Epiphanies LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC323936

Epiphanies LLP

Filleted Unaudited Financial Statements

31 March 2025

Epiphanies LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		1,199	2,688

Current assets

Debtors	6	99,260	105,628
Cash at bank and in hand		315,037	191,397
		---------	---------
		414,297	297,025

Creditors: amounts falling due within one year	7	23,195		33,109
		---------		---------
Net current assets			391,102	263,916
			---------	---------
Total assets less current liabilities			392,301	266,604
			---------	---------
Net assets			392,301	266,604
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	8	392,301	266,604
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	392,301	266,604
	---------	---------

Total members' interests

Amounts due from members		(50,842)	(26,085)
Loans and other debts due to members	8	392,301	266,604
Members' other interests		–	–
		---------	---------
		341,459	240,519
		---------	---------

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 .

Epiphanies LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 12 December 2025 , and are signed on their behalf by:

D J Irvine

Designated Member

Registered number: OC323936

Epiphanies LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Hopyard Farm, Glanbaiden, Govilon, Abergavenny, NP7 9SE, Wales.

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).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover represents income receivable from services provided, excluding value added tax. Revenue is recognised by the extent that obligations have been met.

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'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Computer equipment	-	33% straight line
Fixtures and fittings	-	20% 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.

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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil (2024: 1 ).

5.	Tangible assets

	Computer equipment	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	10,352	453	10,805
	--------	----	--------
Depreciation
At 1 April 2024	7,726	391	8,117
Charge for the year	1,427	62	1,489
	--------	----	--------
At 31 March 2025	9,153	453	9,606
	--------	----	--------
Carrying amount
At 31 March 2025	1,199	–	1,199
	--------	----	--------
At 31 March 2024	2,626	62	2,688
	--------	----	--------

6.	Debtors

	2025	2024
	£	£
Trade debtors	48,220	78,900
Other debtors	51,040	26,728
	--------	---------
	99,260	105,628
	--------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	8,871	12,078
Social security and other taxes	12,584	21,031
Other creditors	1,740	–
	--------	--------
	23,195	33,109
	--------	--------

8.	Loans and other debts due to members

	2025	2024
	£	£
Loans from members	64,286	64,286
Amounts owed to members in respect of profits	328,015	202,318
	---------	---------
	392,301	266,604
	---------	---------

9.	Related party transactions

During the year the business was controlled by D J Irvine and H M Irvine.