3 false false false false false false false false false false false false false false false false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC307149 2024-04-01 2025-03-31 OC307149 2025-03-31 OC307149 2024-03-31 OC307149 2023-04-01 2024-03-31 OC307149 2024-03-31 OC307149 2023-03-31 OC307149 core:FurnitureFittings 2024-04-01 2025-03-31 OC307149 core:MotorVehicles 2024-04-01 2025-03-31 OC307149 bus:Director1 2024-04-01 2025-03-31 OC307149 bus:Director2 2024-04-01 2025-03-31 OC307149 core:FurnitureFittings 2024-03-31 OC307149 core:FurnitureFittings 2025-03-31 OC307149 core:MotorVehicles 2025-03-31 OC307149 core:WithinOneYear 2025-03-31 OC307149 core:WithinOneYear 2024-03-31 OC307149 core:AfterOneYear 2025-03-31 OC307149 bus:SmallEntities 2024-04-01 2025-03-31 OC307149 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 OC307149 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC307149 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC307149 bus:FullAccounts 2024-04-01 2025-03-31 OC307149 core:OfficeEquipment 2024-04-01 2025-03-31 OC307149 core:OfficeEquipment 2024-03-31 OC307149 core:OfficeEquipment 2025-03-31
REGISTERED NUMBER: OC307149
Edward Asset Management LLP
Filleted Unaudited Financial Statements
31 March 2025
Edward Asset Management LLP
Balance Sheet
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
91,125
3,169
Current assets
Debtors
6
39,731
39,559
Investments
7
26,878
24,997
Cash at bank and in hand
114,275
103,897
---------
---------
180,884
168,453
Creditors: amounts falling due within one year
8
16,622
4,162
---------
---------
Net current assets
164,262
164,291
---------
---------
Total assets less current liabilities
255,387
167,460
Creditors: amounts falling due after more than one year
9
69,000
---------
---------
Net assets
186,387
167,460
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
10
186,387
167,460
---------
---------
Members' other interests
Other reserves
---------
---------
186,387
167,460
---------
---------
Total members' interests
Loans and other debts due to members
10
186,387
167,460
Members' other interests
---------
---------
186,387
167,460
---------
---------
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 (including profit and loss account) has not been delivered.
Edward Asset Management LLP
Balance Sheet (continued)
31 March 2025
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 .
These financial statements were approved by the members and authorised for issue on 28 July 2025 , and are signed on their behalf by:
Mr P Edward
Mrs A B Edward
Designated Member
Designated Member
Registered number: OC307149
Edward Asset Management 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 Suite 16, Merchants Place Century Building, Tower Street, Liverpool, L3 4BJ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
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 Section 22 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'. 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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income (including profit and loss account) in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
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 statement of comprehensive income (including 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, are 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 statement of comprehensive income (including 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'.
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.
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:
Fixtures & fittings
-
20% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2024: 3 ).
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2024
17,966
29,793
47,759
Additions
730
91,440
5,872
98,042
--------
--------
--------
---------
At 31 March 2025
18,696
91,440
35,665
145,801
--------
--------
--------
---------
Depreciation
At 1 April 2024
17,966
26,624
44,590
Charge for the year
183
4,777
5,126
10,086
--------
--------
--------
---------
At 31 March 2025
18,149
4,777
31,750
54,676
--------
--------
--------
---------
Carrying amount
At 31 March 2025
547
86,663
3,915
91,125
--------
--------
--------
---------
At 31 March 2024
3,169
3,169
--------
--------
--------
---------
6.
Debtors
2025
2024
£
£
Trade debtors
31,323
31,144
Other debtors
8,408
8,415
--------
--------
39,731
39,559
--------
--------
7.
Investments
2025
2024
£
£
Other investments
26,878
24,997
--------
--------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Social security and other taxes
300
Other creditors
16,322
4,162
--------
-------
16,622
4,162
--------
-------
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
69,000
--------
----
10.
Loans and other debts due to members
2025
2024
£
£
Amounts owed to members in respect of profits
186,387
167,460
---------
---------
All debts due to members rank as unsecured creditors.