Limited Liability Partnership Registration No. OC395293 (England and Wales)
Quantum Christchurch Care LLP
Annual report and unaudited financial statements
for the year ended 31 January 2024
Pages for filing with the registrar
Quantum Christchurch Care LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 10
Quantum Christchurch Care LLP
Balance sheet
As at 31 January 2024
31 January 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
100
100
Current assets
Debtors falling due after more than one year
3
394,876
394,876
Debtors falling due within one year
3
1
1
Cash at bank and in hand
18,248
18,157
413,125
413,034
Creditors: amounts falling due within one year
4
(2,174,755)
(1,809,666)
Net current liabilities
(1,761,630)
(1,396,632)
Total assets less current liabilities and net liabilities attributable to members
(1,761,530)
(1,396,532)
Represented by:
Members' other interests
Members' capital classified as equity
200,001
200,001
Other reserves classified as equity
(1,961,531)
(1,596,533)
(1,761,530)
(1,396,532)
Total members' interests
Amounts due from members
(394,876)
(394,876)
Members' other interests
(1,761,530)
(1,396,532)
(2,156,406)
(1,791,408)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 31 January 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Quantum Christchurch Care LLP
Balance sheet (continued)
As at 31 January 2024
31 January 2024
2
The financial statements were approved by the members and authorised for issue on 31 July 2024 and are signed on their behalf by:
31 July 2024
Quantum Group (Management) Limited
Designated member
Limited Liability Partnership Registration No. OC395293
Quantum Christchurch Care LLP
Reconciliation of members' interests
For the period ended 31 January 2024
3
Current financial period
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
200,001
(1,596,533)
(1,396,532)
(394,876)
(394,876)
(1,791,408)
Loss for the period available for discretionary division among members
-
(364,998)
(364,998)
-
-
(364,998)
Members' interests after loss for the period
200,001
(1,961,531)
(1,761,530)
(394,876)
(394,876)
(2,156,406)
Members' interests at 31 January 2024
200,001
(1,961,531)
(1,761,530)
(394,876)
(394,876)
(2,156,406)
Quantum Christchurch Care LLP
Reconciliation of members' interests (continued)
For the period ended 31 January 2024
4
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
200,001
(329,495)
(129,494)
(400,000)
(400,000)
(529,494)
Loss for the period available for discretionary division among members
-
(1,267,038)
(1,267,038)
-
-
(1,267,038)
Members' interests after loss for the year
200,001
(1,596,533)
(1,396,532)
(400,000)
(400,000)
(1,796,532)
Other movements
-
-
-
5,124
5,124
5,124
Members' interests at 31 March 2023
200,001
(1,596,533)
(1,396,532)
(394,876)
(394,876)
(1,791,408)
Quantum Christchurch Care LLP
Notes to the financial statements
For the period ended 31 January 2024
5
1
Accounting policies
Limited liability partnership information

Quantum Christchurch Care LLP is a limited liability partnership incorporated in England and Wales. The registered office is Third Floor, Tringham House, Deansleigh Road, Bournemouth, England, BH7 7DT.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in July 2014, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

These financial statements are prepared for the 10 month period ended 31 January 2024. The comparative amounts presented in the financial statements (including the related notes) are for the 12 month period ended 31 March 2023 so are not entirely comparable.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Quantum Christchurch Care LLP
Notes to the financial statements (continued)
For the period ended 31 January 2024
1
Accounting policies (continued)
6
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the limited liability partnership holds a long-term interest and where the limited liability partnership has significant influence. The limited liability partnership considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Quantum Christchurch Care LLP
Notes to the financial statements (continued)
For the period ended 31 January 2024
1
Accounting policies (continued)
7
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

Quantum Christchurch Care LLP
Notes to the financial statements (continued)
For the period ended 31 January 2024
1
Accounting policies (continued)
8
1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Quantum Christchurch Care LLP
Notes to the financial statements (continued)
For the period ended 31 January 2024
9
2
Fixed asset investments
2024
2023
£
£
Investments
100
100
Movements in fixed asset investments
Investment in Jointly Controlled Entity
£
Cost or valuation
At 1 April 2023 & 31 January 2024
100
Carrying amount
At 31 January 2024
100
At 31 March 2023
100
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1
1
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by members
394,876
394,876
Total debtors
394,877
394,877
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
2,171,630
1,806,690
Other creditors
3,125
2,976
2,174,755
1,809,666
Quantum Christchurch Care LLP
Notes to the financial statements (continued)
For the period ended 31 January 2024
10
5
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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