Brigstock Skin Centre LLP
Annual Report and Unaudited Financial Statements
For filing with the Registrar
For the year ended 31 August 2024
Limited Liability Partnership Registration No. OC339463 (England and Wales)
Brigstock Skin Centre LLP
Limited Liability Partnership Information
Designated members
C Lyons
N Vajpeyi
Limited liability partnership number
OC339463
Registered office
83 Brigstock Road
Thornton Heath
Surrey
CR7 7JH
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
United Kingdom
Brigstock Skin Centre LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Brigstock Skin Centre LLP
Balance Sheet
As at 31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,037
21,423
Current assets
Stocks
9,345
7,728
Debtors
5
58,220
51,022
Cash at bank and in hand
11,913
18,261
79,478
77,011
Creditors: amounts falling due within one year
6
(86,350)
(79,269)
Net current liabilities
(6,872)
(2,258)
Total assets less current liabilities
9,165
19,165
Creditors: amounts falling due after more than one year
7
(9,165)
(19,165)
Net assets attributable to members
-
-
Represented by:
Loans and other debts due to members within one year
Other amounts
-
-
-
-
Total members' interests
Amounts due from members
(43,471)
(40,976)
(43,471)
(40,976)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Brigstock Skin Centre LLP
Balance Sheet (Continued)
As at 31 August 2024
Page 2

For the financial year ended 31 August 2024 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.

The financial statements were approved by the members and authorised for issue on 21 February 2025 and are signed on their behalf by:
21 February 2025
C Lyons
Designated member
Limited Liability Partnership Registration No. OC339463
Brigstock Skin Centre LLP
Notes to the Financial Statements
For the year ended 31 August 2024
Page 3
1
Accounting policies
Limited liability partnership information

Brigstock Skin Centre LLP is a limited liability partnership incorporated in England and Wales. The registered office is 83 Brigstock Road, Thornton Heath, Surrey, CR7 7JH.

 

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

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the year end the LLP had assets equal to its liabilities. The Members have prepared the financial statements on a going concern basis on the provision that they will support the LLP as necessary in order ensure that it can meet its liabilities as they fall due.

1.3
Turnover

Turnover represents amounts invoiced for goods and services supplied to customers at the clinic during the year.

1.4
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.

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.

Brigstock Skin Centre LLP
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets

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 & machinery etc.
20% reducing balance
1.6
Stocks

Stock is valued at the lower of cost and net realisable value.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The Limited Liability Partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12' Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

 

The Limited Liability Partnership has only financial instruments classified as basic and measured at amortised cost.  The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Brigstock Skin Centre LLP
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 5
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.

Derecognition of financial liabilities

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

1.9
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.

1.10
Retirement benefits and post retirement payments to members

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

 

1.11
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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Brigstock Skin Centre LLP
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 6
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was 11 (2023 - 14).

2024
2023
Number
Number
Total
11
14
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
59,997
Additions
1,785
At 31 August 2024
61,782
Depreciation and impairment
At 1 September 2023
38,574
Depreciation charged in the year
7,171
At 31 August 2024
45,745
Carrying amount
At 31 August 2024
16,037
At 31 August 2023
21,423
Brigstock Skin Centre LLP
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
43,471
40,976
Prepayments and accrued income
14,749
10,046
58,220
51,022
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
58,463
44,165
Other taxation and social security
8,596
6,632
Other creditors
9,291
18,472
86,350
79,269

 

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
9,165
19,165
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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