Limited Liability Partnership Registration No. OC370675 (England and Wales)
SLCE Architects LLP
Annual report and financial statements
For the year ended 31 December 2023
Pages for filing with registrar
SLCE ARCHITECTS LLP
SLCE Architects LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SLCE ARCHITECTS LLP
SLCE Architects LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,274
190
Current assets
Debtors
4
56,835
137,710
Cash at bank and in hand
1,086
11,478
57,921
149,188
Creditors: amounts falling due within one year
5
(16,841)
(15,302)
Net current assets
41,080
133,886
Total assets less current liabilities
45,354
134,076
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
1,866,208
1,797,874
Members' other interests
6
Other reserves classified as equity
(1,820,854)
(1,663,798)
45,354
134,076
Total members' interests
6
Loans and other debts due to members
1,866,208
1,797,874
Members' other interests
(1,820,854)
(1,663,798)
45,354
134,076

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

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.

SLCE ARCHITECTS LLP
SLCE Architects LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 26 September 2024 and are signed on their behalf by:
26 September 2024
J Davidson
Designated member
Limited Liability Partnership Registration No. OC370675
SLCE ARCHITECTS LLP
SLCE Architects LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

SLCE Architects LLP is a limited liability partnership incorporated in England and Wales. The registered office is 78 Pall Mall, London, United Kingdom, SW1Y 5ES.

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 January 2017, together with FRS 102 Section 1A - “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006.

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.

1.2
Going concern

These financial statements are prepared on the going concern basis. The limited liability partnership continues to look for opportunities and projects within the sector for which it can provide architectural services.

 

The financial statements do not include any adjustments that might result from the withdrawal of this support and the members are of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements. One of the members will provide sufficient funding to meet its day to day requirements for a period of at least 12 months from the date of these accounts.

1.3
Turnover

Turnover derived from the provision of architectural services represents amounts receivable for the supply of design of property net of trade discounts and value added tax.

Where the outcome of a service contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

SLCE ARCHITECTS LLP
SLCE Architects LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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 rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

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.

1.5
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:

Fixtures, fittings & equipment
25% straight line
1.6
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.

1.7
Financial instruments

The limited liability partnership 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

SLCE ARCHITECTS LLP
SLCE Architects LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 1 (2022: 1).

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
73,769
Additions
5,287
Disposals
(70,442)
At 31 December 2023
8,614
Depreciation and impairment
At 1 January 2023
73,579
Depreciation charged in the year
1,203
Eliminated in respect of disposals
(70,442)
At 31 December 2023
4,340
Carrying amount
At 31 December 2023
4,274
At 31 December 2022
190
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
25,043
22,820
Other debtors
31,792
114,890
56,835
137,710
SLCE ARCHITECTS LLP
SLCE Architects LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,902
6,287
Taxation and social security
922
2,027
Other creditors
7,018
6,989
16,841
15,302
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
1,797,874
Members' interests at 1 January 2023
(1,663,798)
1,797,874
1,797,874
134,076
Loss for the financial year available for discretionary division among members
(157,056)
-
-
(157,056)
Members' interests after loss for the year
(1,820,854)
1,797,874
1,797,874
(22,980)
Introduced by members
-
68,334
68,334
68,334
Members' interests at 31 December 2023
(1,820,854)
1,866,208
1,866,208
45,354
Amounts due to members
1,866,208
1,866,208
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Sarah Yardley BSc ACA (Senior Statutory Auditor)
The Auditor was MGR Weston Kay LLP.
SLCE ARCHITECTS LLP
SLCE Architects LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
87,600
90,162
9
Related party transactions

At the year end, the limited liability partnership was owed £25,042 (2022: £22,821) by SLCE Holdings Limited, its immediate parent entity.

10
Parent company

The ultimate parent entity is SLCE Architects LLP, a limited liability partnership incorporated in United States of America. SLCE Architects, LLP's registered office is 1359 Broadway, New York City, New York, 10018.

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