Delfinus LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC420940 (England and Wales)
DELFINUS LLP
Delfinus LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
Notes to the financial statements
3 - 6
DELFINUS LLP
Delfinus LLP
BALANCE SHEET
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
628
1,595
Investments
4
890
890
1,518
2,485
Current assets
Debtors
5
20,572
23,315
Cash and cash equivalents
277,860
969,820
298,432
993,135
Creditors: amounts falling due within one year
6
(25,636)
(97,939)
Net current assets
272,796
895,196
Total assets less current liabilities and net assets attributable to members
274,314
897,681
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
119,314
742,681
Members' other interests
Members' capital classified as equity
155,000
155,000
274,314
897,681
Total members' interests
Loans and other debts due to members
119,314
742,681
Members' other interests
155,000
155,000
274,314
897,681

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

DELFINUS LLP
Delfinus LLP
BALANCE SHEET (Continued)
As at 31 March 2024
Page 2

For the financial year ended 31 March 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.

The financial statements were approved by the members and authorised for issue on 28 June 2024 and are signed on their behalf by:
28 June 2024
P G Graham
Designated member
Limited Liability Partnership Registration No. OC420940
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
Page 3
1
Accounting policies
Limited liability partnership information

Delfinus LLP is a limited liability partnership incorporated in England and Wales. The registered office is 42 Markham Square, London, SW3 4XA.

 

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 December 2021, 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 as applicable to companies subject to the small companies regime. 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recovered and is based on services provided and expenses incurred.

1.3
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.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% per annum straight line
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4

The profit 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 recognised in the profit and loss account.

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.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.9
Foreign exchange

Monetary assets and liabilities that are denominated in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling on the date of transaction. All differences are taken to the profit and loss account.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
1
1
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
8,238
Depreciation and impairment
At 1 April 2023
6,643
Depreciation charged in the year
967
At 31 March 2024
7,610
Carrying amount
At 31 March 2024
628
At 31 March 2023
1,595
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
890
890
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,209
5,209
Prepayments and accrued income
15,363
18,106
20,572
23,315
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2024
Page 6
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
345
14,658
Taxation and social security
2,774
9,544
Other creditors
17,357
8,757
Accruals and deferred income
5,160
64,980
25,636
97,939
7
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.

8
Related party transactions

There were no other material transactions with related parties that were not under normal market conditions.

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