| GFP Juniper LLP |
| Notes to the Accounts |
| for the year ended 31 March 2020 |
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| 1 |
General Information |
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GFP Juniper LLP is a limited liability partnership incorporated in England. Its registered office is: Metal Box Factory, 30 Great Guildford Street, London, SE1 0HS. |
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| 2 |
Accounting policies |
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Basis of preparation |
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The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 Section 1A), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP. |
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Going Concern |
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The members believe the Partnership is a going concern and are willing to provide financial support to cover any expenses that arise in the next 12 months as required. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents mainly investment advisory fees, excluding VAT, and is recognised on an accruals basis. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Division of profits |
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Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
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Intangible fixed assets |
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Intangible fixed assets, being the amount paid in connection with the acquistion of a business in 2017, are measured at cost less accumulative amortisation and any accumulative impairment losses. It is being amortised evenly over its estimated useful life of five and half years. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
25% reducing balance and 25% straight line |
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Fixture and fittings |
25% straight line |
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Basic financial instruments |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 3 |
Member's capital and participation rights |
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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). |
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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. A member’s participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
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Amounts subscribed or otherwise contributed by members, for example members’ capital, are classified 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. |
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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 the members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
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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 profit and loss account and are equity appropriations in the balance sheet. |
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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. |
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All amounts due to members that are classified as liabilities are presented in the balance sheet with ‘Loans and other debts due to members” and are charged to the profit and loss account within ‘members’ remuneration charged as an expense’. Amounts due to members that are classified as equity are shown in the balance sheet within ‘Members’ other interests’. |
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Ranking of debts due to members. |
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The amounts included in loans and other debts due to members would rank below other creditors who are unsecured in the event of a winding-up. |
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| 4 |
Employees |
2020 |
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2019 |
| Number |
Number |
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Average number of persons employed by the LLP |
2 |
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2 |
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| 5 |
Intangible fixed assets |
£ |
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Intangible assets: |
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Cost |
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At 1 April 2019 |
87,200 |
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At 31 March 2020 |
87,200 |
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Amortisation |
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At 1 April 2019 |
26,424 |
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Provided during the year |
15,855 |
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At 31 March 2020 |
42,279 |
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Net book value |
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At 31 March 2020 |
44,921 |
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At 31 March 2019 |
60,776 |
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| 6 |
Tangible fixed assets |
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Computer equipment |
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Furniture and fixtures |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 April 2019 |
4,182 |
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2,663 |
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6,845 |
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At 31 March 2020 |
4,182 |
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2,663 |
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6,845 |
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Depreciation |
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At 1 April 2019 |
2,921 |
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1,198 |
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4,119 |
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Charge for the year |
341 |
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604 |
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945 |
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At 31 March 2020 |
3,262 |
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1,802 |
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5,064 |
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Net book value |
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At 31 March 2020 |
920 |
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861 |
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1,781 |
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At 31 March 2019 |
1,261 |
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1,465 |
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2,726 |
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| 7 |
Debtors |
2020 |
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2019 |
| £ |
£ |
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Trade debtors |
41,807 |
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468 |
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Amounts owed by related company |
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27,564 |
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- |
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Prepayments |
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6,121 |
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47,021 |
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Other debtors |
27,139 |
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17,412 |
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102,631 |
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64,901 |
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| 8 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
| £ |
£ |
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Trade creditors |
7,096 |
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4,744 |
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Amounts owed to related company |
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- |
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41,898 |
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Other taxes and social security costs |
11,664 |
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5,624 |
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Other creditors |
78,636 |
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18,290 |
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97,396 |
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70,556 |
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| 9 |
Loans and other debts due to members |
2020 |
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2019 |
| £ |
£ |
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Members capital classified as debt |
269,333 |
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184,189 |
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Amounts falling due within one year |
(510,667) |
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(746,537) |
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Amounts falling due after more than one year |
780,000 |
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930,726 |
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269,333 |
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184,189 |
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Details of member's capital |
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Member's capital classified as a liability |
780,000 |
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930,726 |
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Loan from members |
(510,667) |
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(746,537) |
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269,333 |
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184,189 |
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Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
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| 10 |
Related party transactions |
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Juniper Place Investor Intelligence Limited |
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A company in which both designated members, Mr M S Bright and Mr P A Harvey, are shareholders and directors. |
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During the year GFP Juniper LLP charged Juniper Place Investor Intelligence Limited £41,489 (2019 : £133,954) in relation to services. |
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Juniper Place Investor Intelligence Limited also charged GFP Juniper LLP £60,000 (2019: £60,000) excluding VAT in relation to a licencing fee. |
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The amounts owed from Juniper Place Investor Intelligence Limited at 31 March 2020 is £27,564 (2019 : owed to Juniper Place Investor Intelligence £1,898) |
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Global Family Partners Limited |
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A company in which designated member, Mr C R Cochin De Billy, is shareholder and director. |
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During the year GFP Juniper LLP repaid Global Family Partners Ltd Nil (2019: £23,200) of the loan outstanding. |
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As per the deed of compromise, Global Family Partners balance of £112,000 was written off against the goodwill cost in the previous year. |
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The amount owed to Global Family Partners Limited at the end of the year was Nil (2019 : £40,000) |
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Rustic Terrace LLC |
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A company in which Mr M S Bright is a shareholder and director. |
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During the year, Rustic Terrace LLC charged GFP Juniper LLP Nil (2019: £33,407) in relation to Consultancy. |
