0 false false false false false false false false false false false false false false false false No description of principal activity 2023-04-06 Sage Accounts Production Advanced 2021 - FRS102_2021 2,679 1,007 3,686 1,879 579 2,458 1,228 800 xbrli:pure xbrli:shares iso4217:GBP OC351867 2023-04-06 2024-04-05 OC351867 2024-04-05 OC351867 2023-04-05 OC351867 2023-04-05 OC351867 bus:Director2 2023-04-06 2024-04-05 OC351867 core:WithinOneYear 2024-04-05 OC351867 core:WithinOneYear 2023-04-05 OC351867 core:AfterOneYear 2024-04-05 OC351867 core:AfterOneYear 2023-04-05 OC351867 bus:SmallEntities 2023-04-06 2024-04-05 OC351867 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC351867 bus:FullAccounts 2023-04-06 2024-04-05 OC351867 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC351867 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC351867 core:ComputerEquipment 2023-04-06 2024-04-05 OC351867 core:ComputerEquipment 2023-04-05 OC351867 core:ComputerEquipment 2024-04-05 OC351867 core:AfterOneYear 2023-04-06 2024-04-05 OC351867 1 2023-04-06 2024-04-05
REGISTERED NUMBER: OC351867
SPG.LO LLP
Filleted Unaudited Financial Statements
5 April 2024
SPG.LO LLP
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
1,228
800
Current assets
Debtors
5
209
56,448
Cash at bank and in hand
70,901
128,977
--------
---------
71,110
185,425
Creditors: amounts falling due within one year
6
30,180
23,048
--------
---------
Net current assets
40,930
162,377
--------
---------
Total assets less current liabilities
42,158
163,177
Creditors: amounts falling due after more than one year
7
11,667
21,667
--------
---------
Net assets
30,491
141,510
--------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
30,491
141,510
--------
---------
Members' other interests
Other reserves
--------
---------
30,491
141,510
--------
---------
Total members' interests
Loans and other debts due to members
8
30,491
141,510
Members' other interests
--------
---------
30,491
141,510
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 5 April 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
SPG.LO LLP
Statement of Financial Position (continued)
5 April 2024
These financial statements were approved by the members and authorised for issue on 22 November 2024 , and are signed on their behalf by:
L Deschamps
Designated Member
Registered number: OC351867
SPG.LO LLP
Notes to the Financial Statements
Year ended 5 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4 Gransden Park, Potton Road, Abbotsley, Cambridgeshire, PE19 6TY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents net invoiced sales of services, excluding VAT, having regard for amounts invoiced but not completed at the year end. Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.
Members' participation rights
Profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
Equipment
Total
£
£
Cost
At 6 April 2023
2,679
2,679
Additions
1,007
1,007
-------
-------
At 5 April 2024
3,686
3,686
-------
-------
Depreciation
At 6 April 2023
1,879
1,879
Charge for the year
579
579
-------
-------
At 5 April 2024
2,458
2,458
-------
-------
Carrying amount
At 5 April 2024
1,228
1,228
-------
-------
At 5 April 2023
800
800
-------
-------
5.
Debtors
2024
2023
£
£
Trade debtors
35,013
Other debtors
209
21,435
----
--------
209
56,448
----
--------
Accrued income is included in other debtors. This represents contract fees raised after the balance sheet date, for a contract period relevant to the current financial year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
50
Other creditors
30,130
23,048
--------
--------
30,180
23,048
--------
--------
Deferred income is included in other creditors. This represents contract fees raised in advance, and as such has been deferred over the contract period.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,667
21,667
--------
--------
Included in creditors due after more than one year is a loan of £11,667 (2023: £21,667). The length of the loan is 6 years. Interest of 2.5% per annum is being charged on any amounts outstanding.
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
30,491
141,510
--------
---------
9.
Controlling party
The members regard Mr Luc Deschamps as the ultimate controlling party.