REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 2 April 2024 |
for |
KIN LONDON LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 2 April 2024 |
for |
KIN LONDON LLP |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Contents of the Financial Statements |
for the Year Ended 2 April 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KIN LONDON LLP |
General Information |
for the Year Ended 2 April 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Balance Sheet |
2 April 2024 |
2.4.24 | 2.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
251,234 |
- |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
251,234 |
- |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 251,234 | - |
Amounts due from members | 5 | - | (8,392 | ) |
251,234 | (8,392 | ) |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Balance Sheet - continued |
2 April 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Notes to the Financial Statements |
for the Year Ended 2 April 2024 |
1. | STATUTORY INFORMATION |
Kin London LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company’s accounting policies, the directors are required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Fixtures and fittings - 33% on cost |
Computer equipment - 33% on cost |
Motor vehicle - 25% on reducing balance |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Notes to the Financial Statements - continued |
for the Year Ended 2 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with 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 debtors 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. |
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 company 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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Notes to the Financial Statements - continued |
for the Year Ended 2 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 3 April 2023 |
Additions |
At 2 April 2024 |
DEPRECIATION |
At 3 April 2023 |
Charge for year |
At 2 April 2024 |
NET BOOK VALUE |
At 2 April 2024 |
At 2 April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2.4.24 | 2.4.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2.4.24 | 2.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2.4.24 | 2.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
KIN LONDON LLP (REGISTERED NUMBER: OC403555) |
Notes to the Financial Statements - continued |
for the Year Ended 2 April 2024 |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2.4.24 | 2.4.23 |
£ | £ |
Amounts owed to members in respect of profits | 251,234 | - |
Falling due within one year | 251,234 | - |
Loans and other debts due to members will rank ‘pari passu’ with other unsecured creditors of the LLP. |