Limited Liability Partnership registration number OC340118 (England and Wales)
COGNACITY WELLBEING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
COGNACITY WELLBEING LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 9
COGNACITY WELLBEING LLP
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
2,219
Current assets
Debtors
5
-
423,813
Cash at bank and in hand
-
379,722
-
803,535
Creditors: amounts falling due within one year
6
-
(322,228)
Net current assets
-
481,307
Total assets less current liabilities and net assets attributable to members
-
483,526
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
-
477,526
Members' other interests
Members' capital classified as equity
-
6,000
-
483,526

For the financial year ended 31 October 2023 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 members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 29 January 2025 and are signed on their behalf by:
29 January 2025
G.T. Bell
Designated member
Limited Liability Partnership registration number OC340118 (England and Wales)
COGNACITY WELLBEING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
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
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 November 2022
6,000
477,526
477,526
483,526
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss for the year
6,000
477,526
477,526
483,526
Repayments of capital
(6,000)
-
-
(6,000)
Drawings
-
(477,526)
(477,526)
(477,526)
Members' interests at 31 October 2023
-
-
-
-
Amounts due to members
-
-
COGNACITY WELLBEING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
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
Members' capital
Other amounts
Total
Total
2022
£
£
£
£
Members' interests at 1 April 2022
6,000
428,475
428,475
434,475
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
258,059
258,059
258,059
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the period
6,000
686,534
686,534
692,534
Drawings
-
(209,008)
(209,008)
(209,008)
Members' interests at 31 October 2022
6,000
477,526
477,526
483,526
Amounts due to members
477,526
477,526
COGNACITY WELLBEING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Limited liability partnership information

Cognacity Wellbeing LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Welbeck Street, London, W1G 8EF.

 

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 2021, 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
Going concern

After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future.

 

Thus the designated members continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover represents amounts receivable for consultancy services net trade discounts.

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

COGNACITY WELLBEING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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:

Land and buildings Leasehold
Over the terms of the lease
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Computer equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

COGNACITY WELLBEING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from connected companies that are classified as debt, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

COGNACITY WELLBEING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2
Employees

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

2023
2022
Number
Number
Total
-
0
19
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022
10,000
Disposals
(10,000)
At 31 October 2023
-
Amortisation and impairment
At 1 November 2022
10,000
Disposals
(10,000)
At 31 October 2023
-
Carrying amount
At 31 October 2023
-
At 31 October 2022
-
COGNACITY WELLBEING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
10,392
75,176
85,568
Transfers
10,392
(75,176)
(85,568)
At 31 October 2023
-
-
-
Depreciation and impairment
At 1 November 2022
10,392
72,957
83,349
Transfers
(10,392)
(72,957)
(83,349)
At 31 October 2023
-
-
-
Carrying amount
At 31 October 2023
-
-
-
At 31 October 2022
-
2,219
2,219
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
384,728
Other debtors
-
39,085
-
423,813
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
230,279
Taxation and social security
-
33,024
Other creditors
-
58,925
-
322,228
7
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.

COGNACITY WELLBEING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Related party transactions

In the period, the following charges were incurred by the partnership:

 

i) £Nil (2022: £27,720) to members of the partnership for services provided, of which £Nil (2022: £19,460) was outstanding at the period end.

 

ii) Amounts owed to a company with common members was £Nil (2022: £887) at the period end.

 

In the period, the following income was received by the partnership:

 

iii) £Nil (2022: £9,000) from a member of the partnership for services provided, of which £Nil (2022 £1,000) was outstanding at the period end.

2023-10-312022-11-01falsefalse29 January 2025CCH SoftwareCCH Accounts Production 2024.310falseOC3401182022-11-012023-10-31OC3401182023-10-31OC340118bus:PartnerLLP12022-11-012023-10-31OC3401182022-04-012022-10-31OC340118bus:LimitedLiabilityPartnershipLLP2022-11-012023-10-31OC340118bus:FRS1022022-11-012023-10-31OC340118bus:AuditExemptWithAccountantsReport2022-11-012023-10-31OC340118bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-31OC340118bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:shares