General Information
Faraday Partners LLP is a limited liability partnership, registered in England and Wales, registration number OC436932, registration address Sixth Floor, 51 Lincoln's Inn Fields, London, United Kingdom, WC2A 3NA.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
STATUTORY INFORMATION
Faraday Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.
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 o f Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting b y Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.
Turnover
The turnover is measured at the fair value of the consideration received or receiveable , excluding discounts , rebates, value added tax and other sales tax.
Finance lease and hire purchase charges
Rentals paid under operating leases are charged t o profit or loss on a straight line basis over the period of the lease.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Computer software is being amortised evenly over its estimated useful life of four years.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 4 years.
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 cost
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
|
| 2. |
Average number of employees
Average number of employees during the year was 10 (2024 : 7).
|
| 3. |
Intangible fixed assets
| Cost |
Other |
|
Total |
| |
£ |
|
£ |
| At 06 April 2024 |
16,200 |
|
16,200 |
| Additions |
26,666 |
|
26,666 |
| Disposals |
- |
|
- |
| At 05 April 2025 |
42,866 |
|
42,866 |
| Amortisation |
| At 06 April 2024 |
5,978 |
|
5,978 |
| Charge for year |
4,050 |
|
4,050 |
| On disposals |
- |
|
- |
| At 05 April 2025 |
10,028 |
|
10,028 |
| Net book values |
| At 05 April 2025 |
32,838 |
|
32,838 |
| At 05 April 2024 |
10,222 |
|
10,222 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 06 April 2024 |
70,161 |
|
15,336 |
|
85,497 |
| Additions |
3,567 |
|
10,252 |
|
13,819 |
| Disposals |
- |
|
- |
|
- |
| At 05 April 2025 |
73,728 |
|
25,588 |
|
99,316 |
| Depreciation |
| At 06 April 2024 |
19,905 |
|
5,268 |
|
25,173 |
| Charge for year |
17,738 |
|
4,926 |
|
22,664 |
| On disposals |
- |
|
- |
|
- |
| At 05 April 2025 |
37,643 |
|
10,194 |
|
47,837 |
| Net book values |
| Closing balance as at 05 April 2025 |
36,085 |
|
15,394 |
|
51,479 |
| Opening balance as at 06 April 2024 |
50,256 |
|
10,069 |
|
60,325 |
|
| 5. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 06 April 2024 |
- |
|
- |
| Additions |
3,807 |
|
3,807 |
| Disposals |
- |
|
- |
| At 05 April 2025 |
3,807 |
|
3,807 |
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
496,307 |
|
119,295 |
| Prepayments & Accrued Income |
0 |
|
9,084 |
|
496,307 |
|
128,379 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
7,329 |
|
21,815 |
| Accrued Expenses |
0 |
|
3,972 |
| Other Creditors |
30,803 |
|
31,050 |
| VAT |
39,675 |
|
12,539 |
|
77,807 |
|
69,376 |
|
| 8. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Pension Provisions |
0 |
|
641 |
|
0 |
|
641 |
|
2
|