| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| L.E.F.F. GLOBAL LLP |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| L.E.F.F. GLOBAL LLP |
| L.E.F.F. GLOBAL LLP (REGISTERED NUMBER: OC395518) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| L.E.F.F. GLOBAL LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 38 Craven Street |
| London |
| WC2N 5NG |
| L.E.F.F. GLOBAL LLP (REGISTERED NUMBER: OC395518) |
| BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
859,708 |
569,359 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
859,608 |
569,259 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 100 | 100 |
| 859,708 | 569,359 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 7 | 859,608 | 569,259 |
| Members' other interests | 100 | 100 |
| Amounts due from members | 5 | (2,258,117 | ) | (2,053,738 | ) |
| (1,398,409 | ) | (1,484,379 | ) |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| L.E.F.F. GLOBAL LLP (REGISTERED NUMBER: OC395518) |
| BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| L.E.F.F. GLOBAL LLP (REGISTERED NUMBER: OC395518) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| L.E.F.F. Global LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Services: |
| Revenues from rendering of services are recognized when it is probable that an economic benefit associated with the transaction will flow to the entity and the amount of revenue can be measured reliably. |
| Tangible fixed assets |
| Plant & machinery - depreciated at 33.33% straight line |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Consignment stock |
| The LLP also holds stocks of artworks on consignment from L.E.F.F. IOM Ltd. These remain the property of |
| L.E.F.F. IOM Ltd until sold or at the expiry of the consignment agreement. No amounts for the stock or the |
| liability to the company are entered in the financial statements until the stocks are acquired by the LLP. |
| L.E.F.F. GLOBAL LLP (REGISTERED NUMBER: OC395518) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets |
| The company's financial assets comprise basic financial instruments, being trade and other receivables and amounts owed by group undertakings.. |
| Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss. |
| Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred. |
| Financial liabilities |
| The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price. |
| Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2024 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other debtors |
| L.E.F.F. GLOBAL LLP (REGISTERED NUMBER: OC395518) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Other creditors |
| 7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2025 | 2024 |
| £ | £ |
| Loans from members | 859,608 | 569,259 |
| Falling due within one year | 859,608 | 569,259 |
| Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'. |
| 8. | RELATED PARTY DISCLOSURES |
| During the period, the company received services from L.E.F.F UK Limited for the amount of £190,229 (2024: £265,633). The balance due from L.E.F.F UK Limited at the end of the period was £184,141 (2024: £215,446). L.E.F.F UK Limited is a member of L.E.F.F Global LLP. |
| At the end of the period, an amount of £1,214,368 (2024: £1,269,033) was due from L.F. Folco. |
| At the end of the period, an amount of £2,588,366 (2024: £2,588,366) was due to Leff IOM Ltd a company under common control. The balance is payable on demand and bears no interest. |