REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
for |
I.a.s.p. LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1,733 Coventry Road |
South Yardley |
Birmingham |
West Midlands |
B26 1DT |
BANKERS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
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 | ( |
) |
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 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 |
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 |
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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Motor vehicles | - |
Computer equipment | - |
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 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 January 2023 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Bank loans |
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 |
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 |