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Registration number: OC431617

Limitless Tcom LLP

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Limitless Tcom LLP

Contents

Financial Statements

1 to 5

Balance Sheet

1

Notes to the Financial Statements

3

 

Limitless Tcom LLP

(Registration number: OC431617)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,413

2,622

Current assets

 

Cash and short-term deposits

 

8,354

1,007

Creditors: Amounts falling due within one year

4

(18,706)

(14,521)

Net current liabilities

 

(10,352)

(13,514)

Net liabilities attributable to members

 

(8,939)

(10,892)

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(6,270)

(10,892)

Members’ other interests

 

Other reserves

 

(2,669)

-

   

(8,939)

(10,892)

Total members' interests

 

Loans and other debts due to members

 

(6,270)

(10,892)

Equity

 

(2,669)

-

   

(8,939)

(10,892)

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.

The financial statements of Limitless Tcom LLP (registered number OC431617) were approved by the Board and authorised for issue on 24 January 2025. They were signed on behalf of the limited liability partnership by:

 

Limitless Tcom LLP

(Registration number: OC431617)
Balance Sheet as at 30 April 2024

.........................................
P Byrne
Designated member

 

Limitless Tcom 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 under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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 Limitless Tcom 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.

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

 

Limitless Tcom LLP

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

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

Fixtures and fittings

15% reducing balance

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.

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.

Financial instruments

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Limitless Tcom LLP

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

3

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 May 2023

764

2,207

2,971

At 30 April 2024

764

2,207

2,971

Depreciation

At 1 May 2023

62

287

349

Charge for the year

105

1,104

1,209

At 30 April 2024

167

1,391

1,558

Net book value

At 30 April 2024

597

816

1,413

At 30 April 2023

702

1,920

2,622

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Other creditors

450

450

Accruals and deferred income

1,146

2,226

Taxation and social security

17,110

11,845

18,706

14,521

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.