Thwack Partners 2 LLP OC449183 false 2023-09-21 2024-07-31 2024-07-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 Software true OC449183 2023-09-21 2024-07-31 OC449183 2024-07-31 OC449183 bus:SmallEntities 2023-09-21 2024-07-31 OC449183 bus:AuditExemptWithAccountantsReport 2023-09-21 2024-07-31 OC449183 bus:FullAccounts 2023-09-21 2024-07-31 OC449183 bus:RegisteredOffice 2023-09-21 2024-07-31 OC449183 bus:PartnerLLP1 2023-09-21 2024-07-31 OC449183 bus:PartnerLLP2 2023-09-21 2024-07-31 OC449183 bus:PartnerLLP3 2023-09-21 2024-07-31 OC449183 bus:PartnerLLP4 2023-09-21 2024-07-31 OC449183 bus:LimitedLiabilityPartnershipLLP 2023-09-21 2024-07-31 OC449183 countries:AllCountries 2023-09-21 2024-07-31 iso4217:GBP xbrli:pure

Registration number: OC449183

Thwack Partners 2 LLP

Annual Report and Unaudited Financial Statements

for the period from 21 September 2023 to 31 July 2024

 

Thwack Partners 2 LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Statement of Changes in Members’ Interests

3

Notes to the Financial Statements

4 to 6

 

Thwack Partners 2 LLP

Limited liability partnership information

Designated members

A Karni-Cohen

T A J Wieder
 

Members

B Brocker Wieder

J E H Tollemache
 

Registered office

24 Montpelier Grove
London
NW5 2XD

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Thwack Partners 2 LLP

(Registration number: OC449183)
Balance Sheet as at 31 July 2024

Note

31 July 2024
 £

Fixed assets

 

Investments

4

100,000

Net assets attributable to members

 

100,000

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

100,000

   

100,000

Total members' interests

 

Loans and other debts due to members

 

100,000

   

100,000

For the year ending 31 July 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, 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 Companies Act 2006, as applied to LLPs 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 Thwack Partners 2 LLP (registered number OC449183) were approved by the members and authorised for issue on



25 April 2025.

They were signed on behalf of the LLP by:

.........................................
A Karni-Cohen
Designated member

 

Thwack Partners 2 LLP

Statement of Changes in Members’ Interests
At 31 July 2024

 

Equity

Members' capital
£

Members’ capital introduced

100,000

 

Thwack Partners 2 LLP

Notes to the Financial Statements for the Period Ended 31 July 2024

1

General information

The place of registration of the LLP is England under the Limited Liability Partnership Act 2000.

The address of the registered office is:
24 Montpelier Grove
London
NW5 2XD

2

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.

Basis of preparation

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

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Fee income represents the fair value of services provided during the year. Fair value reflects the amounts expected to be recoverable and excludes VAT.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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.

 

Thwack Partners 2 LLP

Notes to the Financial Statements for the Period Ended 31 July 2024

Fixed asset investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 LLP 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Thwack Partners 2 LLP

Notes to the Financial Statements for the Period Ended 31 July 2024

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 4.

4

Investments held as fixed assets

Other investments

Unlisted investments
£

Cost

Additions

100,000

At 31 July 2024

100,000

Net book value

At 31 July 2024

100,000

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.