Svetlova LLP

(Registration number: OC343423)
Balance Sheet as at 31 March 2025

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Svetlova LLP (registered number OC343423) were approved by the Board and authorised for issue on 16 October 2026. They were signed on behalf of the limited liability partnership by:

......................................... T Svetlova Designated member

Svetlova LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Svetlova LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis which assumes the continuing support of the members.

Revenue recognition

In accordance with UK GAAP, accrued income is recognised in the accounts to the extent that the practice has obtained the right to consideration in exchange for the performance of its contractual obligation.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Svetlova LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Depreciation

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents

Cash and cash equivalents 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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 3 (2024 - 3).

Svetlova LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

3	Tangible fixed assets

	Office equipment  £	Total £
Cost
At 1 April 2024	39,990	39,990
At 31 March 2025	39,990	39,990
Depreciation
At 1 April 2024	37,226	37,226
Charge for the year	691	691
At 31 March 2025	37,917	37,917
Net book value
At 31 March 2025	2,073	2,073
At 31 March 2024	2,764	2,764

4	Client accounts

At the year end the LLP held clients monies (with a corresponding liability) totalling £52,025 (2024 - £248,185). These balances are not included in the accounts.

5

Debtors

	2025 £	2024 £
Trade debtors	27,980	35,095
Prepayments and accrued income	2,500	2,500
Total current trade and other debtors	30,480	37,595

6	Creditors: Amounts falling due within one year

	2025 £	2024 £
Bank loans and overdrafts	35,189	35,189
Accruals and deferred income	6,111	5,911
Taxation and social security	46,328	30,811
	87,628	71,911

Svetlova LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

7	Creditors: Amounts falling due after more than one year

	31 March 2025  £	31 March 2024  £
Bank loans and overdrafts	11,009	14,480