Warmfield Group LLP - Period Ending 2019-05-31

Warmfield Group LLP

Contents

Limited liability partnership information	1
Financial Statements	2 to 8
Balance Sheet	2
Statement of Changes in Members’ Interests	4
Notes to the Financial Statements	5

Warmfield Group LLP

Limited liability partnership information

Designated members

Mr R C Sadler Warmfield Consultants Limited

Registered office

Bardsey Grange Cornmill Lane Bardsey Leeds LS17 9EQ

Warmfield Group LLP

(Registration number: OC422296)
Balance Sheet as at 31 May 2019

	Note	31 May 2019  £
Fixed assets
Tangible assets	3	21,540
Current assets
Debtors		1,522
Cash and short-term deposits		7,837
		9,359
Creditors: Amounts falling due within one year	5	(2,150)
Net current assets		7,209
Net assets attributable to members		28,749
Represented by:
Loans and other debts due to members
Other amounts		28,749
		28,749
Total members' interests
Loans and other debts due to members		28,749
		28,749

For the year ending 31 May 2019 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

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, and the option not to file the Profit and Loss Account has been taken.

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.

Warmfield Group LLP

(Registration number: OC422296)
Balance Sheet as at 31 May 2019 (continued)

The financial statements of Warmfield Group LLP (registered number OC422296) were approved by the Board and authorised for issue on 26 February 2021. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R C Sadler
Designated member

Warmfield Group LLP

Statement of Changes in Members’ Interests
At 31 May 2019

	Loans and other debts due to/(from) members
	Members' other amounts £	Total 2019  £
Members' remuneration charged as an expense	(35)	(35)
Members’ capital introduced	72,000	72,000
Drawings (including tax payments)	(43,216)	(43,216)
At 31 May 2019	28,749	28,749

Warmfield Group LLP

Notes to the Financial Statements for the Period from 2 May 2018 to 31 May 2019

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 and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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 Warmfield Group LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis.

The members have considered the impact that COVID-19 has had on the performance of the business.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

Warmfield Group LLP

Notes to the Financial Statements for the Period from 2 May 2018 to 31 May 2019 (continued)

1	Accounting policies (continued)

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.

other taxes policy

Tangible fixed assets

Individual fixed assets costing or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line basis
Motor vehicles	25% straight line basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Warmfield Group LLP

Notes to the Financial Statements for the Period from 2 May 2018 to 31 May 2019 (continued)

1	Accounting policies (continued)

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 0.

Warmfield Group LLP

Notes to the Financial Statements for the Period from 2 May 2018 to 31 May 2019 (continued)

3	Tangible fixed assets

	Motor vehicles £	Office equipment £	Total £
Cost
Additions	22,500	549	23,049
At 31 May 2019	22,500	549	23,049
Depreciation
Charge for the year	1,406	103	1,509
At 31 May 2019	1,406	103	1,509
Net book value
At 31 May 2019	21,094	446	21,540

4

Debtors

	31 May 2019  £
Other debtors	1,522
Total current trade and other debtors	1,522

5	Creditors: Amounts falling due within one year

	31 May 2019  £
Accruals and deferred income	2,150

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.