Limited Liability Partnership registration number OC387564 (England and Wales)
GOLDFINCH BIRDBOX LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GOLDFINCH BIRDBOX LLP
CONTENTS
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
GOLDFINCH BIRDBOX LLP
STATEMENT OF FINANCIAL POSITION
AS AT 3 APRIL 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
3
246,480
240,192
Cash and cash equivalents
5,029
588
251,509
240,780
Current liabilities
4
(243,935)
(237,321)
Net current assets and net assets attributable to members
7,574
3,459
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
246,390
240,102
Other amounts
(236,643)
(230,355)
9,747
9,747
Members' other interests
Other reserves classified as equity
(2,173)
(6,288)
7,574
3,459
Total members' interests
Amounts due from members
(246,390)
(240,102)
Loans and other debts due to members
9,747
9,747
Members' other interests
(2,173)
(6,288)
(238,816)
(236,643)
GOLDFINCH BIRDBOX LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 3 APRIL 2024
- 2 -

For the financial year ended 3 April 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.

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on
25 November 2024
25 November 2024
and are signed on their behalf by:
K Bell
Designated member
Limited Liability Partnership registration number OC387564 (England and Wales)
GOLDFINCH BIRDBOX LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 3 APRIL 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 4 April 2023
(6,288)
(230,355)
(230,355)
(236,643)
Loss for the financial year available for discretionary division among members
(2,173)
-
-
(2,173)
Members' interests after loss for the year
(8,461)
(230,355)
(230,355)
(238,816)
Other divisions of losses
6,288
(6,288)
(6,288)
-
Members' interests at 3 April 2024
(2,173)
(236,643)
(236,643)
(238,816)
GOLDFINCH BIRDBOX LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 3 APRIL 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 4 April 2022
5,624
(245,726)
(245,726)
(240,102)
Loss for the financial year available for discretionary division among members
(6,288)
-
-
(6,288)
Members' interests after loss for the year
(664)
(245,726)
(245,726)
(246,390)
Other divisions of profits
(5,624)
5,624
5,624
-
Other movements
-
9,747
9,747
9,747
Members' interests at 3 April 2023
(6,288)
(230,355)
(230,355)
(236,643)
GOLDFINCH BIRDBOX LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 APRIL 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Goldfinch Birdbox LLP is a limited liability partnership incorporated in England and Wales. The registered office is 29 Turnstone Close, London, E13 0HN.

 

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 December 2021, 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
Revenue

Revenue represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the statement of financial position date are carried forward as work in progress.

1.3
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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

GOLDFINCH BIRDBOX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include cash and bank balances, 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

GOLDFINCH BIRDBOX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average number of persons employed by the partnership including members during the year was:

2024
2023
Number
Number
Total
2
2
3
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
246,390
240,102
Other receivables
90
90
246,480
240,192
GOLDFINCH BIRDBOX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 APRIL 2024
3
Trade and other receivables
(Continued)
- 8 -
4
Current liabilities
2024
2023
£
£
Trade payables
168,418
168,000
Taxation and social security
1,390
952
Other payables
74,127
68,369
243,935
237,321
5
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.

6
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Other related parties
25,000
23,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
40,677
35,619

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
90
90
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