Silverfin false 31/03/2024 01/04/2023 31/03/2024 C Blackbourn 30/10/2017 A Gelley 30/10/2017 E Mosafi 30/10/2017 11 November 2024 OC419686 2024-03-31 OC419686 bus:Director1 2024-03-31 OC419686 bus:Director2 2024-03-31 OC419686 bus:Director3 2024-03-31 OC419686 core:CurrentFinancialInstruments 2024-03-31 OC419686 core:CurrentFinancialInstruments 2023-03-31 OC419686 2023-03-31 OC419686 2023-04-01 2024-03-31 OC419686 bus:FullAccounts 2023-04-01 2024-03-31 OC419686 bus:SmallEntities 2023-04-01 2024-03-31 OC419686 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC419686 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC419686 bus:Director1 2023-04-01 2024-03-31 OC419686 bus:Director2 2023-04-01 2024-03-31 OC419686 bus:Director3 2023-04-01 2024-03-31 OC419686 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC419686 (England and Wales)

GQSF LLP

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

GQSF LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GQSF LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
GQSF LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Debtors 4 1,037,123 601,569
Cash at bank and in hand 1,919 75,159
1,039,042 676,728
Creditors: amounts falling due within one year 5 ( 2,100) ( 2,102)
Net current assets 1,036,942 674,626
Total assets less current liabilities 1,036,942 674,626
Net assets attributable to members 1,036,942 674,626
Represented by
Loans and other debts due to members within one year
Other amounts 1,036,942 674,626
1,036,942 674,626
Members' other interests
0 0
1,036,942 674,626
Total members' interests
Loans and other debts due to members 1,036,942 674,626
1,036,942 674,626

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 GQSF LLP (registered number: OC419686) were approved and authorised for issue by the Board of Directors on 11 November 2024. They were signed on its behalf by:

E Mosafi
Designated member
GQSF LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
GQSF 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 424,021
Balance at 01 April 2022 424,021 424,021
Members' remuneration charged as an expense, including employment and retirement benefit costs 250,605 250,605
Members' interest after result for the financial year 674,626 674,626
Amounts due to members 674,626
Balance at 31 March 2023 674,626 674,626
Members' remuneration charged as an expense, including employment and retirement benefit costs 1,202,316 1,202,316
Members' interest after result for the financial year 1,876,942 1,876,942
Drawings (840,000) (840,000)
Amounts due to members 1,036,942
Balance at 31 March 2024 1,036,942 1,036,942

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

GQSF LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GQSF 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

GQSF 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 41-44 Great Queen Street, London, WC2B 5AD, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 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 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2024 2023
Number Number
Average number of members during the financial year 3 3

4. Debtors

2024 2023
£ £
Accrued income 1,037,121 601,567
Other debtors 2 2
1,037,123 601,569

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 2,100 2,100
Other creditors 0 2
2,100 2,102