Contents of the Financial Statements

for the Period Ended 31 December 2024

Profit And Loss Account

for the Period Ended 31 December 2024

Balance sheet

As at 31 December 2024

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the partnership’s activities. The partnership recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the partnership’s activities.

  Other accounting policies

  Basis of preparation These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value. The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the partnership operates, Monetary amounts in these financial statements are rounded to the nearest Pound Taxation The LLP is a tax transparent entity. The profits and losses of the LLP are allocated to the individual members in accordance with the LLP Agreement. Each member is responsible for their own taxation liabilities arising on their share of the LLP’s results. As such, the financial statements do not include any charge or provision for corporation tax. Cash at bank Cash at bank comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade debtors Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the partnership will not be able to collect all amounts due according to the original terms of the debtors. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price, and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid. Remuneration for Member Draw One member receives a fixed annual draw. This is treated as an allocation of profit, rather than as an expense of the LLP.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	2023
  Average number of employees during the period	0	0