0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 843,417 843,417 843,417 xbrli:pure xbrli:shares iso4217:GBP OC385217 2023-06-01 2024-05-31 OC385217 2024-05-31 OC385217 2023-05-31 OC385217 2022-06-01 2023-05-31 OC385217 2023-05-31 OC385217 2022-05-31 OC385217 bus:Director1 2023-06-01 2024-05-31 OC385217 core:WithinOneYear 2024-05-31 OC385217 core:WithinOneYear 2023-05-31 OC385217 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 OC385217 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2024-05-31 OC385217 core:Non-currentFinancialInstruments 2023-05-31 OC385217 bus:SmallEntities 2023-06-01 2024-05-31 OC385217 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 OC385217 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 OC385217 bus:LimitedLiabilityPartnershipLLP 2023-06-01 2024-05-31 OC385217 bus:FullAccounts 2023-06-01 2024-05-31
REGISTERED NUMBER: OC385217
KISO LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
KISO LLP
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
843,417
Current assets
Debtors
5
1,088,640
108,196
Creditors: amounts falling due within one year
6
189,350
52,323
-------------
----------
Net current assets
899,290
55,873
----------
----------
Total assets less current liabilities
899,290
899,290
----------
----------
Net assets
899,290
899,290
----------
----------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
7
899,290
899,290
Other amounts
7
----------
----------
899,290
899,290
----------
----------
Members' other interests
Other reserves
----------
----------
899,290
899,290
----------
----------
Total members' interests
Amounts due from members
(1,088,640)
(108,196)
Loans and other debts due to members
7
899,290
899,290
Members' other interests
-------------
----------
(189,350)
791,094
-------------
----------
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 year ending 31 May 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 .
KISO LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the members and authorised for issue on 26 February 2025 , and are signed on their behalf by:
K Toor
Designated Member
Registered number: OC385217
KISO LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Fernwood Barn, Rouncil Lane, Kenilworth, CV8 1NN, Warwickshire.
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 2018 (SORP 2018).
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
No material uncertainties that may cast significant doubt about the ability of the LLP to continue as a going concern have been identified by the members. The members consider that the uncertainty caused in the telecommunications sector as a result of Coronavirus and the restrictions put in place by the government should not materially affect the partnership's ability to continue as a going concern. The partnership may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
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.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
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.
4.
Investments
Other investments other than loans
£
Cost
At 1 June 2023
843,417
Other movements
( 843,417)
----------
At 31 May 2024
----------
Impairment
At 1 June 2023 and 31 May 2024
----------
Carrying amount
At 31 May 2024
----------
At 31 May 2023
843,417
----------
5.
Debtors
2024
2023
£
£
Other debtors
1,088,640
108,196
-------------
----------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors - Draw after Redeema y/e to 31 May
106,134
43,383
Other creditors
83,216
8,940
----------
---------
189,350
52,323
----------
---------
7.
Loans and other debts due to members
2024
2023
£
£
Other amounts
899,290
899,290
----------
----------