REGISTERED NUMBER:
OC414373
Swiss Cottage Investments LLP |
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Filleted Unaudited Financial Statements |
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Swiss Cottage Investments LLP |
|
31 March 2024
Current assets
Debtors |
4 |
7,775 |
|
6,731 |
Cash at bank and in hand |
7,685 |
|
7,757 |
|
-------- |
|
-------- |
|
15,460 |
|
14,488 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
(
5,460) |
|
(
4,488) |
|
-------- |
|
-------- |
Net current assets |
|
10,000 |
10,000 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
10,000 |
10,000 |
|
|
-------- |
-------- |
Net assets |
|
10,000 |
10,000 |
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-------- |
-------- |
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|
|
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Represented by:
Loans and other debts due to members
Members' other interests
Members' capital classified as equity |
|
10,000 |
10,000 |
Other reserves |
|
– |
– |
|
|
-------- |
-------- |
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|
10,000 |
10,000 |
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-------- |
-------- |
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|
|
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Total members' interests
Amounts due from members |
|
(7,775) |
(6,731) |
Loans and other debts due to members |
|
– |
– |
Members' other interests |
|
10,000 |
10,000 |
|
|
-------- |
-------- |
|
|
2,225 |
3,269 |
|
|
-------- |
-------- |
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|
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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 profit and loss account has not been delivered.
For the year 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
.
Swiss Cottage Investments LLP |
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Balance Sheet (continued) |
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31 March 2024
These financial statements were approved by the
members
and authorised for issue on
23 January 2025
, and are signed on their behalf by:
Wolverburgh Limited |
Designated Member |
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Registered number:
OC414373
Swiss Cottage Investments LLP |
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Notes to the Financial Statements |
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Year ended 31 March 2024
The LLP is registered in England and Wales. The address of the registered office is 4 Adamson Road, London, NW3 3HP, UK.
2. |
Statement of compliance |
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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).
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
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 profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
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 profit and loss account and are equity appropriations in the balance sheet.
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 balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of a financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
|
2024 |
2023 |
|
£ |
£ |
Amounts due from members |
7,775 |
6,731 |
|
------- |
------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Accruals and deferred income |
912 |
912 |
Other creditors |
4,548 |
3,576 |
|
------- |
------- |
|
5,460 |
4,488 |
|
------- |
------- |
|
|
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