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Registration number: OC376809

Gideon Kasler & Associates LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Gideon Kasler & Associates LLP

Contents

Financial Statements

1 to 5

Balance Sheet

1

Notes to the Financial Statements

3

 

Gideon Kasler & Associates LLP

(Registration number: OC376809)
Balance Sheet as at 31 July 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

3

39,369

40,916

Current assets

 

Debtors

4

11,000

11,529

Cash and short-term deposits

 

255,254

194,245

 

266,254

205,774

Creditors: Amounts falling due within one year

5

(20,078)

(28,743)

Net current assets

 

246,176

177,031

Net assets attributable to members

 

285,545

217,947

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

250,545

182,947

Members’ other interests

 

Members' capital classified as equity

 

35,000

35,000

   

285,545

217,947

Total members' interests

 

Loans and other debts due to members

 

250,545

182,947

Equity

 

35,000

35,000

   

285,545

217,947

For the year ending 31 July 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.

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 Gideon Kasler & Associates LLP (registered number OC376809) were approved by the Board and authorised for issue on 30 August 2024. They were signed on behalf of the limited liability partnership by:

 

Gideon Kasler & Associates LLP

(Registration number: OC376809)
Balance Sheet as at 31 July 2024 (continued)

.........................................
G M Kasler
Designated member

   
 

Gideon Kasler & Associates LLP

Notes to the Financial Statements for the Year Ended 31 July 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 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 Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These 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 Gideon Kasler & Associates 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.

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.

Government grants

Government grants received in the year have been accounted for under the accruals method and written to the profit and loss account.

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.

 

Gideon Kasler & Associates LLP

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

1

Accounting policies (continued)

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.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Office equipment

25% reducing balance

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 balance sheet 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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 6 (2023 - 6).

 

Gideon Kasler & Associates LLP

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

3

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 August 2023

85,619

49,473

135,092

Additions

-

4,335

4,335

At 31 July 2024

85,619

53,808

139,427

Depreciation

At 1 August 2023

64,845

29,331

94,176

Charge for the year

3,116

2,766

5,882

At 31 July 2024

67,961

32,097

100,058

Net book value

At 31 July 2024

17,658

21,711

39,369

At 31 July 2023

20,774

20,142

40,916

4

Debtors

2024
 £

2023
 £

Prepayments and accrued income

11,000

11,529

Total current trade and other debtors

11,000

11,529

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Trade creditors

828

1,144

Other creditors

1,720

-

Accruals and deferred income

8,909

17,478

Taxation and social security

8,621

10,121

20,078

28,743