Versant Associates LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC358719

Versant Associates LLP

Filleted Unaudited Financial Statements

31 March 2026

Versant Associates LLP

Statement of Financial Position

31 March 2026

	2026		2025
Note	£	£	£

Fixed assets

Intangible assets	5	1	1
Tangible assets	6	86,560	115,185
		--------	---------
		86,561	115,186

Current assets

Stocks		9,165	9,890
Debtors	7	211,620	37,912
Cash at bank and in hand		70,000	300,469
		---------	---------
		290,785	348,271

Creditors: amounts falling due within one year	8	91,939		76,282
		---------		---------
Net current assets			198,846	271,989
			---------	---------
Total assets less current liabilities			285,407	387,175
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	9	285,407	387,175
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	285,407	387,175
	---------	---------

Total members' interests

Loans and other debts due to members	9	285,407	387,175
Members' other interests		–	–
		---------	---------
		285,407	387,175
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Versant Associates LLP

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 4 November 2026 , and are signed on their behalf by:

Mr R Khandhia	Mr M Illingsworth
Designated Member	Designated Member

Registered number: OC358719

Versant Associates LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor vehicle	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 10 (2025: 9 ).

5.	Intangible assets

	Development costs
	£
Cost
At 1 April 2025 and 31 March 2026	1
	----
Amortisation
At 1 April 2025 and 31 March 2026	–
	----
Carrying amount
At 31 March 2026	1
	----
At 31 March 2025	1
	----

6.	Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2025 and 31 March 2026	1	193,513	193,514
	----	---------	---------
Depreciation
At 1 April 2025	–	78,329	78,329
Charge for the year	–	28,625	28,625
	----	---------	---------
At 31 March 2026	–	106,954	106,954
	----	---------	---------
Carrying amount
At 31 March 2026	1	86,559	86,560
	----	---------	---------
At 31 March 2025	1	115,184	115,185
	----	---------	---------

7.	Debtors

	2026	2025
	£	£
Trade debtors	211,460	37,792
Other debtors	160	120
	---------	--------
	211,620	37,912
	---------	--------

8. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	4,111	–
Trade creditors	40,789	51,248
Social security and other taxes	39,516	19,936
Other creditors	7,523	5,098
	--------	--------
	91,939	76,282
	--------	--------

9.	Loans and other debts due to members

	2026	2025
	£	£
Amounts owed to members in respect of profits	285,407	387,175
	---------	---------