Limited Liability Partnership Registration No. OC309374 (England and Wales)
DESIGNATE ADVERTISING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DESIGNATE ADVERTISING LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 8
DESIGNATE ADVERTISING LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
6
1,459,831
1,490,194
Cash at bank and in hand
3,904
22,258
1,463,735
1,512,452
Creditors: amounts falling due within one year
7
(497,985)
(546,702)
Net current assets and net assets attributable to members
965,750
965,750
Represented by:
Loans and other debts due to members within one year
Other amounts
965,750
965,750
Total members' interests
Amounts due from members
(1,438,695)
(1,479,396)
Loans and other debts due to members
965,750
965,750
(472,945)
(513,646)

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 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 Companies Act 2006 (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 20 February 2025 and are signed on their behalf by:
20 February 2025
Mr A W Hill
Designated member
Limited Liability Partnership Registration No. OC309374
DESIGNATE ADVERTISING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
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
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
965,750
Amounts due from members
(1,479,396)
Members' interests at 1 January 2024
-
(513,646)
(513,646)
(513,646)
Profit for the financial year available for discretionary division among members
4,908
-
-
4,908
Members' interests after profit for the year
4,908
(513,646)
(513,646)
(508,738)
Allocation of profit for the financial year
-
4,908
4,908
4,908
Other divisions of profits
(4,908)
-
-
(4,908)
Drawings
-
35,793
35,793
35,793
Members' interests at 31 December 2024
-
(472,945)
(472,945)
(472,945)
Amounts due to members
965,750
Amounts due from members, included in debtors
(1,438,695)
(472,945)
DESIGNATE ADVERTISING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
965,750
Amounts due from members
(1,490,724)
Members' interests at 1 January 2023
-
(524,974)
(524,974)
(524,974)
Profit for the financial year available for discretionary division among members
13,085
-
-
13,085
Members' interests after profit for the year
13,085
(524,974)
(524,974)
(511,889)
Allocation of profit for the financial year
-
13,085
13,085
13,085
Other divisions of profits
(13,085)
-
-
(13,085)
Drawings
-
(1,757)
(1,757)
(1,757)
Members' interests at 31 December 2023
-
(513,646)
(513,646)
(513,646)
Amounts due to members
965,750
Amounts due from members, included in debtors
(1,479,396)
(513,646)
DESIGNATE ADVERTISING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Designate Advertising LLP is a limited liability partnership incorporated in England and Wales. The registered office is 4 St Georges Place, Brighton, East Sussex, United Kingdom, BN1 4GA.

 

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

DESIGNATE ADVERTISING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
over the term of the lease
Offce equipment
33% straight line basis
Fixtures and fittings
25% straight line basis
Motor vehicles
25% straight line basis

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.

1.5
Cash at bank and in hand

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.

1.6
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 FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

DESIGNATE ADVERTISING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs.

1.8
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.

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
DESIGNATE ADVERTISING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
580,232
Amortisation and impairment
At 1 January 2024 and 31 December 2024
580,232
Carrying amount
At 31 December 2024
-
At 31 December 2023
-
5
Tangible fixed assets
Property improvements
Offce equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
10,000
50,990
84,488
8,786
154,264
Depreciation and impairment
At 1 January 2024 and 31 December 2024
10,000
50,990
84,488
8,786
154,264
Carrying amount
At 31 December 2024
-
-
-
-
-
At 31 December 2023
-
-
-
-
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
1,714
Amounts owed by members
1,438,695
1,479,396
Other debtors
20,328
9,084
Prepayments and accrued income
808
-
1,459,831
1,490,194
DESIGNATE ADVERTISING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
-
888
Other creditors
443,411
492,040
Accruals and deferred income
54,574
53,774
497,985
546,702
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.

9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
265,419
324,581
10
Related party transactions

During the year, Designate Advertising LLP was charged £59,000 (2023 - £59,000) in respect of rent to SIPP, an organisation in which Mr A W Hill has an interest. The balance due to SIPP at 31 December 2024 was £nil (2023 - £nil).

 

During the year, the limited liability partnership entered into a number of transactions with Designate Communications Limited. a company whose directors are common with the members of the limited liability partnership and which is under common control through the majority interest in both entities of Mr A W Hill.

 

During the period, Designate Communications Limited made payments to Designate Advertising LLP in the amount of £93,771 (2023 - £76,100) and received monies in the amount of £60,500 (2023 - £98,000). Further, Designate Communications Limited incurred expenses on behalf of Designate Advertising LLP of £nil (2023 - £737). Designate Communications Limited was recharged costs by Designate Advertising LLP in the amount of £78,000 (2023 - £75,146).

 

The amount owed to Designate Communications Limited at the year end amounted to £443,141 (2023 - £488,140) and is disclosed within other creditors. The amount is interest free and considered to be repayable on demand. All transactions are carried out on a commercial arms length basis.

 

During the year, Designate Advertising (UK) Limited, a member of Designate Advertising LLP received a share of £5,000 (2023 - £5,000), Further, the limited liability partnership paid expenses of Designate Advertising (UK) Limited in the amount of £1,874 (2023 - £1,757). At the balance sheet date, Designate Advertising (UK) Limited was owed £859,068 (2023 - £855,942). The balance is interest free and repayable on demand.

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