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REGISTERED NUMBER: OC440191
Funding Tree Limited Liability Partnership
Filleted Unaudited Financial Statements
31 March 2024
Funding Tree Limited Liability Partnership
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
Fixed assets
Investments
4
100
100
Current assets
Debtors
5
214,350
102,608
Cash at bank and in hand
22,881
18,053
---------
---------
237,231
120,661
Creditors: amounts falling due within one year
6
297,000
152,000
---------
---------
Net current liabilities
59,769
31,339
--------
--------
Total assets less current liabilities
( 59,669)
( 31,239)
--------
--------
Net liabilities
( 59,669)
( 31,239)
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Members' capital classified as equity
(31,239)
50
Other reserves
(28,430)
(31,289)
--------
--------
(59,669)
(31,239)
--------
--------
Total members' interests
Amounts due from members
(200,000)
(100,000)
Loans and other debts due to members
Members' other interests
(59,669)
(31,239)
---------
---------
(259,669)
(131,239)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Funding Tree Limited Liability Partnership
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 31 January 2025 , and are signed on their behalf by:
Ms C S B Blois
Designated Member
Registered number: OC440191
Funding Tree Limited Liability Partnership
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the members, continued financial support will be available such that the LLP can meet its liabilities as they fall due. Based on this, the members consider it appropriate that the financial statements are prepared on a going concern basis.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 March 2024
100
----
Impairment
At 1 January 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
100
----
At 31 December 2022
100
----
5.
Debtors
31 Mar 24
31 Dec 22
£
£
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
14,350
1,550
Other debtors
200,000
101,058
---------
---------
214,350
102,608
---------
---------
6. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Other creditors
297,000
152,000
---------
---------
7.
Related party transactions
The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group. During the year, the LLP received consultancy services worth £16,707 from Kerry Wilmot, a designated member of the LLP. Other creditors: At the balance sheet date, an amount of £150,000 was owed to MyAdworld Ltd, a company controlled by Celeste Blois. During the year, an amount of £47,000 was received from Chicken Roundabout Finance, a company controlled by Sergey Gratchev, a close family member of Celeste Blois. During the year, an amount of £100,000 was received from V1 International Investments Ltd, a company controlled by Sergey Gratchev, a close family member of Celeste Blois.