REGISTERED NUMBER: OC431109 (England and Wales)

Report of the Members and

Financial Statements

for the Year Ended 31 March 2025

for

INITIAL SOFTWARE SERVICES LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Dr V Goulstine

Mr J S Goulstine

REGISTERED OFFICE:

42 Lytton Road

Barnet

United Kingdom

EN5 5BY

REGISTERED NUMBER:

OC431109 (England and Wales)

ACCOUNTANTS:

JLA Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of software production services

DESIGNATED MEMBERS

The designated members during the year under review were:

Dr V Goulstine

Mr J S Goulstine

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £38,200 (2024 - £17,617 loss).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

Mr J S Goulstine - Designated member

24 December 2025

TURNOVER

76,137

14,069

Administrative expenses

37,937

31,686

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

38,200

(17,617

)

FIXED ASSETS

Tangible assets

5

66,508

88,677

CURRENT ASSETS

Debtors

6

742

105,134

Cash at bank

909

437

1,651

105,571

CREDITORS

Amounts falling due within one year

7

19,961

87,733

NET CURRENT (LIABILITIES)/ASSETS

(18,310

)

17,838

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

48,198

106,515

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

48,198

106,515

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

48,198

106,515

Amounts due from members

6

-

(8,809

)

48,198

97,706

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 24 December 2025 and were signed by:

Mr J S Goulstine - Designated member

1.	STATUTORY INFORMATION

Initial Software Services 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 (£).

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

3.	EMPLOYEE INFORMATION

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

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

22,169

20,465

5.	TANGIBLE FIXED ASSETS

Plant and

machiner

etc

£

COST

At 1 April 2024

and 31 March 2025

109,142

DEPRECIATION

At 1 April 2024

20,465

Charge for year

22,169

At 31 March 2025

42,634

NET BOOK VALUE

At 31 March 2025

66,508

At 31 March 2024

88,677

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

-

95,483

Other debtors

742

9,651

742

105,134

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Taxation and social security

2,503

15,283

Other creditors

17,458

72,450

19,961

87,733

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari pasu in relation to other creditors.