Limited Liability Partnership Registration No. OC423559 (England and Wales)
SIM4MED LLP
Annual report and unaudited financial statements
For the period ended 31 March 2024
Pages for filing with registrar
SIM4MED LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SIM4MED LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 July 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
87
Current assets
Debtors
4
469,310
249,217
Cash at bank and in hand
1
-
469,311
249,217
Creditors: amounts falling due within one year
5
(238,686)
(5,719)
Net current assets
230,625
243,498
Total assets less current liabilities and net assets attributable to members
230,625
243,585
Represented by:
Loans and other debts due to members within one year
6
Amounts due to members
328,357
261,985
Members' other interests
6
Members' capital classified as equity
170,000
170,000
Other reserves classified as equity
(267,732)
(188,400)
230,625
243,585
Total members' interests
6
Amounts due from members
(247,150)
(239,217)
Loans and other debts due to members
328,357
261,985
Members' other interests
(97,732)
(18,400)
(16,525)
4,368

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

For the financial period 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.

SIM4MED LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 18 November 2024 and are signed on their behalf by:
18 November 2024
The UK Film & Television Production Company Plc
Designated member
Limited Liability Partnership registration number OC423559 (England and Wales)
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Sim4Med 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 “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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The financial statements for the previous accounting period were prepared for the year ended 31 July 2023. The company has since amended its accounting reference date to 31 March 2024. The comparative amounts presented in the financial statement cover a twelve month period and are not entirely comparable with the amounts presented for the current period covering the eight months to 31 March 2024.

1.4
Members' participating interests

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.

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.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

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:

IT equipment
3 years straight line

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.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
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, 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.

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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
IT  equipment
£
Cost
At 31 July 2023 and 31 March 2024
10,872
Depreciation and impairment
At 31 July 2023
10,787
Depreciation charged in the period
85
At 31 March 2024
10,872
Carrying amount
At 31 March 2024
-
At 30 July 2023
85
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
212,160
-
Amounts owed by members
247,150
239,217
Other debtors
10,000
10,000
469,310
249,217
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,075
2,546
Taxation and social security
34,181
-
Other creditors
197,430
3,173
238,686
5,719
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
6
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
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
22,767
Members' interests at 31 July 2023
170,000
(188,400)
(18,400)
22,767
22,767
4,367
Loss for the period available for discretionary division among members
-
(79,332)
(79,332)
-
-
(79,332)
Members' interests after loss for the period
170,000
(267,732)
(97,732)
22,767
22,767
(74,965)
Introduced by members
57,751
-
57,751
689
689
58,440
Reclassifications
(57,751)
-
(57,751)
57,751
57,751
-
Members' interests at 31 March 2024
170,000
(267,732)
(97,732)
81,207
81,207
(16,525)
Amounts due to members
328,357
Amounts due from members, included in debtors
(247,150)
81,207
SIM4MED LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
7
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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