REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
EFP Capital Leasing Limited Liability |
Partnership |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
EFP Capital Leasing Limited Liability |
Partnership |
EFP Capital Leasing Limited Liability |
Partnership (Registered number: OC323415) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EFP Capital Leasing Limited Liability |
Partnership |
General Information |
for the year ended 31 March 2024 |
Designated members: |
EFP Capital LLP |
Registered office: |
Registered number: |
EFP Capital Leasing Limited Liability |
Partnership (Registered number: OC323415) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
and |
Net (liabilities)/assets attributable to members |
(55,077 |
) |
892,426 |
Loans and other debts due to members | 7 | - | 283,737 |
Members' other interests |
Capital accounts | (55,077 | ) | 614,965 |
Other reserves | 8 | ( |
) |
(55,077 | ) | 892,426 |
Total members' interests |
Loans and other debts due to members | 7 | - | 283,737 |
Members' other interests | (55,077 | ) | 608,689 |
Amounts due from members | 5 | - | (188,239 | ) |
(55,077 | ) | 704,187 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
EFP Capital Leasing Limited Liability |
Partnership (Registered number: OC323415) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
EFP Capital Leasing Limited Liability |
Partnership (Registered number: OC323415) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
EFP Capital Leasing Limited Liability Partnership is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
In applying the LLP's accounting policies, the members are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The members' judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the LLP's accounting policies |
The critical judgement that the members have made in the process of applying the LLP's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment assets, the members have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
(ii) Recoverability of receivables |
The LLP establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the members consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
EFP Capital Leasing Limited Liability |
Partnership (Registered number: OC323415) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, and borrowings. The LLP has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
Financial assets - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the LLP assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the members consider that the LLP maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the LLP's assets are assessed for recoverability on a regular basis, and the members consider that the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements. |
The members are actively monitoring developments closely. Given the nature of the outbreak and the on-going developments, there is a high degree of uncertainty and it is not possible at this time to predict the extent and nature of the overall future impact on the LLP. |
EFP Capital Leasing Limited Liability |
Partnership (Registered number: OC323415) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | Accounting policies - continued |
Equity |
Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. |
Equity instruments issued by the LLP are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. |
4. | Employee information |
The average number of employees during the year was NIL (2023 - NIL). |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Amounts due from members | - | 188,239 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other creditors |
Accrued expenses |
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. |
8. | Reserves |
Other |
reserves |
£ |
At 1 April 2023 | ( |
) |
Other movements |
At 31 March 2024 |
9. | Related party disclosures |
At the balance sheet date, a related company owes the Partnership £0 (2023: £658,419). The company is related by virtue of a common member/director. |