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Registered number: OC445536
VNFACTOR LLP
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC445536
2024
Notes £ £
CURRENT ASSETS
Stocks 4 36,125
Debtors 5 20,311
Cash at bank and in hand 22,149
78,585
Payables: Amounts Falling Due Within One Year 6 (75,691 )
NET CURRENT ASSETS (LIABILITIES) 2,894
TOTAL ASSETS LESS CURRENT LIABILITIES 2,894
NET ASSETS ATTRIBUTABLE TO MEMBERS 2,894
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 2,040
2,040
Equity
Members' other interests
Members' capital 854
854
2,894
TOTAL MEMBERS' INTEREST
Amounts due from members (5)
Loans and other debts due to members within one year 2,040
Members' other interests 854
2,889
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For the year ending 31 January 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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr V Neliubyn
Designated Member
22/10/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
VNFACTOR LLP is a limited liability partnership, incorporated in England & Wales, registered number OC445536 . The Registered Office is 12 Melberry Place, Pinnell Road, London, SE9 6AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention in accordance with FRS 102 Section 1A – The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ issued in December 2021.
The functional currency of the LLP is considered to be pounds sterling (£) because that is the currency that mainly influences its revenue and expenditure. The financial statements are presented in pounds sterling (£).
2.2. Going Concern Disclosure
The members have considered the LLP’s financial position, liquidity and future performance together with financial projections for the LLP over the foreseeable future. After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.
2.3. Turnover
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The LLP recognises revenue when the amount of revenue can be reliably measured and is probable that future economic benefits will flow to the entity.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
The LLP only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Tax
Income tax payable on the allocation of profits to partners is the personal liability of the partners and hence is not shown in these financial statements.
2.8. Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
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2.9. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and subject to an insignificant risk of change in value.
2.10. Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.11. Members' remuneration and division of profits
Profits attributable to members are determined, allocated and divided between members at the year end in accordance with the agreement. Profit allocation of members is charged as an expense in the profit and loss account. At the year end any undrawn allocated profits are included within loans and other debts due to members.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL
-
4. Stocks
2024
£
Stock 36,125
5. Debtors
2024
£
Due within one year
Loan receivable 20,306
Amounts due from members 5
20,311
The loan receivable, disclosed as falling due within one year, is unsecured, repayable on demand, and bears interest.
6. Payables: Amounts Falling Due Within One Year
2024
£
Trade creditors 73,201
Accruals and deferred income 2,490
75,691
7. Post Balance Sheet Events
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements
8. Ultimate Controlling Party
The LLP does not have a parent undertaking.   V. Neliubyn a designated member, is deemed to be the ultimate controlling party.
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