REGISTERED NUMBER: |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP (REGISTERED NUMBER: OC317460) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
81 Burton Road |
Derby |
Derbyshire |
DE1 1TJ |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP (REGISTERED NUMBER: OC317460) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
36,828 |
33,898 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
16,228 |
13,298 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 20,600 | 20,600 |
36,828 | 33,898 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 16,228 | 13,298 |
Members' other interests | 20,600 | 20,600 |
36,828 | 33,898 |
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. |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP (REGISTERED NUMBER: OC317460) |
BALANCE SHEET - continued |
30 APRIL 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP (REGISTERED NUMBER: OC317460) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Derbyshire Independent Financial Advisers 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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Members' participation rights |
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 the LLP SORP and section 22 of Section 1A of Financial Reporting Standard 102 (FRS102 1A) issued by the Financial Reporting Council. 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 year 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'. |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP (REGISTERED NUMBER: OC317460) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Members' capital |
Due to the LLP becoming directly regulated from 22 September 2014, capital introduced, which had previously been incorporated into members' current accounts, has been separately disclosed as members' capital accounts. |
An amount representing capital may be withdrawn from a member's capital account only if: |
- he ceases to be a member and an equal amount is transferred to another such account by his former fellow members or any person replacing him as a member; |
- the LLP is wound up or otherwise dissolved; |
- the LLP ceases to be authorised by the Financial Conduct authority or no longer has a Part 4A permission under the Financial Services and Markets Act 2000; or |
- the LLP has successfully applied to the Financial Conduct Authority for a waiver permitting the repayment of members' capital. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
DERBYSHIRE INDEPENDENT |
FINANCIAL ADVISERS LLP (REGISTERED NUMBER: OC317460) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
If the LLP is wound up, and a surplus sum remains at the conclusion of the winding up, after payment of all money due to the creditors of the LLP and all monies due to the Members and all expenses of the winding up, the liquidator shall pay that surplus to the Members. |
8. | ULTIMATE CONTROLLING PARTY |
The LLP is controlled by the two members equally. |