0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC348775 2023-03-01 2024-04-05 OC348775 2024-04-05 OC348775 2023-02-28 OC348775 2022-03-01 2023-02-28 OC348775 2023-02-28 OC348775 2022-02-28 OC348775 bus:Director1 2023-03-01 2024-04-05 OC348775 core:WithinOneYear 2024-04-05 OC348775 core:WithinOneYear 2023-02-28 OC348775 bus:SmallEntities 2023-03-01 2024-04-05 OC348775 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-04-05 OC348775 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-04-05 OC348775 bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-04-05 OC348775 bus:FullAccounts 2023-03-01 2024-04-05
REGISTERED NUMBER: OC348775
WHISPERING EQUUS LIMITED LIABILITY PARTNERSHIP
FILLETED UNAUDITED FINANCIAL STATEMENTS
5 April 2024
WHISPERING EQUUS LIMITED LIABILITY PARTNERSHIP
STATEMENT OF FINANCIAL POSITION
5 April 2024
5 Apr 24
28 Feb 23
Note
£
£
£
Current assets
Debtors
4
5,711
6,344
Creditors: amounts falling due within one year
5
2,656
3,289
-------
-------
Net current assets
3,055
3,055
-------
-------
Total assets less current liabilities
3,055
3,055
-------
-------
Net assets
3,055
3,055
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
6
3,055
3,055
-------
-------
Members' other interests
Other reserves
-------
-------
3,055
3,055
-------
-------
Total members' interests
Amounts due from members
(5,711)
(6,344)
Loans and other debts due to members
6
3,055
3,055
Members' other interests
-------
-------
(2,656)
(3,289)
-------
-------
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 period ending 5 April 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 .
WHISPERING EQUUS LIMITED LIABILITY PARTNERSHIP
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2024
These financial statements were approved by the members and authorised for issue on 16 September 2024 , and are signed on their behalf by:
Mr C J Morris
Designated Member
Registered number: OC348775
WHISPERING EQUUS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MARCH 2023 TO 5 APRIL 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the LLP will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the LLP's members. If the LLP were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The members believe that it is appropriate for the financial statements to be prepared on the going concern basis. The members consider that the uncertainty caused in the industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the partnership's ability to continue as a going concern. The partnership may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received during the year.
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'.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Debtors
5 Apr 24
28 Feb 23
£
£
Other debtors
5,711
6,344
-------
-------
5. Creditors: amounts falling due within one year
5 Apr 24
28 Feb 23
£
£
Bank loans and overdrafts
1
Other creditors
2,656
3,288
-------
-------
2,656
3,289
-------
-------
6.
Loans and other debts due to members
5 Apr 24
28 Feb 23
£
£
Amounts owed to members in respect of profits
3,055
3,055
-------
-------
7.
Related party transactions
Miss A Blunden and Mr C Morris are the controlling party of the LLP.