Limited Liability Partnership Registration No. OC396784 (England and Wales)
LEARNED LION LLP
REPORT OF THE MEMBERS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LEARNED LION LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
LEARNED LION LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
391
641
Current assets
Debtors
2,688
3,262
Creditors: amounts falling due within one year
5
(3,712)
(4,533)
Net current liabilities
(1,024)
(1,271)
Total assets less current liabilities and net liabilities attributable to members
(633)
(630)
Represented by:
Members' other interests
Members' capital classified as equity
846
(2,611)
Other reserves classified as equity
(1,479)
1,981
(633)
(630)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small 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 and delivered 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 20 January 2025 and are signed on their behalf by:
20 January 2025
Ms G Smallwood
Designated member
Limited Liability Partnership registration number OC396784 (England and Wales)
LEARNED LION LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

2
Accounting policies
Limited liability partnership information

Learned Lion LLP is a limited liability partnership incorporated in England and Wales. The registered office is 20 Larkhall Lane, London, SW4 6SP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

2.1
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 £.

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

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

2.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% Straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

LEARNED LION LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2023 and 31 March 2024
999
Depreciation and impairment
At 1 April 2023
358
Depreciation charged in the year
250
At 31 March 2024
608
Carrying amount
At 31 March 2024
391
At 31 March 2023
641
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1
61
Trade creditors
2,553
3,221
Other creditors
1,158
1,251
3,712
4,533
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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