Registered number
OC346888
Plus Minus LLP
Accounts
31 March 2024
Plus Minus LLP
Report and accounts
Contents
Page
LLP information 1
Members' report 2
Profit and loss account 3
Balance sheet 4
Notes to the accounts 5--7
Reconciliation of members' interests 8
Plus Minus LLP
LLP Information
Designated members
Mr Sukumar Saha
Mr Samar Saha
Plus Minus Ltd
Tax Chambers Ltd
Accountants
ARN Hoxton
Chartered Accountants
5 Baldwin Street
London
EC1V 9NU
Bankers
Metro Bank
Registered office
Unit 2
5 Baldwin Street
London
EC1V 9NU
Registered number
OC346888
Plus Minus LLP
Members' Report
The members present their report and accounts for the year ended 31 March 2024.
Principal activities
The LLP's principal activity during the year continued to be that of providing accounting, tax and corporate services
Designated members
The following persons served as designated members during the year:
Appointment
Mr Sukumar Saha 02/07/2009
Mr Samar Saha 21/10/2019
Policy with respect to members' drawings and subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP. New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Company law requires the members to prepare accounts for each financial year. Under that law the members have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the members must not approve the accounts 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 period. In preparing these accounts, the members are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts 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 enable them to ensure that the accounts comply with the Companies Act 2006. 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.
This report was approved by the members on 30 December 2024 and signed on their behalf by:
Mr Sukumar saha Mr Samar Saha
Designated member Designated member
Plus Minus LLP
Profit and Loss Account
for the year ended 31 March 2024
2024 2023
£ £
Turnover 175,622 170,136
Cost of sales (36,595) (21,978)
Gross profit 139,027 148,158
Administrative expenses (152,171) (147,348)
Other operating income - -
Operating (loss)/profit (13,144) 810
Capital gain from Investment 36,927 5,687
Dividend received 971 1,863
Interest receivable 27 6
Profit before members' remuneration and profit share 24,781 8,366
Members' remuneration charged as an expense - -
Profit for the financial year available for discretionary division among members 24,781 8,366
Plus Minus LLP
Registered number: OC346888
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,558 7,773
6,558 7,773
Current assets
Debtors 4 19,247 23,225
Investments HL 8 45,449 67,551
Cash at bank and in hand 4,036 7,989
68,732 98,765
Creditors: amounts falling due within one year 5 (21,947) (39,869)
Net current assets 46,785 58,896
Total assets less current liabilities 53,343 66,669
Creditors: amounts falling due after more than one year 6 (25,820) (34,333)
Net assets attributable to members 27,523 32,336
Total members' interests
10 10
Members' capital 32,326 50,288
Reserves 24,781 8,366
Drawings (29,594) (26,328)
27,523 32,336
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 30 December 2024 and signed on their behalf by:
Mr Sukumar saha Mr Samar Saha
Designated member Designated member
Plus Minus 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 and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 5 5
3 Tangible fixed assets
Furniture & Fixtures Office equipment Total
£ £
Cost
At 1 April 2023 1,669 11,120 12,789
Additions - 425 425
Revaluation -
Disposals - - -
At 31 March 2024 1,669 11,545 13,214
Depreciation
At 1 April 2023 601 4,415 5,016
Charge for the year 214 1,426 1,640
Revaluation -
On disposals - - -
At 31 March 2024 815 5,841 6,656
Net book value
At 31 March 2024 854 5,704 6,558
At 31 March 2023 1,068 6,705 7,773
4 Debtors 2024 2023
£ £
Trade debtors 1,338 10,338
Other debtors - Plus Minus Ltd 9,555 4,033
Prepayments & accrued income 8,354 8,354
Other debtors - 500
19,247 23,225
5 Creditors: amounts falling due within one year 2024 2023
£ £
PAYE & pension 1,272 2,133
VAT payable 8,985 8,947
Advance fees - 9,800
Other creditors 6,043 11,849
Accruals 2,947 7,140
21,947 39,869
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 25,820 34,333
25,820 34,333
7 Other information
Plus Minus LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 2
5 Baldwin Street
London
EC1V 9NU
Plus Minus LLP
Reconciliation of Members' Interests
for the year ended 31 March 2024
£
EQUITY DEBT TOTAL
Members' other interests Loans and other debts due to members
less any amounts due from members
in debtors
Members' capital (classified as equity) Revaluation reserve Other reserves Total Loans and other debts due to/from members Other amounts Total Total members' interests
Balance at 1 April 2023 32,326 - - 32,326 10 10 32,336
Profit for the financial year available for discretionary division among members 24,781 24,781 24,781
Members' interests after profit for the year 32,326 - 24,781 57,107 10 10 57,117
Drawings (29,594) - (29,594)
Balance at 31 March 2024 32,326 - 24,781 27,513 10 10 27,523
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