Registration number:
EFS Advisory LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2024
EFS Advisory LLP
Contents
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Limited liability partnership information |
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
EFS Advisory LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
EFS Advisory LLP
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of EFS Advisory LLP for the year ended 31 December 2024 set out on pages 3 to 6 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of EFS Advisory LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of EFS Advisory LLP and state those matters that we have agreed to state to the members of EFS Advisory LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EFS Advisory LLP and its members as a body for our work or for this report.
It is your duty to ensure that EFS Advisory LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of EFS Advisory LLP. You consider that EFS Advisory LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of EFS Advisory LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP
EFS Advisory LLP
(Registration number: OC328390)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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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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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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Members' capital classified as a liability |
578,464 |
703,524 |
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Members’ other interests |
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Members' capital classified as equity |
1,000 |
1,000 |
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579,464 |
704,524 |
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Total members' interests |
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Loans and other debts due to members |
578,464 |
703,524 |
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Equity |
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579,464 |
704,524 |
For the year ending 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of EFS Advisory LLP (registered number OC328390) were approved by the
EFS Advisory LLP
(Registration number: OC328390)
Balance Sheet as at 31 December 2024
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EFS Advisory LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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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 the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).
The functional currency of EFS Advisory 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.
Members' remuneration and division of profits
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
Foreign currency
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership 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.
EFS Advisory LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Financial instruments
The LLP only has basic financial assets and liabilities and does not enter into financing transactions. They are measured initially at transaction price and subsequently at amortised cost, being transaction price less amounts settled (in the respect of debtors) any impairment losses.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
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Debtors |
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2024 |
2023 |
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Trade debtors |
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- |
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Other debtors |
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Total current trade and other debtors |
1,838,372 |
1,866,987 |
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Creditors: Amounts falling due within one year |
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2024 |
2023 |
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Other creditors |
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Creditors: Amounts falling due after more than one year |
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2024 |
2023 |
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Other loans and borrowings |
1,755,680 |
1,755,680 |