Registered number
OC351221
Prosperity Medical Financial Services LLP
Filleted Accounts
31 March 2024
Prosperity Medical Financial Services LLP
Registered number: OC351221
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 1,226 1,635
Current assets
Debtors 3 18,105 18,580
Cash at bank and in hand 14,732 14,928
32,837 33,508
Creditors: amounts falling due within one year 4 (239) (361)
Net current assets 32,598 33,147
Total assets less current liabilities 33,824 34,782
Net assets attributable to members 33,824 34,782
Represented by:
Loans and other debts due to members 5 33,824 34,782
Loans and other debts due to members 5 33,824 34,782
Average number of employees 0 0
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 29 July 2024 and signed on their behalf by:
Mr M A Cleaver
Designated member
Prosperity Medical Financial Services LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 9,903
At 31 March 2024 9,903
Depreciation
At 1 April 2023 8,268
Charge for the year 409
At 31 March 2024 8,677
Net book value
At 31 March 2024 1,226
At 31 March 2023 1,635
3 Debtors 2024 2023
£ £
Trade debtors 1,105 1,580
Other debtors 17,000 17,000
18,105 18,580
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 122
Other creditors 239 239
239 361
5 Loans and other debts due to members 2024 2023
£ £
Loans from members 10,000 10,000
Amounts due to members in respect of profits 23,824 24,782
33,824 34,782
Amounts falling due within one year 33,824 34,782
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
Prosperity Medical Financial Services LLP is a limited liability partnership incorporated in England. Its registered office is:
130 Bewdley Road
Stourport-On-Seven
DY13 8XH
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