Registration number:
Svetlova LLP
for the period from 1 June 2023 to 31 March 2024
Svetlova LLP
Contents
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Svetlova LLP
(Registration number: OC343423)
Balance Sheet as at 31 March 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities attributable to members |
( |
( |
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Represented by: |
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Loans and other debts due to members |
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Other amounts |
(200,655) |
(318) |
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Members’ other interests |
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Other reserves |
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( |
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(42,747) |
(12,469) |
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Total members' interests |
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Loans and other debts due to members |
(200,655) |
(318) |
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Equity |
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( |
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(42,747) |
(12,469) |
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.
Svetlova LLP
(Registration number: OC343423)
Balance Sheet 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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
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 Svetlova LLP (registered number OC343423) were approved by the
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Svetlova LLP
Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024
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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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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 Svetlova LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates and rounded to the nearest £1.
Disclosure of long or short period
The accounts to 31 March 2024 are for a 10 month period and the comparatives are for 12 months to 31 May 2023. The year end was shortened due to the changes in the Basis Period Regime.
Going concern
The financial statements have been prepared on a going concern basis which assumes the continuing support of the members.
Revenue recognition
In accordance with UK GAAP, accrued income is recognised in the accounts to the extent that the practice has obtained the right to consideration in exchange for the performance of its contractual obligation.
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.
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.
Svetlova LLP
Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024
Trade debtors
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
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.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Svetlova LLP
Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024
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Tangible fixed assets |
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Office equipment |
Total |
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Cost |
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At 1 June 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 May 2023 |
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Client accounts |
At the year end the LLP held clients monies (with a corresponding liability) totalling £248,185 (2023 - £354,010). These balances are not included in the accounts.
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
37,595 |
8,245 |
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Creditors: Amounts falling due within one year |
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2024 |
2023 |
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Bank loans and overdrafts |
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Accruals and deferred income |
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Taxation and social security |
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Svetlova LLP
Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024
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Creditors: Amounts falling due after more than one year |
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31 March 2024 |
31 May 2023 |
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Bank loans and overdrafts |
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