REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CUMMINGS PEPPERDINE LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CUMMINGS PEPPERDINE LLP |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Abridged Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
CUMMINGS PEPPERDINE LLP |
GENERAL INFORMATION |
For The Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
REPORT OF THE MEMBERS |
For The Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £132,197 (2023 - £208,838 profit). |
MEMBERS' INTERESTS |
Amounts becoming due to members in respect of equity participating rights, following a discretionary division of profits, are debited directly to equity in the accounting period in which the division occurs. Such amounts are not presented as an expense within the profit and loss account. A discretionary division of profits that takes place after the balance sheet date is a non-adjusting event. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
INCOME STATEMENT |
For The Year Ended 31 March 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
125,665 | 212,008 |
Gain/(loss) on revalation of investments | 6,382 | (3,170 | ) |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
ABRIDGED BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
56,014 |
65,716 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
55,914 |
65,616 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 100 | 100 |
56,014 | 65,716 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 55,914 | 65,616 |
Members' other interests | 100 | 100 |
Amounts due from members | (55,595 | ) | (27,336 | ) |
419 | 38,380 |
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. |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
ABRIDGED BALANCE SHEET - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Cummings Pepperdine 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 represents sales of legal advice services, excluding value added tax, performed during the year. |
Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
Intangible assets |
Bitcoin is classified as an intangible asset and included in fixed assets; this classification is based on the fact that Bitcoin is not utilized in the normal course of business operations. Bitcoin is assessed under the revaluation model with initial measurement at cost and subsequent measurement at fair value less any accumulated amortisation and impairment. Revaluations above cost are recognised in Other Comprehensive Income and below cost, as expenses to profit and loss. |
Tangible fixed assets |
Depreciation is provided at the following rates in order to write off each individual asset over its useful life. |
Office equipment | - | 25% reducing balance |
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CUMMINGS PEPPERDINE LLP (REGISTERED NUMBER: OC432001) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
INTANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Totals |
£ |
Valuation in 2021 | 3,993 |
Valuation in 2022 | (1,636 | ) |
Valuation in 2023 | (3,170 | ) |
Valuation in 2024 | 6,382 |
Cost | 7,669 |
13,238 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the absence of an agreement to the contrary, unsecured debt due to members will rank equally with debts due to other unsecured creditors in a winding up. |