Flanton LLP OC439486 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Tax Consultancy Digita Accounts Production Advanced 6.30.9574.0 OC439486 2023-04-01 2024-03-31 OC439486 2024-03-31 OC439486 core:OtherReservesSubtotal 2024-03-31 OC439486 core:CurrentFinancialInstruments 2024-03-31 OC439486 bus:SmallEntities 2023-04-01 2024-03-31 OC439486 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC439486 bus:FullAccounts 2023-04-01 2024-03-31 OC439486 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC439486 bus:RegisteredOffice 2023-04-01 2024-03-31 OC439486 bus:PartnerLLP1 2023-04-01 2024-03-31 OC439486 bus:PartnerLLP2 2023-04-01 2024-03-31 OC439486 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC439486 bus:Agent1 2023-04-01 2024-03-31 OC439486 core:PlantMachinery 2023-04-01 2024-03-31 OC439486 countries:AllCountries 2023-04-01 2024-03-31 OC439486 2021-10-11 2023-03-31 OC439486 2023-03-31 OC439486 core:OtherReservesSubtotal 2023-03-31 OC439486 core:CurrentFinancialInstruments 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC439486

Flanton LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Flanton LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 8

Balance Sheet

4

Notes to the Financial Statements

6

 

Flanton LLP

Limited liability partnership information

Designated members

Mr Fei Liu

Mr Xingtong Chen
 

Registered office

12 John Prince's Street
London
W1G 0JR

Accountants

Flanton LLP
12 John Prince's Street
London
W1G 0JR

 

Flanton LLP

Members' Report for the Year Ended 31 March 2024

The members present their report and the unaudited financial statements for the year ended 31 March 2024.

Designated members

The members who held office during the year were as follows:

Mr Fei Liu

Mr Xingtong Chen

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 9 December 2024 and signed on its behalf by:

.........................................
Mr Fei Liu
Designated member

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Flanton LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Flanton LLP for the year ended 31 March 2024 set out on pages 4 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Flanton LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Flanton LLP and state those matters that we have agreed to state to the members of Flanton LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flanton LLP and its members as a body for our work or for this report.

It is your duty to ensure that Flanton LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Flanton LLP. You consider that Flanton LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Flanton LLP. 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 statutory accounts.

......................................

Flanton LLP
12 John Prince's Street
London
W1G 0JR

9 December 2024

 

Flanton LLP

(Registration number: OC439486)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

126,639

124,459

Current assets

 

Debtors

72,443

69,071

Cash and short-term deposits

 

6,365

40,529

 

78,808

109,600

Creditors: Amounts falling due within one year

(142,654)

(171,267)

Net current liabilities

 

(63,846)

(61,667)

Net assets attributable to members

 

62,793

62,792

Represented by:

 

Members’ other interests

 

Other reserves

 

62,793

62,792

   

62,793

62,792

Total members' interests

 

Equity

 

62,793

62,792

   

62,793

62,792

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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 Flanton LLP (registered number OC439486) were approved by the Board and authorised for issue on 9 December 2024. They were signed on behalf of the limited liability partnership by:

 

Flanton LLP

(Registration number: OC439486)
Balance Sheet as at 31 March 2024

.........................................
Mr Fei Liu
Designated member

 

Flanton LLP

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

1

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.

General information and basis of accounting

The limited liability partnership is incorporated in UK under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Flanton LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Flanton LLP

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

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

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 economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

 

Flanton LLP

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

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 20 (2023 - 18).

3

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.