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Registration number: OC425238

DSK Partners LLP

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

DSK Partners LLP

Contents

Limited liability partnership information

1

Abridged Financial Statements

2 to 8

Abridged Statement of Financial Position

2

Notes to the Abridged Financial Statements

4

 

DSK Partners LLP

Limited liability partnership information

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

DSK Partners LLP

(Registration number: OC425238)
Abridged Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

1,275,262

1,357,167

Tangible assets

4

55

1,914

 

1,275,317

1,359,081

Current assets

 

Stocks

172,805

181,323

Debtors

523,934

731,565

Cash and short-term deposits

 

394,649

117,973

 

1,091,388

1,030,861

Prepayments and accrued income

 

59,798

64,522

Creditors: Amounts falling due within one year

(486,415)

(538,680)

Net current assets

 

664,771

556,703

Total assets less current liabilities

 

1,940,088

1,915,784

Creditors: Amounts falling due after more than one year

(46,667)

(144,856)

Accruals and deferred income

 

(7,331)

-

Net assets attributable to members

 

1,886,090

1,770,928

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(134,696)

142

Members’ other interests

 

Members' capital classified as equity

 

2,020,786

1,770,786

   

1,886,090

1,770,928

Total members' interests

 

Loans and other debts due to members

 

(134,696)

142

Equity

 

2,020,786

1,770,786

   

1,886,090

1,770,928

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

 

DSK Partners LLP

(Registration number: OC425238)
Abridged Statement of Financial Position as at 31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of DSK Partners LLP (registered number OC425238) were approved by the Board and authorised for issue on 27 March 2025. They were signed on behalf of the limited liability partnership by:

.........................................
D Shah FCA
Designated member

.........................................
N D Shah ACA CTA
Designated member

 

DSK Partners LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of DSK Partners LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

DSK Partners LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the Statement of Financial Position at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

 

DSK Partners LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Office Equipment

3 years straight line

Plant & Machinery

4 years straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the Statement of Financial Position date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

DSK Partners LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification

The LLP enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as accrued income, trade and other receivables, accruals, trade and other payables. Short term receivables are measured at transaction price, less impairment. Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. No material derivative transactions have been entered into.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Significant estimates and judgements

The preparation of the financial statements require management to make estimates and assumptions that affect revenue, expenses, assets and liabilities. Management use a range of factors in arriving at the estimates and judgements including their past experience and reasonable expectation of the future.

The most significant estimates and judgements required in the preparation of the financial statements are in respect of provisions against client receivables, recognition of accrued income, provision in respect of claims from clients and provisions in relation to property matters.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 24 (2023 - 26).

 

DSK Partners LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

3

Intangible fixed assets

Total
£

Cost

At 1 April 2023

1,726,190

At 31 March 2024

1,726,190

Amortisation

At 1 April 2023

369,023

Charge for the year

81,905

At 31 March 2024

450,928

Net book value

At 31 March 2024

1,275,262

At 31 March 2023

1,357,167

4

Tangible fixed assets

Total
£

Cost

At 1 April 2023

53,493

At 31 March 2024

53,493

Depreciation

At 1 April 2023

51,579

Charge for the year

1,859

At 31 March 2024

53,438

Net book value

At 31 March 2024

55

At 31 March 2023

1,914

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.