Registration number:
IAM The Victor LLP
Annual Report and Unaudited Financial Statements
for the period from 1 March 2023 to 31 March 2024
IAM The Victor LLP
(Registration number: OC446059)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
|
|
Cash and short-term deposits |
|
|
|
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
|
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Net assets attributable to members |
|
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Represented by: |
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Loan and other debts due to members |
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Other amounts |
5,318 |
|
5,318 |
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Total members' interests |
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Loans and other debts due to members |
5,318 |
|
5,318 |
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.
The financial statements of IAM The Victor LLP (registered number OC446059) were approved by the
V Caddy
Designated member
IAM The Victor LLP
Notes to the Financial Statements for the Period Ended 31 March 2024
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT
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.
Basis of preparation
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the LLP’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the LLP.
The LLP recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the LLP's activities.
Disbursements
Disbursements are not included in income or expenses but are netted against each other.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Taxation
The taxation payable on the LLP's profits is the personal liability of the members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
IAM The Victor LLP
Notes to the Financial Statements for the Period Ended 31 March 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
20% straight line |
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
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.
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.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
Particulars of employees |
The average number of persons employed by the LLP during the period was
IAM The Victor LLP
Notes to the Financial Statements for the Period Ended 31 March 2024
Tangible fixed assets |
Computer equipment |
|
Cost |
|
Additions |
|
At 31 March 2024 |
|
Depreciation |
|
Charge for the year |
|
At 31 March 2024 |
|
Net book value |
|
At 31 March 2024 |
|
Debtors |
31 March 2024 |
|
Trade debtors |
|
Other debtors |
|
Prepayments and accrued income |
|
5,911 |
Creditors: Amounts falling due within one year |
31 March 2024 |
|
Trade creditors |
1,912 |
Accruals and deferred income |
3,537 |
5,449 |