Limited Liability Partnership registration number OC346021 (England and Wales)
AZETS GARBUTT & ELLIOTT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
AZETS GARBUTT & ELLIOTT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Azets G & E Professional Services Limited
Mr J Oliver
Limited liability partnership number
OC346021
Registered office
2nd Floor, Regis House
45 King William Street
London
EC4R 9AN
AZETS GARBUTT & ELLIOTT LLP
CONTENTS
Page
Members' report
2
Members' responsibilities statement
1
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 9
AZETS GARBUTT & ELLIOTT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The responsible for preparing the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law). Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that year. In preparing those financial statements, the members are required to:

 

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AZETS GARBUTT & ELLIOTT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The members present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of Azets Garbutt & Elliott LLP (the "LLP") was that of accountants and business advisers. On 30 June 2022, the LLP's assets and business were transferred to Azets Holdings Limited and the LLP ceased its principal activity.

Members' drawings, contributions and repayments

The LLP agreement allows each designated member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to the working capital needs of the LLP and is agreed from time to time by the designated members. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Azets G & E Professional Services Limited
Mr J Oliver
Going concern

At the time of approving the financial statements, the Members have a reasonable expectation that the LLP has adequate resources to continue for the foreseeable future.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 8 November 2024 and signed on behalf by:
08 November 2024
Mr J  Oliver
Designated Member
AZETS GARBUTT & ELLIOTT LLP
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Year
Year
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Investment income
3
-
64,713
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
-
0
64,713

The income statement has been prepared on the basis that all operations have been discontinued.

AZETS GARBUTT & ELLIOTT LLP
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
4
220
220
Current assets
-
-
Current liabilities
5
(220)
(220)
Net current liabilities
(220)
(220)
Total assets less current liabilities and net assets attributable to members
-
-
Represented by:

For the financial year ended 30 June 2024 the limited liability partnership was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 8 November 2024 and are signed on their behalf by:
08 November 2024
Mr J  Oliver
Designated member
Limited Liability Partnership Registration No. OC346021
AZETS GARBUTT & ELLIOTT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Azets Garbutt & Elliott LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN.

 

The LLP's principal activities are disclosed in the Members' Report.

 

Financial statements are presented for the year from 1 July to 30 June.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This limited liability partnership is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this limited liability partnership, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The limited liability partnership has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The limited liability partnership has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

 

Azets Garbutt & Elliott LLP is a wholly owned subsidiary of Lynx Topco Limited and the results of Azets Garbutt & Elliott LLP are included in the consolidated financial statements of Lynx Topco Limited which will be available from Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Reporting period

Financial statements are presented for the year from 1 July to 30 June.

AZETS GARBUTT & ELLIOTT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.3
Members' participating interests

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 section 22 of FRS 102. 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 period 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.

 

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'.

1.4
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AZETS GARBUTT & ELLIOTT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.6
Financial instruments

The LLP has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

AZETS GARBUTT & ELLIOTT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP’s obligations expire or are discharged or cancelled.

1.7
Retirement benefits and post retirement payments to members

The LLP has no obligation to make post-retirement payments to members.

1.8

Taxation

The LLP is not subject to tax on its profits as taxation remains the responsibility of its members. Accordingly, no current or deferred tax charge is provided for in these financial statements.

2
Employees

The average number of persons (excluding members) employed by the LLP during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment income
2024
2023
£
£
Investment income includes the following:
Income from shares in group undertakings
-
64,713
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
220
220
5
Current liabilities
2024
2023
£
£
Amounts owed to group undertakings
220
220
6
Remuneration of key management personnel

Certain members are also directors of the wider Azets group of companies, and the emoluments relating to these members are borne by other undertakings in the group. In any given year the members do not spend a significant portion of their time on the LLP.

AZETS GARBUTT & ELLIOTT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Parent company

The immediate parent and controlling member is Azets G&E Professional Services Limited, a company registered in England and Wales.

 

The parent company of the smallest group of undertakings for which consolidated financial statements are drawn up and of which the company is a member is Lynx Topco Limited, a company incorporated in Jersey, whose registered address is 44 Esplanade, St Helier, Jersey, JE4 9WG. Copies of the group financial statements will be available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

In the opinion of the directors the immediate controlling party is the immediate parent entity and there is no ultimate controlling party.

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