Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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3,690 | 133,783 | |||
Creditors: amounts falling due within one year | 4 | (
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(
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Net current liabilities | (390) | (23,822) | ||
Total assets less current liabilities | (390) | (23,822) | ||
Net liabilities attributable to members | (
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(
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 25,904 | 0 | ||
25,904 | 0 | |||
Members' other interests | ||||
Other reserves | (26,294) | (23,822) | ||
(26,294) | (23,822) | |||
(390) | (23,822) | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | (1,090) | (133,686) | ||
Loans and other debts due to members | 6 | 25,904 | 0 | |
Members' other interests | (26,294) | (23,822) | ||
(1,480) | (157,508) |
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Frognal Asset Management LLP (registered number:
M P Jacobs
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
---|---|---|---|
Other reserves | Other amounts | Total | |
£ | £ | £ | |
Amounts due from members | (133,686) | ||
Balance at 01 April 2022 | (20,846) | (133,686) | (154,532) |
Loss for the financial year available for discretionary division among members | (2,976) | 0 | (2,976) |
Members' interest after loss for the financial year | (23,822) | (133,686) | (157,508) |
Amounts due from members | (133,686) | ||
Balance at 31 March 2023 | (23,822) | (133,686) | (157,508) |
Loss for the financial year available for discretionary division among members | (2,472) | 0 | (2,472) |
Members' interest after loss for the financial year | (26,294) | (133,686) | (159,980) |
Introduced by members | 0 | 158,500 | 158,500 |
Amounts due to members | 25,904 | ||
Amounts due from members | (1,090) | ||
Balance at 31 March 2024 | (26,294) | 24,814 | (1,480) |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Frognal Asset Management LLP ("the LLP") has ceased trading. The LLP is a private limited liability partnership and is incorporated in England and Wales. The registered office of the LLP is 35 Ballards Lane, London N3 1XW.
The members do not consider the LLP to be a going concern because the LLP is no longer trading and have therefore prepared the financial statements on a basis other than going concern. There has been no financial impairment of the company's assets as a result of this basis of valuation.
The LLP made a loss for the year ended 31 March 2024 of £2,472 and as at this date had net liabilities of £390. Included within other creditors was a loan from a related entity controlled by the members amounting to £153,195 which was repaid in the year. The LLP is also dependent on the support of its members and they have confirmed that they will continue to provide this support to enable the LLP to pay expenses and to meet liabilities as they fall due.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other creditors and amounts owed to and from members.
Financial assets
Basic financial assets, including amounts owed by members, 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.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and amounts owed to 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed by members |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Other creditors |
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All of the members are considered to be key management and collective transactions with these members during the year and balances at the year-end are disclosed within the Reconciliation of Members Interests.
Included within creditors due within one year is an amount of £Nil (2023: 153,195) owed to entities controlled by the designated members. This amount was repaid during the year.
2024 | 2023 | ||
£ | £ | ||
Other amounts due to members | 25,904 | 0 |
Loans and other debts due to members may be further analysed as follows:
2024 | 2023 | ||
£ | £ | ||
Falling due within one year | 25,904 | 0 |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.