Limited Liability Partnership registration number OC447007 (England and Wales)
INSTIGATE PELARD LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 20 APRIL 2023 TO 31 MARCH 2024
INSTIGATE PELARD LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INSTIGATE PELARD LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
2,143
Current assets
Debtors
4
86,510
Cash at bank and in hand
31,749
118,259
Creditors: amounts falling due within one year
5
(25,750)
Net current assets
92,509
Total assets less current liabilities and net assets attributable to members
94,652
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
95,095
Members' other interests
Members' capital classified as equity
(443)
94,652

For the financial period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 28 January 2025 and are signed on their behalf by:
28 January 2025
Mr F  Pelard
Designated member
Limited Liability Partnership registration number OC447007 (England and Wales)
INSTIGATE PELARD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Instigate Pelard LLP is a limited liability partnership incorporated in England and Wales. The registered office is 180 Great Portland Street, London, UK, W1W 5QZ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The financial statements are presented for the period 20 April 2023 to 31 March 2023 due to this being the first period of the LLP and 20 April 2023 being the date of incorporation.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for delivery of courses on strategy and consulting services net of VAT.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25%
INSTIGATE PELARD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has only basic financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
Number
Total
-
0
INSTIGATE PELARD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 20 April 2023
-
Additions
2,449
At 31 March 2024
2,449
Depreciation and impairment
At 20 April 2023
-
Depreciation charged in the period
306
At 31 March 2024
306
Carrying amount
At 31 March 2024
2,143
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
86,510
5
Creditors: amounts falling due within one year
2024
£
Taxation and social security
8,675
Other creditors
17,075
25,750
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

INSTIGATE PELARD LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 20 April 2023
-
-
-
-
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
163,189
163,189
163,189
Result for the period available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the period
-
163,189
163,189
163,189
Drawings on account and distributions of profit
-
(68,094)
(68,094)
(68,094)
Other movements
(443)
-
-
(443)
Members' interests at 31 March 2024
(443)
95,095
95,095
94,652
2024-03-312023-04-20falsefalse28 January 2025CCH SoftwareCCH Accounts Production 2025.100falseOC4470072023-04-202024-03-31OC4470072024-03-31OC447007bus:PartnerLLP12023-04-202024-03-31OC447007bus:LimitedLiabilityPartnershipLLP2023-04-202024-03-31OC447007bus:SmallCompaniesRegimeForAccounts2023-04-202024-03-31OC447007bus:FRS1022023-04-202024-03-31OC447007bus:AuditExemptWithAccountantsReport2023-04-202024-03-31OC447007bus:FullAccounts2023-04-202024-03-31xbrli:purexbrli:shares