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Prepared for the registrar
IZVG LLP
Annual Report and Financial Statements
for the Year Ended 31 March 2025
IZVG LLP
Contents
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Limited liability partnership information |
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Balance Sheet |
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Notes to the Financial Statements |
IZVG LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Accountants |
Hazlewoods LLP |
IZVG LLP
(Registration number: OC361054)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 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 assets 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 |
671,424 |
648,561 |
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Members’ other interests |
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Members' capital classified as equity |
3,000 |
3,000 |
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674,424 |
651,561 |
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Total members' interests |
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Loans and other debts due to members |
671,424 |
648,561 |
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Equity |
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674,424 |
651,561 |
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’.
The financial statements of IZVG LLP (registered number OC361054) were approved by the
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S M Thornton
Designated member
IZVG LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
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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 and Wales 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 IZVG LLP is considered to be pounds sterling because that is the currency
of the primary economic environment in which the limited liability partnership operates. Foreign
operations are included in accordance with the policies set out below.
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 current forecasts and projections, together with the facilities available to the LLP, 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.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
The profits of the LLP are automatically divided amongst the members in accordance with the agreed profit sharing arrangements.
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.
other taxes policy
Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost.
IZVG LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
Depreciation
The depreciation methods and rates used are as follows:
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Asset class |
Depreciation method and rate |
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Leasehold property |
Over the period of the lease |
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Plant and machinery |
15% of cost |
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Fixtures and fittings |
10% of cost |
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Motor vehicles |
25% of cost |
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Computer equipment |
20% of cost |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
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.
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
The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttableordinary shares.
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.
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 finance 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.
IZVG LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
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Particulars of employees |
The average number of persons employed by the LLP (including members) during the year was
IZVG LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
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Tangible fixed assets |
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Long leasehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 April 2024 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
( |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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Eliminated on disposals |
- |
( |
- |
( |
( |
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At 31 March 2025 |
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Net book value |
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At 31 March 2025 |
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At 31 March 2024 |
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IZVG LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
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Stocks |
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2025 |
2024 |
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Stocks |
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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2025 |
2024 |
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Bank loans and overdrafts |
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Trade creditors |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: Amounts falling due after more than one year |
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2025 |
2024 |
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Bank loans and overdrafts |
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Analysis of other amounts |
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2025 |
2024 |
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Money owed to members by the LLP in respect of profits |
671,424 |
648,561 |
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Related party transactions |
Summary of transactions with other related parties
At the year end, IZVG LLP was owed £29,137 from IZVG Spain (2024: £29,137).