured creditors.

11. CAPITAL COMMITMENTS
31.3.24 31.12.22
£    £   
Contracted but not provided for in the
financial statements - -