George & Dragon London LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC325157 (England and Wales)
George & Dragon London LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
5 - 11
George & Dragon London LLP
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
80
80
Current assets
Debtors
6
954,803
801,798
Cash and cash equivalents
6,671
728
961,474
802,526
Creditors: amounts falling due within one year
7
(556,784)
(392,006)
Net current assets
404,690
410,520
Total assets less current liabilities
404,770
410,600
Creditors: amounts falling due after more than one year
8
(33,520)
(39,350)
Net assets attributable to members
371,250
371,250
Represented by:
Members' other interests
Members' capital classified as equity
21,250
21,250
Other reserves classified as equity
350,000
350,000
371,250
371,250
Total members' interests
Amounts due from members
(752,249)
(612,897)
Members' other interests
371,250
371,250
(380,999)
(241,647)

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 year ended 31 December 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.

George & Dragon London LLP
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the members and authorised for issue on 31 January 2025 and are signed on their behalf by:
31 January 2025
N Hurrell
Designated member
Limited Liability Partnership Registration No. OC325157
George & Dragon London LLP
Reconciliation of Members' Interests
For the year ended 31 December 2023
Page 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
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due from members
(612,897)
Members' interests at 1 January 2023
21,250
350,000
371,250
(612,897)
(612,897)
(241,647)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
70,000
70,000
70,000
Loss for the financial year available for discretionary division among members
-
(60,120)
(60,120)
-
-
(60,120)
Members' interests after loss and remuneration for the year
21,250
289,880
311,130
(542,897)
(542,897)
(231,767)
Allocation of loss for the financial year
-
60,120
60,120
(60,120)
(60,120)
-
Drawings
-
-
-
(149,232)
(149,232)
(149,232)
Members' interests at 31 December 2023
21,250
350,000
371,250
(752,249)
(752,249)
(380,999)
Amounts due from members, included in debtors
(752,249)
(752,249)
George & Dragon London LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 December 2023
Page 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
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due from members
(824,311)
Members' interests at 1 January 2022
21,250
350,000
371,250
(824,311)
(824,311)
(453,061)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
70,000
70,000
70,000
Profit for the financial year available for discretionary division among members
-
63,635
63,635
-
-
63,635
Members' interests after profit and remuneration for the year
21,250
413,635
434,885
(754,311)
(754,311)
(319,426)
Allocation of profit for the financial year
-
(63,635)
(63,635)
63,635
63,635
-
Capital introduced
-
-
-
77,779
77,779
77,779
Members' interests at 31 December 2022
21,250
350,000
371,250
(612,897)
(612,897)
(241,647)
Amounts due from members, included in debtors
(612,897)
(612,897)
George & Dragon London LLP
Notes to the Financial Statements
For the year ended 31 December 2023
Page 5
1
Accounting policies
Limited liability partnership information

George & Dragon London LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, 45 Albemarle Street, London, England, W1S 4JL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

The financial statements are prepared under the historical cost convention.

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

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The members of the LLP agree to support the partnership to meet any liabilities due in the next 12 months.

1.3
Turnover

Turnover represents amounts receivable for services in the principal activity of the LLP net of VAT and trade discounts.

 

All turnover arose within the United Kingdom.

1.4
Revenue recognition

Both fee income and recharged costs are billed and recognised in the period in which the work was completed or the costs incurred. Where there are exceptions to this, income is deferred or accrued as necessary. For projects falling over the financial year end, income is recognised to reflect the partial performance of the contractual obligations with Section 23 of FRS 102.

George & Dragon London LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
1.5
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.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

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.

 

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.

 

1.6
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery
3-5 years 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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

George & Dragon London LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 7
1.8
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

George & Dragon London LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 8
Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.12
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.

1.13
Retirement benefits and post retirement payments to members

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.15

Group accounts exemption

The limited liability partnership has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

 

2
Members' remuneration
2023
2022
Number
Number
The average number of members during the year was
2
2
2023
2022
£
£
Remuneration under participation rights
70,000
70,000
George & Dragon London LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023 and 31 December 2023
291
Depreciation and impairment
At 1 January 2023 and 31 December 2023
291
Carrying amount
At 31 December 2023
-
At 31 December 2022
-
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
80
80
5
Subsidiaries

These financial statements are separate limited liability partnership financial statements for George & Dragon London LLP.

Details of the limited liability partnership's subsidiaries at 31 December 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Shield Films Limited
England and Wales
Film production
Ordinary
80.00
-
Hurrell and Dawson Limited
England and Wales
Corporate member of George & Dragon London LLP
Ordinary
100.00
-
George & Dragon London LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
72,480
24,066
Amounts owed by group undertakings
90,555
44,441
Amounts owed by members
752,249
612,897
Other debtors
7,308
-
Prepayments and accrued income
32,211
120,394
954,803
801,798
7
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
5,830
5,830
Trade creditors
312,262
159,429
Other taxation and social security
52,410
69,748
Other creditors
65,392
65,000
Accruals and deferred income
120,890
91,999
556,784
392,006
The limited liability partnership has a debenture in respect of Coutts & Co. to the charges on any account whatsoever registered on 24 August 2010 over the assets of the partnership.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,520
39,350

 

9
Related party transactions

The total remuneration of the members of the LLP, who are considered to be the key management personnel, for the year ended 31 December 2023 was £9,880 (2022: £133,635), of which £70,000 (2022: £70,000) has been recognised as employee remuneration and a loss of £60,120 (2022: £63,635 profit) as profits and losses distributable to members.

 

At the balance sheet date, an amount of £90,556 was due from Shield Films Limited, a subsidiary of the LLP (2022: £44,441). This balance is included within other debtors. During the year, George & Dragon London LLP made sales of £nil (2022: £28,823) to Shield Films Limited.

George & Dragon London LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 11
10
Parent company

The partnership is under the control of the members.

2023-12-312023-01-01falsefalse31 January 2025CCH SoftwareCCH Accounts Production 2024.301falseOC3251572023-01-012023-12-31OC3251572023-12-31OC325157bus:PartnerLLP12023-01-012023-12-31OC3251572022-01-012022-12-31OC325157bus:LimitedLiabilityPartnershipLLP2023-01-012023-12-31OC325157bus:FRS1022023-01-012023-12-31OC325157bus:AuditExemptWithAccountantsReport2023-01-012023-12-31OC325157bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31OC325157bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:shares