2 false false false false false false false false false false false false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 4,217 1,089 843 1,932 2,285 3,128 xbrli:pure xbrli:shares iso4217:GBP OC437926 2023-07-01 2024-03-31 OC437926 2024-03-31 OC437926 2023-06-30 OC437926 2022-07-01 2023-06-30 OC437926 2023-06-30 OC437926 2022-06-30 OC437926 bus:RegisteredOffice 2023-07-01 2024-03-31 OC437926 bus:Director1 2023-07-01 2024-03-31 OC437926 bus:Director2 2023-07-01 2024-03-31 OC437926 core:WithinOneYear 2024-03-31 OC437926 core:WithinOneYear 2023-06-30 OC437926 bus:SmallEntities 2023-07-01 2024-03-31 OC437926 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-03-31 OC437926 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 OC437926 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-03-31 OC437926 bus:FullAccounts 2023-07-01 2024-03-31 OC437926 core:OfficeEquipment 2023-07-01 2024-03-31 OC437926 core:OfficeEquipment 2024-03-31 OC437926 core:OfficeEquipment 2023-06-30
REGISTERED NUMBER: OC437926
See It Happen LLP
Filleted Unaudited Financial Statements
31 March 2024
See It Happen LLP
Financial Statements
Period from 1 July 2023 to 31 March 2024
Contents
Page
Members' report
1
Statement of financial position
2
Notes to the financial statements
4
See It Happen LLP
Members' Report
Period from 1 July 2023 to 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the period ended 31 March 2024 .
Designated members
The designated members who served the LLP during the period were as follows:
R M Kohn
See It Happen Member Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 5 February 2025 and signed on behalf of the members by:
R M Kohn
Designated Member
Registered office:
Camburgh House
27 New Dover Road
Canterbury
Kent
United Kingdom
CT1 3DN
See It Happen LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Jun 23
Note
£
£
£
Fixed assets
Tangible assets
5
2,285
3,128
Current assets
Cash at bank and in hand
4,724
2,006
Creditors: amounts falling due within one year
6
1,440
1,080
-------
-------
Net current assets
3,284
926
-------
-------
Total assets less current liabilities
5,569
4,054
-------
-------
Net assets
5,569
4,054
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
7
5,569
4,054
-------
-------
Members' other interests
Other reserves
-------
-------
5,569
4,054
-------
-------
Total members' interests
Loans and other debts due to members
7
5,569
4,054
Members' other interests
-------
-------
5,569
4,054
-------
-------
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 .
See It Happen LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 5 February 2025 , and are signed on their behalf by:
R M Kohn
Designated Member
Registered number: OC437926
See It Happen LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 2 (2023: 2 ).
5.
Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2023 and 31 March 2024
4,217
4,217
-------
-------
Depreciation
At 1 July 2023
1,089
1,089
Charge for the period
843
843
-------
-------
At 31 March 2024
1,932
1,932
-------
-------
Carrying amount
At 31 March 2024
2,285
2,285
-------
-------
At 30 June 2023
3,128
3,128
-------
-------
6. Creditors: amounts falling due within one year
31 Mar 24
30 Jun 23
£
£
Other creditors
1,440
1,080
-------
-------
7.
Loans and other debts due to members
31 Mar 24
30 Jun 23
£
£
Amounts owed to members in respect of profits
5,569
4,054
-------
-------