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Registration number: OC340384

AVN Wealth Managers LLP

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

AVN Wealth Managers LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

AVN Wealth Managers LLP

Limited liability partnership information

Designated members

AVNWM Ltd

S Finlayson
 

Members

M Ladwa

Registered office

147 Temple Chambers
3/7 Temple Avenue
London
EC4X 0HP

Accountants

Wickersham Limited
Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

 

AVN Wealth Managers LLP

(Registration number: OC340384)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

12,734

20,180

Current assets

 

Debtors

4

2,412

338

Cash and short-term deposits

 

135,309

130,321

 

137,721

130,659

Creditors: Amounts falling due within one year

5

(11,582)

(38,265)

Net current assets

 

126,139

92,394

Net assets attributable to members

 

138,873

112,574

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

127,872

101,573

Members’ other interests

 

Members' capital classified as equity

 

11,001

11,001

   

138,873

112,574

Total members' interests

 

Loans and other debts due to members

 

127,872

101,573

Equity

 

11,001

11,001

   

138,873

112,574

For the year ending 30 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

AVN Wealth Managers LLP

(Registration number: OC340384)
Balance Sheet as at 30 April 2024

The financial statements of AVN Wealth Managers LLP (registered number OC340384) were approved by the Board and authorised for issue on 23 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
S Finlayson
Designated member

 

AVN Wealth Managers LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of AVN Wealth Managers LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

 

AVN Wealth Managers LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Computer equipment & software

33% straight line basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2023 - 1).

 

AVN Wealth Managers LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Tangible fixed assets

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

5,897

22,000

27,897

At 30 April 2024

5,897

22,000

27,897

Depreciation

At 1 May 2023

2,217

5,500

7,717

Charge for the year

1,946

5,500

7,446

At 30 April 2024

4,163

11,000

15,163

Net book value

At 30 April 2024

1,734

11,000

12,734

At 30 April 2023

3,680

16,500

20,180

4

Debtors

2024
£

2023
£

Prepayments and accrued income

2,412

338

Total current trade and other debtors

2,412

338

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

8,484

6,634

Other creditors

594

-

Accruals and deferred income

1,273

26,362

Taxation and social security

1,231

5,269

11,582

38,265