8 false false false false false false false false false false false false false false false true false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 61,636 36,818 1,985 38,803 22,833 24,818 xbrli:pure xbrli:shares iso4217:GBP OC364396 2024-04-01 2025-03-31 OC364396 2025-03-31 OC364396 2024-03-31 OC364396 2023-04-01 2024-03-31 OC364396 2024-03-31 OC364396 2023-03-31 OC364396 core:MotorVehicles 2024-04-01 2025-03-31 OC364396 bus:Director1 2024-04-01 2025-03-31 OC364396 core:MotorVehicles 2024-03-31 OC364396 core:MotorVehicles 2025-03-31 OC364396 core:WithinOneYear 2025-03-31 OC364396 core:WithinOneYear 2024-03-31 OC364396 core:MotorVehicles 2024-03-31 OC364396 bus:SmallEntities 2024-04-01 2025-03-31 OC364396 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 OC364396 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC364396 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC364396 bus:FullAccounts 2024-04-01 2025-03-31
REGISTERED NUMBER: OC364396
FIT Remuneration Consultants LLP
Filleted Unaudited Financial Statements
31 March 2025
FIT Remuneration Consultants LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
22,833
24,818
Current assets
Stocks
676,316
607,498
Debtors
6
911,939
1,061,019
Cash at bank and in hand
355,696
395,285
------------
------------
1,943,951
2,063,802
Creditors: amounts falling due within one year
7
233,849
185,256
------------
------------
Net current assets
1,710,102
1,878,546
------------
------------
Total assets less current liabilities
1,732,935
1,903,364
------------
------------
Net assets
1,732,935
1,903,364
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
8
1,250,435
1,588,364
Members' other interests
Members' capital classified as equity
482,500
315,000
Other reserves
------------
------------
1,732,935
1,903,364
------------
------------
Total members' interests
Loans and other debts due to members
8
1,250,435
1,588,364
Members' other interests
482,500
315,000
------------
------------
1,732,935
1,903,364
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2025 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
FIT Remuneration Consultants LLP
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 12 April 2025 , and are signed on their behalf by:
Mr J G Lee
Designated Member
Registered number: OC364396
FIT Remuneration Consultants LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1 Duke Street, London, W1U 3EA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet. Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, may be treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. All amounts due to members that are classified as liabilities are presented in the Balance Sheet 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 Balance Sheet within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
8% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 8 (2024: 8 ).
5.
Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 April 2024 and 31 March 2025
61,636
61,636
--------
--------
Depreciation
At 1 April 2024
36,818
36,818
Charge for the year
1,985
1,985
--------
--------
At 31 March 2025
38,803
38,803
--------
--------
Carrying amount
At 31 March 2025
22,833
22,833
--------
--------
At 31 March 2024
24,818
24,818
--------
--------
6.
Debtors
2025
2024
£
£
Trade debtors
756,174
839,842
Other debtors
155,765
221,177
---------
------------
911,939
1,061,019
---------
------------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
12,600
1,052
Social security and other taxes
113,559
110,154
Other creditors
107,690
74,050
---------
---------
233,849
185,256
---------
---------
8.
Loans and other debts due to members
2025
2024
£
£
Amounts owed to members in respect of profits
1,250,435
1,588,364
------------
------------
9.
Related party transactions
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".