Silverman Advisory LLP OC418788 false 2023-09-01 2024-03-31 2024-03-31 The principal activity of the company is providing management consultancy and legal services Digita Accounts Production Advanced 6.30.9574.0 true true OC418788 2023-09-01 2024-03-31 OC418788 2024-03-31 OC418788 core:CurrentFinancialInstruments 2024-03-31 OC418788 core:Non-currentFinancialInstruments 2024-03-31 OC418788 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 OC418788 core:WithinOneYear 2024-03-31 OC418788 bus:SmallEntities 2023-09-01 2024-03-31 OC418788 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-03-31 OC418788 bus:FilletedAccounts 2023-09-01 2024-03-31 OC418788 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-03-31 OC418788 bus:RegisteredOffice 2023-09-01 2024-03-31 OC418788 bus:PartnerLLP1 2023-09-01 2024-03-31 OC418788 bus:PartnerLLP3 2023-09-01 2024-03-31 OC418788 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-03-31 OC418788 countries:AllCountries 2023-09-01 2024-03-31 OC418788 2022-09-01 2023-08-31 OC418788 2023-08-31 OC418788 core:CurrentFinancialInstruments 2023-08-31 OC418788 core:Non-currentFinancialInstruments 2023-08-31 OC418788 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 OC418788 core:WithinOneYear 2023-08-31 iso4217:GBP xbrli:pure

Registration number: OC418788

Silverman Advisory LLP

Annual Report and Unaudited Financial Statements

for the period from 1 September 2023 to 31 March 2024

 

Silverman Advisory LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

Silverman Advisory LLP

Limited liability partnership information

Designated members

Mr JTR Silverman

Members

Hocroft Holdings Ltd

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Principal place of business

33 Harman Drive
London
NW2 2ED

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountant
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Silverman Advisory LLP

(Registration number: OC418788)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

3

1,970

425

Cash and short-term deposits

 

725

1,144

 

2,695

1,569

Creditors: Amounts falling due within one year

4

(6,885)

(6,762)

Total assets less current liabilities

 

(4,190)

(5,193)

Creditors: Amounts falling due after more than one year

5

(6,117)

(9,108)

Net liabilities attributable to members

 

(10,307)

(14,301)

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(10,307)

(14,301)

   

(10,307)

(14,301)

Total members' interests

 

Loans and other debts due to members

 

(10,307)

(14,301)

   

(10,307)

(14,301)

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Silverman Advisory LLP (registered number OC418788) were approved by the Board and authorised for issue on 16 November 2024. They were signed on behalf of the limited liability partnership by:

 

Silverman Advisory LLP

(Registration number: OC418788)
Balance Sheet as at 31 March 2024

.........................................
Mr JTR Silverman
Designated member

 

Silverman Advisory LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Silverman Advisory LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The balance sheet currently shows an insolvent position, however the designated members have provided adequate finance to enable the entity to continue to meet its financial obligations and pay its debts and as such the accounts have been prepared on a going concern basis.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Silverman Advisory LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 0 (2023 - 0).

 

Silverman Advisory LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

3

Debtors

2024
£

2023
£

Trade debtors

1,970

425

Total current trade and other debtors

1,970

425

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

5,102

5,028

Trade creditors

49

-

Accruals and deferred income

1,734

1,734

6,885

6,762

5

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

6,117

9,108