Company No:
Contents
| Note | 31.08.2024 | |
| £ | ||
| Fixed assets | ||
| Tangible assets | 3 |
|
| 3,055 | ||
| Creditors: amounts falling due within one year | 4 | (
|
| Net current liabilities | (64,423) | |
| Total assets less current liabilities | (61,368) | |
| Net liabilities attributable to members | (
|
|
| Represented by | ||
| Loans and other debts due to members within one year | ||
| Other amounts | (61,368) | |
| (61,368) | ||
| Members' other interests | ||
| 0 | ||
| (61,368) | ||
| Total members' interests | ||
| Loans and other debts due to members | (61,368) | |
| (61,368) |
Members' responsibilities:
The financial statements of Elevata Ventures LLP (registered number:
|
Mr J Levy
Designated member |
| DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
|---|---|---|---|---|
| Members' capital (classified as debt) | Other amounts | Total | Total | |
| £ | £ | £ | £ | |
| Balance at 25 August 2023 | 0 | 0 | 0 | 0 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | (61,368) | (61,368) | (61,368) |
| Members' interest after result for the financial period | 0 | (61,368) | (61,368) | (61,368) |
| Amounts due to members | 0 | (61,368) | (61,368) | |
| Balance at 31 August 2024 | 0 | (61,368) | (61,368) | (61,368) |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Elevata Ventures LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 124 City Road, London, EC1V 2NX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members note that the business has net liabilities of £61,368. The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The LLP was incorporated on 25 August 2023 and started trading on that date. The accounts have been prepared for the period 25 August 2023 to 31 August 2024.
| Plant and machinery etc. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 the Profit and Loss Account as described below.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
| Period from 25.08.2023 to 31.08.2024 |
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| Number | |
| Monthly average number of persons employed by the LLP during the period |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 25 August 2023 |
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| Additions |
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| At 31 August 2024 |
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| Accumulated depreciation | |||
| At 25 August 2023 |
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| Charge for the financial period |
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| 31.08.2024 | |
| £ | |
| Other creditors |
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Transactions with the entity's members
| 31.08.2024 | |
| £ | |
| Amounts owed to key management personnel | 61,183 |