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Company No: OC436895 (England and Wales)

YELLOW PATH LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

YELLOW PATH LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

YELLOW PATH LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
YELLOW PATH LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 2,305
Tangible assets 4 2,435 7,573
2,435 9,878
Current assets
Debtors
- due within one year 5 7,113 11,399
- due after more than one year 5 1,000 0
Cash at bank and in hand 55,689 27,739
63,802 39,138
Creditors: amounts falling due within one year 6 ( 114,184) ( 39,106)
Net current (liabilities)/assets (50,382) 32
Total assets less current liabilities (47,947) 9,910
Net (liabilities)/assets attributable to members ( 47,947) 9,910
Represented by
Loans and other debts due to members within one year
Other amounts (47,947) 9,910
(47,947) 9,910
Members' other interests
0 0
(47,947) 9,910
Total members' interests
Loans and other debts due to members (47,947) 9,910
(47,947) 9,910

For the financial year ending 31 March 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.

Members' responsibilities:

The financial statements of Yellow Path LLP (registered number: OC436895) were approved and authorised for issue by the Board of Directors on 25 October 2024. They were signed on its behalf by:

G L Kite
Designated member
YELLOW PATH LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
YELLOW PATH LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other amounts Total
£ £
Amounts due to members 17,033
Balance at 01 April 2022 17,033 17,033
Members' remuneration charged as an expense, including employment and retirement benefit costs 49,377 49,377
Members' interest after result for the financial year 66,410 66,410
Drawings (56,500) (56,500)
Amounts due to members 9,910
Balance at 31 March 2023 9,910 9,910
Members' remuneration charged as an expense, including employment and retirement benefit costs 28,143 28,143
Members' interest after result for the financial year 38,053 38,053
(86,000) (86,000)
Amounts due to members (47,947)
Balance at 31 March 2024 (47,947) (47,947)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

YELLOW PATH LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
YELLOW PATH LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Yellow Path LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 2 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 42,966 42,966
At 31 March 2024 42,966 42,966
Accumulated amortisation
At 01 April 2023 40,661 40,661
Charge for the financial year 2,305 2,305
At 31 March 2024 42,966 42,966
Net book value
At 31 March 2024 0 0
At 31 March 2023 2,305 2,305

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 16,015 16,015
Additions 249 249
At 31 March 2024 16,264 16,264
Accumulated depreciation
At 01 April 2023 8,442 8,442
Charge for the financial year 5,387 5,387
At 31 March 2024 13,829 13,829
Net book value
At 31 March 2024 2,435 2,435
At 31 March 2023 7,573 7,573

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 7,113 11,399
Debtors: amounts falling due after more than one year
Other debtors 1,000 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,200 0
Amounts owed to related parties 11,343 15,014
Other creditors 101,641 24,092
114,184 39,106

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 24,452 8,750