Square One Wealth Management LLP - Accounts to registrar (filleted) - small 18.2
Square One Wealth Management LLP - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2021 |
| for |
| SQUARE ONE WEALTH MANAGEMENT LLP |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Contents of the Financial Statements |
| for the year ended 31 March 2021 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SQUARE ONE WEALTH MANAGEMENT LLP |
| General Information |
| for the year ended 31 March 2021 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Preston Park House |
| South Road |
| Brighton |
| East Sussex |
| BN1 6SB |
| BANKERS: |
| 90-92 High Street |
| Crawley |
| East Sussex |
| RH10 1BP |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Balance Sheet |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
126,121 |
86,462 |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Balance Sheet - continued |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
71,121 |
31,462 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 55,000 | 55,000 |
| 126,121 | 86,462 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 10 | 71,121 | 31,462 |
| Members' other interests | 55,000 | 55,000 |
| Amounts due from members | 7 | - | (111,606 | ) |
| 126,121 | (25,144 | ) |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Notes to the Financial Statements |
| for the year ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Square One Financial Planning LLP registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. The LLP's principle place of business is the registered office. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of services is recognised at the point of despatch. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer software | - | 33% on cost |
| Fixtures, fittings & equipment | - | 15% on reducing balance |
| Computer equipment | - | 33% on cost |
| Impairment |
| At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Government grants |
| Grants receivable under the government’s Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund are designed to provide immediate financial support and are recognised as other operating income when confirmation is received that the entity is eligible for the grant. The income is taxable and amounts not received by the reporting date are included in other debtors. |
| Stocks |
| Work in progress include work incurred on behalf of clients that has not yet been billed and are considered to be receivable. |
| Financial instruments |
| 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 entity after deducting all of its financial liabilities. |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
| Government backed loans |
| Included in bank loans is a coronavirus business intervention loan which is guaranteed by the government. As part of the coronavirus business intervention loan scheme the government is paying the first year of interest on the loan. |
| Going concern |
| The members have a reasonable expectation that the LLP has adequate resources to continue in existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2020 - |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| fittings | Motor | Computer |
| & equipment | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2020 |
| Disposals | ( |
) | ( |
) |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 6. | STOCKS |
| 2021 | 2020 |
| £ | £ |
| Work in progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts due from members | - | 111,606 |
| Other debtors |
| Caerus income control account | 6,361 | - |
| Prepayments |
| Accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| 10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2021 | 2020 |
| £ | £ |
| Amounts owed to members in respect of profits | 71,121 | 31,462 |
| Falling due within one year | 71,121 | 31,462 |
| Loans and other debts due to members' (other than members' capital classified as debt)rank last in relation to other creditors. |