Registered No. SO302200 (Scotland)
C I B B FINANCIAL SERVICES LLP
Unaudited accounts
for the year ended 31 January 2024
C I B B FINANCIAL SERVICES LLP
LLP Information
for the year ended 31 January 2024
Designated members
Mr Ralph Colquhoun
Registered Number
SO302200 (Scotland)
Registered Office
4TH FLOOR, SYCAMORE HOUSE
290 BATH STREET
GLASGOW
G2 4JR
Accountants
McMorland & Co FTCA Limited
24 York Street
Ayr
KA8 8AZ
C I B B FINANCIAL SERVICES LLP
Accountants' report
Accountants' report to the members of C I B B FINANCIAL SERVICES LLP on the preparation of the unaudited statutory financial statements for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of
C I B B FINANCIAL SERVICES LLP for the year ended
31 January 2024 as set out on pages
4 -
7 from the LLP's accounting records and from information and explanations you have given us.
This report is made solely to the members of C I B B FINANCIAL SERVICES LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of C I B B FINANCIAL SERVICES LLP and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C I B B FINANCIAL SERVICES LLP and its members as a body for our work or for this report.
It is your duty to ensure that C I B B FINANCIAL SERVICES LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of C I B B FINANCIAL SERVICES LLP. You consider that C I B B FINANCIAL SERVICES LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of C I B B FINANCIAL SERVICES LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McMorland & Co FTCA Limited
24 York Street
Ayr
KA8 8AZ
17 September 2024
C I B B FINANCIAL SERVICES LLP
Statement of financial position
as at 31 January 2024
Tangible assets
25,286
34,923
Cash at bank and in hand
3,126
28,406
Creditors: amounts falling due within one year
(52,832)
(25,048)
Net current (liabilities)/assets
(47,822)
6,744
Total assets less current liabilities
(22,536)
41,667
Creditors: amounts falling due after more than one year
(46,626)
(52,704)
Net liabilities attributable to members
(69,162)
(11,037)
Loans and other debts due to members
93,313
87,715
Other reserves
(162,475)
(98,752)
Loans and other debts due to members
93,313
87,715
Members' other interests
(162,475)
(98,752)
For the year ending 31 January 2024 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 17 September 2024.
Mr Edward John Irvin
Designated member
Limited Liability Partnership Registration No. SO302200
C I B B FINANCIAL SERVICES LLP
Notes to the Accounts
for the year ended 31 January 2024
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
Turnover represents the value of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Straight Line
Fixtures & fittings
15% Reducing Balance
The LLP operates a defined contribution scheme for the benefit of its employees. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
C I B B FINANCIAL SERVICES LLP is a limited liability partnership, incorporated in Scotland, registration number SO302200. Its registered office is 4TH FLOOR, SYCAMORE HOUSE, 290 BATH STREET, GLASGOW, G2 4JR.
C I B B FINANCIAL SERVICES LLP
Notes to the Accounts
for the year ended 31 January 2024
3
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 February 2023
29,588
33,498
63,086
At 31 January 2024
29,588
33,498
63,086
At 1 February 2023
21,183
6,980
28,163
Charge for the year
1,262
8,375
9,637
At 31 January 2024
22,445
15,355
37,800
At 31 January 2024
7,143
18,143
25,286
At 31 January 2023
8,405
26,518
34,923
4
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
41,567
10,000
Obligations under finance leases and hire purchase contracts
6,535
6,535
Taxes and social security costs
2,930
6,202
5
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
19,936
26,470
6
Loans and other debts due to members
2024
2023
Loans from members
93,313
87,715
Amounts falling due within one year
93,313
87,715
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
C I B B FINANCIAL SERVICES LLP
Notes to the Accounts
for the year ended 31 January 2024
7
Operating lease commitments
2024
2023
Total commitments under non-cancellable operating leases are as follows:
Operating leases expiring:
Mr Irvin and Mr Colqhoun represent the controlling party by virtue of their status as members of the LLP.
9
Average number of employees
During the year the average number of employees was 6 (2023: 13).