Company No:
Contents
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Investments | 3 |
|
3,656,948 | ||
Current assets | ||
Debtors | 4 |
|
2,586 | ||
Creditors: amounts falling due within one year | 5 | (
|
Net current liabilities | (1,494) | |
Total assets less current liabilities | 3,655,454 | |
Net assets attributable to members |
|
|
Represented by | ||
Loans and other debts due to members within one year | ||
Members' capital classified as a liability | 6 | 3,657,534 |
3,657,534 | ||
Members' other interests | ||
Members' capital classified as equity | 2,000 | |
Other reserves | (4,080) | |
(2,080) | ||
3,655,454 | ||
Total members' interests | ||
Amounts due from members (included in debtors) | (2,000) | |
Loans and other debts due to members | 3,657,534 | |
Members' other interests | (2,080) | |
3,653,454 |
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Cannonical LLP (registered number:
Dr Norman Macaskill Fraser
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Cannonical LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Period from 02.03.2023 to 31.03.2024 |
|
Number | |
Monthly average number of persons employed by the LLP during the period |
|
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 02 March 2023 |
|
|
|
Additions |
|
|
|
At 31 March 2024 |
|
|
|
Carrying value at 31 March 2024 |
|
|
31.03.2024 | |
£ | |
Amounts owed by members |
|
Other debtors |
|
|
31.03.2024 | |
£ | |
Other creditors |
|
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.