Limited Liability Partnership Registration No. OC345395 (England and Wales)
Freedom Management LLP
Annual report and unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
FREEDOM MANAGEMENT LLP
Freedom Management LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FREEDOM MANAGEMENT LLP
Freedom Management LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
298
Investments
4
22,948
32,560
22,948
32,858
Current assets
Debtors
5
1,269
1,188
Cash at bank and in hand
32,315
25,661
33,584
26,849
Creditors: amounts falling due within one year
6
(8,551)
(11,240)
Net current assets
25,033
15,609
Total assets less current liabilities
47,981
48,467
Represented by:
Loans and other debts due to members within one year
7
Other amounts
29,369
20,243
Members' other interests
7
Revaluation reserve
18,612
28,224
47,981
48,467
Total members' interests
7
Loans and other debts due to members
29,369
20,243
Members' other interests
18,612
28,224
47,981
48,467

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

FREEDOM MANAGEMENT LLP
Freedom Management LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 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 October 2024 and are signed on their behalf by:
28 October 2024
.......................................
K Webb
Designated member
Limited Liability Partnership Registration No. OC345395
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Freedom Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

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 January 2017, together with FRS 102 Section 1A. “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 the revaluation of investments. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT. Turnover is recognised at the point the services are provided to the customer.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise (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.

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.

FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures, fittings & equipment
25% reducing balance

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 recognised in the profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial liabilities

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

1.7
Taxation
The taxation payable on profits is the liability of the members during the period.
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 1 (2023: 1).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
6,457
Disposals
(6,457)
At 31 March 2024
-
Depreciation and impairment
At 1 April 2023
6,159
Depreciation charged in the year
297
Eliminated in respect of disposals
(6,457)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
298
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
22,948
32,560

Unlisted investments

The unlisted investments relate to a 30% shareholding in 3Fire Music Limited.

 

The carrying value of the LLP's investment in 3Fire Music Limited is the LLP's 30% share of the company's net assets as reported in the latest accounts of the company, being the year ended 31 December 2023.

FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
32,560
Valuation changes
(9,612)
At 31 March 2024
22,948
Carrying amount
At 31 March 2024
22,948
At 31 March 2023
32,560
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
188
Other debtors
1,269
1,000
1,269
1,188
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,559
1,317
Taxation and social security
5,628
3,126
Other creditors
1,364
6,797
8,551
11,240
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
28,224
-
28,224
20,243
20,243
48,467
Profit for the financial year available for discretionary division among members
-
48,381
48,381
-
-
48,381
Members' interests after profit for the year
28,224
48,381
76,605
20,243
20,243
96,848
Allocation of profit for the financial year
-
(48,381)
(48,381)
48,381
48,381
-
Surplus arising on revaluation of fixed assets
(9,612)
-
(9,612)
-
-
(9,612)
Introduced by members
-
-
-
3,091
3,091
3,091
Drawings on account and distributions of profit
-
-
-
(42,346)
(42,346)
(42,346)
Members' interests at 31 March 2024
18,612
-
18,612
29,369
29,369
47,981
FREEDOM MANAGEMENT LLP
Freedom Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
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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