Guildhouse-Rosepride LLP is a limited liability partnership incorporated in England and Wales. The registered office is 128 Buckingham Palace Road, London, United Kingdom, SW1W 9SA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
In accordance with the LLP agreement, from time to time the LLP determines the amount of profit to be treated as members' fixed remuneration. This profit is treated as allocated. The members' agreement sets out that all revenue and capital profits are to be allocated in proportion to the shareholding and such other proportions as a designated member. Allocated profit is included within 'loans and other debts due to members' in 'other amounts'.
The designated members shall share any losses of a capital nature, in proportions to their shareholdings. In the event that any designated member acquires further capital in the LLP, then any losses suffered by the LLP shall be shared by the designated members pro rata to their interest in the capital of the LLP. No member is entitled to receive interest on the amount of his proportion of the capital contributions to the LLP.
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. If any member withdraws funds in excess of the profit share for an accounting year, that member shall repay the excess drawings to the LLP immediately together with the interest on the excess at an interest rate of 3%, above the base lending rate from time to time of the bank.
The capital requirements of the partnership are determined by the members and are reviewed regularly. The designated members contributed the total sum of members capital in the proportions as defined by the members agreement.
The designated members may decide that any further funding required by the LLP shall be funded by the designated members proportions to their shareholding or such other proportion as the designated member shall agree.
The designated members may not call for the members to contribute any further capital on the insolvency of the LLP.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
Basic financial liabilities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
The average number of persons (excluding members) employed by the partnership during the year was:
In the event of a winding up and a surplus remains at the conclusion of the winding up, after payment of all money due to creditors of the LLP and all expenses of the winding up, the liquidator shall pay that surplus sum to the members in accordance with the respective portions of members share capital.