0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SO306833 2023-04-01 2024-03-31 SO306833 2024-03-31 SO306833 2023-03-31 SO306833 2022-04-01 2023-03-31 SO306833 2023-03-31 SO306833 2022-03-31 SO306833 bus:Director1 2023-04-01 2024-03-31 SO306833 core:WithinOneYear 2024-03-31 SO306833 core:WithinOneYear 2023-03-31 SO306833 bus:SmallEntities 2023-04-01 2024-03-31 SO306833 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SO306833 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SO306833 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 SO306833 bus:FullAccounts 2023-04-01 2024-03-31 SO306833 core:ComputerEquipment 2023-04-01 2024-03-31 SO306833 core:ComputerEquipment 2023-03-31 SO306833 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 SO306833 core:ComputerEquipment 2024-03-31 SO306833 core:InvestmentPropertyIncludedWithinPPE 2024-03-31
REGISTERED NUMBER: SO306833
SB Global HR and Legal LLP
Filleted Unaudited Financial Statements
31 March 2024
SB Global HR and Legal LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
114,940
114,631
Current assets
Debtors
5
600
180
Cash at bank and in hand
6,433
162
-------
----
7,033
342
Creditors: amounts falling due within one year
6
8,638
2,753
-------
-------
Net current liabilities
1,605
2,411
---------
---------
Total assets less current liabilities
113,335
112,220
---------
---------
Net assets
113,335
112,220
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
7
103,285
102,170
Members' other interests
Members' capital classified as equity
10,050
10,050
Other reserves
---------
---------
113,335
112,220
---------
---------
Total members' interests
Loans and other debts due to members
7
103,285
102,170
Members' other interests
10,050
10,050
---------
---------
113,335
112,220
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the 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) relating to small LLPs.
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 financial statements .
SB Global HR and Legal LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 25 October 2024 , and are signed on their behalf by:
Mrs A Brady
Designated Member
Registered number: SO306833
SB Global HR and Legal LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in Scotland. The address of the registered office is Haddon House, 9 East Haddon Road, Dundee Tayside, DD4 7LD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows. However no depreciation is charged if the asset is bought within 3 months of the period end. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows. However no depreciation is charged if the asset is bought within 3 months of the period end:
Computer Equipment
-
25% reducing balance
Depreciation is not charged if assets are purchased within 3 months of the period end.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
Computer Equipment
Investment Property
Total
£
£
£
Cost
At 1 April 2023
2,232
113,292
115,524
Additions
1,708
1,708
Disposals
( 1,416)
( 1,416)
-------
---------
---------
At 31 March 2024
2,524
113,292
115,816
-------
---------
---------
Depreciation
At 1 April 2023
893
893
Charge for the year
549
549
Disposals
( 566)
( 566)
-------
---------
---------
At 31 March 2024
876
876
-------
---------
---------
Carrying amount
At 31 March 2024
1,648
113,292
114,940
-------
---------
---------
At 31 March 2023
1,339
113,292
114,631
-------
---------
---------
The investment properties were revalued on an open market basis by the members during the current year.
5.
Debtors
2024
2023
£
£
Trade debtors
600
180
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,782
1,737
Social security and other taxes
766
26
Other creditors
1,090
990
-------
-------
8,638
2,753
-------
-------
7.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
103,285
102,170
---------
---------