Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 true 1 March 2023 29 February 2024 29 February 2024 OC340146 S du Toit true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC340146 2023-02-28 OC340146 2024-02-29 OC340146 2023-03-01 2024-02-29 OC340146 frs-core:CurrentFinancialInstruments 2024-02-29 OC340146 frs-bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-02-29 OC340146 frs-bus:LimitedLiabilityPartnershipsSORP 2023-03-01 2024-02-29 OC340146 frs-bus:FullAccounts 2023-03-01 2024-02-29 OC340146 frs-bus:SmallEntities 2023-03-01 2024-02-29 OC340146 frs-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 OC340146 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 OC340146 frs-bus:SmallCompaniesRegimeForDirectorsReport 2023-03-01 2024-02-29 OC340146 1 2023-03-01 2024-02-29 OC340146 frs-countries:EnglandWales 2023-03-01 2024-02-29 OC340146 frs-bus:PartnerLLP1 2023-03-01 2024-02-29 OC340146 frs-bus:PartnerLLP2 2023-03-01 2024-02-29 OC340146 2022-02-28 OC340146 2023-02-28 OC340146 2022-03-01 2023-02-28 OC340146 frs-core:CurrentFinancialInstruments 2023-02-28 OC340146 frs-core:OtherReservesSubtotal 2022-02-28
Registered number: OC340146
Du Toit and CO LLP
Members' Report and
Unaudited Financial Statements
For The Year Ended 29 February 2024
Members' Report and Unaudited Financial Statements
Contents
Page
LLP Information 1
Members' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Reconciliation of Members' Interests 7—8
Notes to the Financial Statements 8—9
Page 1
LLP Information
LLP Registration Number OC340146
Registered Office Ground Floor
Marlborough House
298 Regents Park Road
London
N3 2SZ
Accountants Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 1
Page 2
Members' Report
The members present their report and the financial statements for the year ended 29 February 2024.
Principal Activity
The LLP's principal activity continues to be that of international and commercial law, mediation and fiduciary services (non-SRA-regulated).
Members
The designated members who held office during the year were as follows:
Du Toit and Co Inc
S Du Toit
 
Members' Drawings and Subscription and Repayment of Members' Capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members.
On retirement, capital is repaid to members.
Signed on behalf of the members by
S Du Toit
Partner
28/11/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have compiled the financial statements of the LLP from the accounting records and information and explanations you have given to us.
This report is made to the partners in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the partners the financial statements that we have been engaged to compile, to report to the partners that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the partnership and the partners for our work or for this report.
You have acknowledged on the balance sheet as at year ended 29 February 2024 your duty to ensure that the partnership has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the LLP is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
28/11/2024
Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 42,224 12,162
GROSS PROFIT 42,224 12,162
Administrative expenses (3,090 ) (20,962 )
OPERATING PROFIT/(LOSS) AND PROFIT/(LOSS) FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS 39,134 (8,800 )
The notes on pages 8 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Cash at bank and in hand 179,476 161,802
179,476 161,802
Creditors: Amounts Falling Due Within One Year 5 (156,604 ) (153,326 )
NET CURRENT ASSETS (LIABILITIES) 22,872 8,476
TOTAL ASSETS LESS CURRENT LIABILITIES 22,872 8,476
NET ASSETS ATTRIBUTABLE TO MEMBERS 22,872 8,476
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 34,912 59,650
34,912 59,650
Equity
Members' other interests
Other reserves (12,040) (51,174)
(12,040) (51,174)
22,872 8,476
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 34,912 59,650
Members' other interests (12,040) (51,174)
22,872 8,476
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Page 6
For the year ending 29 February 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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
On behalf of the members
S Du Toit
Partner
28/11/2024
The notes on pages 8 to 9 form part of these financial statements.
Page 6
Page 7
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Other Reserves Members'Capital classified as Debt Total members' interest
£ £ £
Amounts due to members - 42,371 -
Balance at 1 March 2022 (42,374 ) 42,371 (3)
Profit/(loss) for the financial year available for discretionary division among members (8,800 ) - (8,800 )
Members' interests after profit/(loss) for the year (51,174) 42,371 (8,803)
Other Movements - 17,279 17,279
Amounts due to members - 59,650 -
As at 28 February 2023 and 1 March 2023 (51,174) 59,650 8,476
Profit/(loss) for the financial year available for discretionary division among members 39,134 - 39,134
Members' interests after profit/(loss) for the year (12,040) 59,650 47,610
Other Movements - (24,738) (24,738)
Amounts due to members - 34,912 -
As at 29 February 2024 (12,040) 34,912 22,872
Capital at year end is split between the two members as follows:
S du Toit: £4,414 (2023: £4,414)
Du Toit & Co Inc: £18,458 (2023: £4,602)
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Page 8
Notes to the Financial Statements
1. General Information
Du Toit and CO LLP is a limited liability partnership, incorporated in England & Wales, registered number OC340146 . The Registered Office is Ground Floor, Marlborough House, 298 Regents Park Road, London, N3 2SZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
2.3. Members' participation rights
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 FRS 25 (IAS 32) financial instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where 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.
...CONTINUED
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Page 9
2.3. Members' participation rights - continued
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
2.4. Loans and other debts due to members
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.
There is no provision for specific legally enforceable protection afforded to creditors in such an event.
There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 2 (2023: 2)
2 2
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 154,924 151,646
Accruals and deferred income 1,680 1,680
156,604 153,326
Included in creditors is amounts owed to clients, held on client bank accounts of £154,924 (2023: £151,646).
6. Ultimate Controlling Party
The LLP's ultimate controlling party is S du Toit .
Page 9