REGISTERED NUMBER:
OC429876
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Tangible assets |
5 |
6,698 |
4,959 |
|
|
|
|
Current assets
|
Debtors |
6 |
41,220 |
212,058 |
|
Cash at bank and in hand |
98,837 |
69,981 |
|
--------- |
--------- |
|
140,057 |
282,039 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
17,787 |
285,998 |
|
--------- |
--------- |
|
Net current assets/(liabilities) |
122,270 |
(
3,959) |
|
--------- |
------- |
|
Total assets less current liabilities |
128,968 |
1,000 |
|
--------- |
------- |
|
Net assets |
128,968 |
1,000 |
|
--------- |
------- |
|
|
|
|
Represented by:
Loans and other debts due to members
|
Other amounts |
8 |
127,968 |
– |
|
|
|
|
Members' other interests
|
Members' capital classified as equity |
1,000 |
1,000 |
|
Other reserves |
– |
– |
|
--------- |
------- |
|
128,968 |
1,000 |
|
--------- |
------- |
|
|
|
Total members' interests
|
Amounts due from members |
– |
(195,915) |
|
Loans and other debts due to members |
8 |
127,968 |
– |
|
Members' other interests |
1,000 |
1,000 |
|
--------- |
--------- |
|
128,968 |
(194,915) |
|
--------- |
--------- |
|
|
|
|
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 has not been delivered.
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
.
|
Statement of Financial Position (continued) |
|
31 March 2025
These financial statements were approved by the
members
and authorised for issue on
11 December 2025
, and are signed on their behalf by:
|
Mr M Chalfen |
|
Designated Member |
|
Registered number:
OC429876
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
The LLP is registered in England and Wales. The address of the registered office is 153 Portland Road, London, W11 4LR.
|
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 2021 (SORP 2021).
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.
Going concern
The Members' have reviewed the results of the LLP after the balance sheet date which no longer show a deficit in Total Members' interests. Furthermore, the Members' have assessed the going concern status of the LLP and have concluded there is no material uncertainty about the LLP's ability to continue as a going concern. Accordingly, the going concern basis has been adopted in preparing the Members' report and financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 and are equity appropriations in the statement of financial position.
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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 and fittings |
- |
20% reducing balance |
|
Computer equipment |
- |
33% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
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.
The average number of employees during the year was nil (2024: nil).
|
Fixtures and fittings |
Computer equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 April 2024 |
794 |
9,237 |
10,031 |
|
Additions |
– |
5,101 |
5,101 |
|
---- |
-------- |
-------- |
|
At 31 March 2025 |
794 |
14,338 |
15,132 |
|
---- |
-------- |
-------- |
|
Depreciation |
|
|
|
|
At 1 April 2024 |
213 |
4,859 |
5,072 |
|
Charge for the year |
116 |
3,246 |
3,362 |
|
---- |
-------- |
-------- |
|
At 31 March 2025 |
329 |
8,105 |
8,434 |
|
---- |
-------- |
-------- |
|
Carrying amount |
|
|
|
|
At 31 March 2025 |
465 |
6,233 |
6,698 |
|
---- |
-------- |
-------- |
|
At 31 March 2024 |
581 |
4,378 |
4,959 |
|
---- |
-------- |
-------- |
|
|
|
|
|
2025 |
2024 |
|
£ |
£ |
|
Other debtors |
41,220 |
212,058 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
16,676 |
3,653 |
|
Other creditors |
1,111 |
282,345 |
|
-------- |
--------- |
|
17,787 |
285,998 |
|
-------- |
--------- |
|
|
|
Included in other creditors is an amount of £nil (2024: £275,999) in relation to deferred advisory fee income.
|
8. |
Loans and other debts due to members |
|
|
|
2025 |
2024 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
127,968 |
– |
|
--------- |
---- |
|
|
|
|
9. |
Related party transactions |
|
|
Included in other debtors is an amount of £10,560 (2024: £10,560) due from a related party. Included in other debtors is an amount of £17,879 (2024: £nil) due from Chalfen Ventures funds in relation to reimbursable expenditure.