REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ACUITY PROFESSIONAL PARTNERSHIP LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ACUITY PROFESSIONAL PARTNERSHIP LLP |
ACUITY PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC326258) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
ACUITY PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC326258) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Work in progress |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
56,639 |
113,278 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 56,639 | 113,278 |
56,639 | 113,278 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 56,639 | 113,278 |
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. |
ACUITY PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC326258) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
ACUITY PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC326258) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
ACUITY PROFESSIONAL PARTNERSHIP LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.The presentation currency of the financial statements is the Pound Sterling (£). |
TURNOVER |
Turnover comprises the value of consideration receivable from the customer for the rendering of services, net of value-added tax (VAT) rebates and discounts. |
WORK IN PROGRESS |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method. |
FINANCIAL INSTRUMENTS |
The company 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. |
Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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 amortized 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 amortized. |
CLASSIFICATION OF FINANCIAL LIABILITIES |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
BASIC FINANCIAL LIABILITIES |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. |
Debt instruments are subsequently carried at amortized cost, using the effective interest rate method. |
ACUITY PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC326258) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In preparing the financial statements, management were not required to make any estimates or judgements which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Trade creditors |
Other creditors |
Due to Members | 47,951 | 27,274 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 7) |
7. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
ACUITY PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC326258) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |