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Registered number: OC424611 (England and Wales)
TROWBRIDGE GLOBAL TAX LLP
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TROWBRIDGE GLOBAL TAX LLP
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INFORMATION
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Trowbridge International Tax Services Ltd
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Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU
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TROWBRIDGE GLOBAL TAX LLP
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CONTENTS
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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TROWBRIDGE GLOBAL TAX LLP
REGISTERED NUMBER:OC424611
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BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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TROWBRIDGE GLOBAL TAX LLP
REGISTERED NUMBER:OC424611
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BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 476 and section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
C T Trowbridge
for and on behalf of Trowbridge International Tax Services Limited
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The notes on pages 4 to 10 form part of these financial statements.
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TROWBRIDGE GLOBAL TAX LLP
REGISTERED NUMBER:OC424611
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BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 30 September 2023
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Members' interests after profit for the year
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Balance at 30 September 2024
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Limited Liability Partnership ("the LLP") was incorporated in the United Kingdom and registered in England. The registered office is given on the Companies Information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis despite the losses made since 2023 as the LLP continues to be in a net asset position with the backing of its members. The members have considered a period of at least 12 months from the date of approval of these financial statements and expect the LLP to continue trading for this period. For this reason, the members continue to adopt the going concern basis in preparing the financial statements.
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided.
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Customer book of business
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Short term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. No interest is charged on the loan, which is repayable on demand.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. No interest is charged on the loans, which are repayable on demand.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Cost of defined contribution scheme
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The average monthly number of employees during the year was 3 (2023 - 1).
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Customer book of business
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The LLP acquired a customer book of business in 2019. This book of business had a useful economic life of 3 years and additional amounts are payable in relation to the cost of this asset based on the performance of the asset over those 3 years.
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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TROWBRIDGE GLOBAL TAX LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Commitments under operating leases
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At 30 September 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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At the year end a balance of £492,953 (2023: £367,272) was due from Trowbridge International Tax Services Limited, this amount was unsecured, interest free and repayable on demand.
At the year end an amount of £237,235 (£245,088) was due to Trowbridge Professional Corporation, this amount was unsecured interest free and repayable on demand.
At the year end an amount of £25,305 (2023: £25,305) was due to Trowbidge Outsourcing Services India LLP, a fellow subsidiary, this amount was unsecured, interest free and repayable on demand.
At the year end a balance of £76,349 was due from Trowbridge Global Limited, this amount was unsecured, interest free and repayable on demand.
At the year end a balance of £996 was due from Trowbridge International Holdings Inc., this amount was unsecured, interest free and repayable on demand.
At the year end a balance of £4,426 was due to Trowbridge International Tax Services GmbH, this amount was unsecured, interest free and repayable on demand.
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Trowbridge Professional Corporation is the parent of the smallest group for which consolidated financial statements are drawn up of which the LLP is a member. The registered office of the parent company is 1 King Street West, Suite 1201, Toronto, Ontario, M5H 1A1.
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Post balance sheet events
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There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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