Company No:
Contents
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
36,370 | 6,964 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Investments |
|
|
||
Cash at bank and in hand |
|
|
||
219,277 | 189,105 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 175,329 | 121,976 | ||
Total assets less current liabilities | 211,699 | 128,940 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 8 | 211,699 | 128,940 | |
211,699 | 128,940 | |||
Members' other interests | ||||
0 | 0 | |||
211,699 | 128,940 | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | (15,701) | 0 | ||
Loans and other debts due to members | 211,699 | 128,940 | ||
195,998 | 128,940 |
Members' responsibilities:
Progressive Strategic Solutions 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.
The financial statements of Progressive Strategic Solutions LLP (registered number:
R F Chamberlayne
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Progressive Strategic Solutions 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 The Steadings Business Centre, Maisemore, Gloucester, GL2 8EY, 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 £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period length is shorter than 12 months as the LLP changed its accounting year end date due to the change in basis periods for taxation. These financial statements cover the 11 month period to 31 March 2024 and therefore comparative information is not entirely comparable.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Vehicles |
|
Fixtures and fittings |
|
Computer equipment |
|
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
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 Profit and Loss Account 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'.
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
||
Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
|
|
Vehicles | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 May 2023 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
At 31 March 2024 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 May 2023 |
|
|
|
|
|||
Charge for the financial period |
|
|
|
|
|||
At 31 March 2024 |
|
|
|
|
|||
Net book value | |||||||
At 31 March 2024 |
|
|
|
|
|||
At 30 April 2023 |
|
|
|
|
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 May 2023 |
|
|
|
At 31 March 2024 |
|
|
|
Carrying value at 31 March 2024 |
|
|
|
Carrying value at 30 April 2023 |
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by members |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals |
|
|
|
Other taxation and social security |
|
|
|
|
|
Commitments
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
|
|
In the event of a winding up the amounts in "Loans and other debts due to members" will rank equally with unsecured creditors.