IAM The Victor LLP OC446059 false 2023-03-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of legal services, namely intellectual property services and other intangible asset management services. Digita Accounts Production Advanced 6.30.9574.0 Software true OC446059 2023-03-01 2024-03-31 OC446059 2024-03-31 OC446059 core:CurrentFinancialInstruments 2024-03-31 OC446059 core:OfficeEquipment 2024-03-31 OC446059 bus:SmallEntities 2023-03-01 2024-03-31 OC446059 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-03-31 OC446059 bus:FullAccounts 2023-03-01 2024-03-31 OC446059 bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-03-31 OC446059 core:ComputerEquipment 2023-03-01 2024-03-31 OC446059 core:OfficeEquipment 2023-03-01 2024-03-31 OC446059 countries:AllCountries 2023-03-01 2024-03-31 iso4217:GBP xbrli:pure

Registration number: OC446059

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
 £

Fixed assets

 

Tangible assets

4

1,421

Current assets

 

Debtors

5

5,911

Cash and short-term deposits

 

3,435

 

9,346

Creditors: Amounts falling due within one year

6

(5,449)

Net current assets

 

3,897

Net assets attributable to members

 

5,318

Represented by:

 

Loan and other debts due to members

 

Other amounts

 

5,318

   

5,318

Total members' interests

 

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 members and authorised for issue on 28 November 2024. They were signed on behalf of the LLP by:


V Caddy
Designated member

 

IAM The Victor LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

1

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

2

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.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 1.

 

IAM The Victor LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

4

Tangible fixed assets

Computer equipment
 £

Cost

Additions

1,776

At 31 March 2024

1,776

Depreciation

Charge for the year

355

At 31 March 2024

355

Net book value

At 31 March 2024

1,421

5

Debtors

31 March 2024
 £

Trade debtors

1,373

Other debtors

2,767

Prepayments and accrued income

1,771

5,911

6

Creditors: Amounts falling due within one year

31 March 2024
 £

Trade creditors

1,912

Accruals and deferred income

3,537

5,449