I.a.s.p. LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC368111 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

I.a.s.p. LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

M J Barlow

Mrs G M E M Barlow

REGISTERED OFFICE:

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

REGISTERED NUMBER:

OC368111 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

BANKERS:

Barclays Bank plc

403 Holloway Road

London

N7 6HL

CURRENT ASSETS

Debtors

5

23,128

119,653

Cash at bank

1,128

4,038

24,256

123,691

CREDITORS

Amounts falling due within one year

6

18,375

43,950

NET CURRENT ASSETS

5,881

79,741

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,881

79,741

CREDITORS

Amounts falling due after more than one
year

7

2,500

12,500

NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,381

67,241

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

2,595

66,455

MEMBERS' OTHER INTERESTS

Capital accounts

786

3,381

67,241

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

2,595

66,455

Members' other interests

786

Amounts due from members

5

(3,724

)

-

(343

)

67,241

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 March 2025.

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 29 September 2025 and were signed by:

M J Barlow - Designated member

1.	STATUTORY INFORMATION

I.a.s.p. LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal place of business of the LLP is at Unit 2A, Singer Mews, 4 Union Road, London.

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The LLP ceased to trade on 31 March 2024. For this reason, the members have determined that the going concern concept is no longer appropriate, as a result, the financial statements for the year ended 31 March 2025 have been prepared on the break-up basis with due allowance made for likely losses.

There were no material departures from that standard.

Turnover

Turnover represents net invoiced fees for commercial photography and art buying, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Divisible profits and members' remuneration

Trading profits and losses of the LLP are divided and borne by the members in the proportions as set out in the members' agreement and shall be theirs as of right unless otherwise agreed from time to time.

The cash flow requirement of the LLP are taken into account when assessing the level of drawings taken by members

Revenue recognition

Income is recognised when photography and photographic services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Accounting period

In the previous period, the company extended its accounting year end therefore these financial statements are not directly comparable with those of the previous period which covered 456 days.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

18,143

118,392

Amounts due from members

3,724

-

Other debtors

1,261

23,128

119,653

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Bank loans and overdrafts

10,000

Trade creditors

484

-

Social security and other taxes

6,690

19,523

Other creditors

-

9,912

Accruals and deferred income

1,201

4,515

18,375

43,950

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.25

31.3.24

£

Bank loans

2,500

12,500

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank loans

12,500

22,500

I.a.s.p. LLP has provided a fixed and floating charge to Barclays Bank plc including a cross guarantee and debenture for liabilities of It's All Sorted Productions Ltd.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in the appendix to the SORP, Accounting for Limited Liability Partnerships, is that members' other interests rank after unsecured creditors.

10.	CAPITAL COMMITMENTS

31.3.25

31.3.24

£

Contracted but not provided for in the

financial statements

-