Registered number: OC424551
Twin Galaxies LLP
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 January 2024
|
Twin Galaxies LLP
Chartered Accountants' Report to the Members on the preparation of the Unaudited Statutory Financial Statements of Twin Galaxies LLP for the Year Ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Twin Galaxies LLP for the year ended 31 January 2024 which comprise the Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the members in accordance with the terms of our engagement letter dated 15 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Twin Galaxies LLP and state those matters that we have agreed to state to the Twin Galaxies LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twin Galaxies LLP and its members for our work or for this report.
It is your duty to ensure that Twin Galaxies LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Twin Galaxies LLP. You consider that Twin Galaxies LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Twin Galaxies LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
31 October 2024
Page 1
|
Twin Galaxies LLP
Registered number: OC424551
Balance Sheet
As at 31 January 2024
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts Falling Due Within One Year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 2
|
Twin Galaxies LLP
Registered number: OC424551
Balance Sheet (continued)
As at 31 January 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
................................................
D Jackson
|
|
|
The notes on pages 5 to 7 form part of these financial statements.
Twin Galaxies LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 3
|
Twin Galaxies LLP
Reconciliation of Members' Interests
For the Year Ended 31 January 2024
|
|
|
|
|
|
|
EQUITY
Members' other interests
|
DEBT
Loans and other debts due to members less any amounts due from members in debtors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year available for discretionary division among members
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
|
|
|
|
|
|
Drawings on account and distribution of profit
|
|
|
|
|
|
Balance at 31 January 2023
|
|
|
|
|
|
(Loss)/profit for the year available for discretionary division among members
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 January 2024
|
|
|
|
|
|
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.
|
Page 4
|
Twin Galaxies LLP
Notes to the Financial Statements
For the Year Ended 31 January 2024
Twin Galaxies LLP is a limited liability partnership, incorporated in England and Wales. The address of the registered office is: C/O Kreston Reeves LLP, Plus X Innovation Hub, Lewes Road, Brighton, United Kingdom, BN2 4GL.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The going concern basis is considered to be appropriate as the LLP is dependent upon the support of its members and the members have indicated that their support will continue for the foreseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 5
|
Twin Galaxies LLP
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
|
|
Division and distribution of profits
|
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Short-term debtors are measured at transaction price.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, and are measured subsequently at amortised cost using the effective interest method.
|
The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
Twin Galaxies LLP
Notes to the Financial Statements
For the Year Ended 31 January 2024
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 7
|