Limited Liability Partnership Registration No. OC384362 (England and Wales)
LAYANA LONDON LLP
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
LAYANA LONDON LLP
CONTENTS
Page
Balance sheet
2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 6
LAYANA LONDON LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAYANA LONDON LLP FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Layana London LLP for the period ended 31 March 2024 which comprise, the Balance Sheet, the Reconciliation of Members' Interests and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the limited liability partnership's members of Layana London LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Layana London LLP and state those matters that we have agreed to state to the limited liability partnership's members of Layana London LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Layana London LLP and its members as a body, for our work or for this report.
It is your duty to ensure that Layana London LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Layana London LLP. You consider that Layana London LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Layana London LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Date:
28 January 2025
LAYANA LONDON LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
3,000
3,000
Debtors
3
50
-
Cash at bank and in hand
14,071
23,196
17,121
26,196
Creditors: amounts falling due within one year
4
(2,407)
(3,687)
Net current assets and net assets attributable to members
14,714
22,509
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
14,714
22,509
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 period 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 27 January 2025 and are signed on their behalf by:
27 January 2025
M Karasinska-Obloj
Designated member
Limited Liability Partnership Registration No. OC384362
LAYANA LONDON LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Current financial year
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
2024
£
£
£
£
Members' interests at 1 May 2023
-
22,509
22,509
22,509
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
8,342
8,342
8,342
Loss for the period available for discretionary division among members
(16,137)
-
-
(16,137)
Members' interests after loss and remuneration for the period
(16,137)
30,851
30,851
14,714
Allocation of loss for the period
16,137
-
-
16,137
Other movements
-
(16,137)
(16,137)
(16,137)
Members' interests at 31 March 2024
-
14,714
14,714
14,714
LAYANA LONDON LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
Prior financial year
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
£
£
£
£
Members' interests at 1 May 2022
-
25,953
25,953
25,953
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
9,100
9,100
9,100
Loss for the period available for discretionary division among members
(11,344)
-
-
(11,344)
Members' interests after loss and remuneration for the year
(11,344)
35,053
35,053
23,709
Allocation of loss for the financial year
11,344
-
-
11,344
Other movements
-
(12,544)
(12,544)
(12,544)
Members' interests at 31 March 2023
-
22,509
22,509
22,509
LAYANA LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information
Layana London LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
The limited liability partnership's principal activities are disclosed in the Members' Report.
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 December 2018, 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.
1.2
Reporting period
These accounts show the period from 01 May 2023 to 31 March 2024, the accounts cover a period of 11 months.
1.3
Turnover
Turnover comprises revenue recognised by the LLP in respect of specialist jewellery supplied during the year.
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.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
LAYANA LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments
Basic financial assets
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2
Members' remuneration
2024
2023
Number
Number
Average number of members during the period
2
2
2024
2023
Members' remuneration comprises:
£
£
Remuneration under participation rights
8,342
9,100
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50
-
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
49
34
Trade creditors
1,505
1,914
Other creditors
853
1,739
2,407
3,687
5
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.