Semantic Labs LLP Filleted Accounts Cover
Semantic Labs LLP
Registered No. OC436393
Information for Filing with the Registrar
31 December 2024
Semantic Labs LLP Balance Sheet Registrar
at
31 December 2024
Registered No.
OC436393
Notes
2024
2023
£
£
Fixed assets
Intangible assets
5
-
1,013
Tangible assets
6
-
257
-
1,270
Current assets
Debtors
7
13,753
15,172
Investments
8
154,169
128,336
Cash at bank and in hand
273,957
233,478
441,879
376,986
Creditors: Amounts falling due within one year
9
(28,861)
(46,554)
Net current assets
413,018
330,432
Total assets less current liabilities
413,018
331,702
Net assets attributable to members
413,018
331,702
Represented by:
Members' other interests
Members' capital
225,521
225,521
Other reserves
187,497
106,181
413,018
331,702
413,018
331,702
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 December 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 31 May 2025 and signed on its behalf by:
E. Mayer
Designated member
31 May 2025
Semantic Labs LLP Notes to the Accounts Registrar
for the year ended 31 December 2024
1
General information
Semantic Labs LLP is a limited liability partnership and incorporated in England and Wales.
Its registered number is: OC436393
Its registered office is:
123 Hallgate
Cottingham
HU16 4DA
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Furniture, fittings and equipment
25% Reducing balance
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors 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.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Information in relation to members
2024
2023
Number
Number
The average number of members during the year :
2
2
4
Employees
2024
2023
Number
Number
The average number of persons employed during the year was:
2
2
5
Intangible fixed assets
Other
Total
£
£
Cost
At 1 January 2024
3,3133,313
At 31 December 2024
3,3133,313
Amortisation
At 1 January 2024
2,3002,300
Charge for the year
1,0131,013
At 31 December 2024
3,3133,313
Net book values
At 31 December 2023
1,0131,013
This includes the cost of a website which was acquired in November 2021, and that is being amortised over its useful life of 3 years.
6
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost
At 1 January 2024
1,0251,025
At 31 December 2024
1,0251,025
Depreciation
At 1 January 2024
768768
Charge for the year
257257
At 31 December 2024
1,0251,025
Net book values
At 31 December 2023
257
257
7
Debtors
2024
2023
£
£
Trade debtors
13,75315,172
13,75315,172
8
Current asset investments
2024
2023
£
£
Listed investments
154,169128,336
154,169128,336
9
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
--
Trade creditors
27,22945,358
Other taxes and social security
1,6321,196
28,86146,554
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