REGISTERED NUMBER: OC325043 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FMS SEVENOAKS LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S R Billing

T H Rider

REGISTERED OFFICE:

Second Floor

87-93 High Street

SEVENOAKS

Kent

TN13 1LE

REGISTERED NUMBER:

OC325043 (England and Wales)

ACCOUNTANTS:

Wells Associates

Ground Floor Oakhurst House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS

FIXED ASSETS

Property, plant and equipment

4

150,162

114,078

CURRENT ASSETS

Debtors

5

59,567

60,146

Investments

6

391,117

-

Cash at bank and in hand

131,869

481,895

582,553

542,041

CREDITORS

Amounts falling due within one year

7

(19,718

)

(21,685

)

NET CURRENT ASSETS

562,835

520,356

TOTAL ASSETS LESS CURRENT LIABILITIES

712,997

634,434

CREDITORS

Amounts falling due after more than one year

8

(75,614

)

(68,081

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

637,383

566,353

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

487,383

416,353

MEMBERS' OTHER INTERESTS

Capital accounts

150,000

150,000

637,383

566,353

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

487,383

416,353

Members' other interests

150,000

150,000

637,383

566,353

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2024.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 September 2025 and were signed by:

S R Billing - Designated member

1.	STATUTORY INFORMATION

FMS Sevenoaks 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents commission income and advisor charges received and amounts invoiced during the year, excluding value added tax, together with amounts shown on insurance company statements notified as owing to the partnership in respect of commission income and adviser charges due as at the year end date.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.

Finance lease agreements

Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases net of finance charges, are included within creditors. Rentals payable are apportioned between the financial element, which is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding, and the capital element which reduces the outstanding obligation for future instalments.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - 1 ).

4.	PROPERTY, PLANT AND EQUIPMENT

Motor

vehicles

£

COST

At 1 January 2024

159,638

Additions

115,599

Disposals

(53,415

)

At 31 December 2024

221,822

DEPRECIATION

At 1 January 2024

45,560

Charge for year

46,965

Eliminated on disposal

(20,865

)

At 31 December 2024

71,660

NET BOOK VALUE

At 31 December 2024

150,162

At 31 December 2023

114,078

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

125,638

Additions

55,600

Disposals

(53,415

)

At 31 December 2024

127,823

DEPRECIATION

At 1 January 2024

43,435

Charge for year

23,996

Eliminated on disposal

(20,865

)

At 31 December 2024

46,566

NET BOOK VALUE

At 31 December 2024

81,257

At 31 December 2023

82,203

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

31,703

29,755

Other debtors

27,864

30,391

59,567

60,146

6.	CURRENT ASSET INVESTMENTS

2024

2023

£

£

Money market investment

391,117

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

15,441

15,346

Trade creditors

2,481

1,161

Social security and other taxes

212

3,594

Accrued expenses

1,584

1,584

19,718

21,685

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

75,614

68,081

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

91,055

83,427

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. Members' other interests rank pari passu with unsecured creditors.

11.	RELATED PARTY DISCLOSURES

For the year under review, the LLP was controlled by its members.