Creandum Advisor LLP - Period Ending 2021-12-31
Creandum Advisor LLP - Period Ending 2021-12-31
Registration number:
Creandum Advisor LLP
for the period from 10 June 2021 to 31 December 2021
Creandum Advisor LLP
(Registration number: OC437835)
Balance Sheet as at 31 December 2021
Note |
31 December 2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
100 |
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Other amounts |
21,285 |
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21,385 |
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Total members' interests |
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Amounts due from members |
(99) |
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Loans and other debts due to members |
21,385 |
|
21,286 |
Creandum Advisor LLP
(Registration number: OC437835)
Balance Sheet as at 31 December 2021 (continued)
For the year ending 31 December 2021 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.
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 members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 financial statements of Creandum Advisor LLP (registered number OC437835) were approved by the
.........................................
Designated member
Creandum Advisor LLP
Notes to the Financial Statements for the Period from 10 June 2021 to 31 December 2021
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 were 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 Creandum Advisor 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.
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
Members' remuneration and the division of profits is determined in accordance with the LLP agreement.
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.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Creandum Advisor LLP
Notes to the Financial Statements for the Period from 10 June 2021 to 31 December 2021 (continued)
1 |
Accounting policies (continued) |
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 |
Computer Equipment |
2 year straight line |
Financial instruments
The limited liability partnership only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like amounts due from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Creandum Advisor LLP
Notes to the Financial Statements for the Period from 10 June 2021 to 31 December 2021 (continued)
Notes to the Financial Statements (continued) |
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Members's opinion there are no significant judgements or key sources of estimation uncertainty.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
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Tangible fixed assets |
Office equipment |
Total |
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Cost |
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At 10 June 2021 |
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At 31 December 2021 |
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Depreciation |
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Charge for the year |
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At 31 December 2021 |
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Net book value |
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At 31 December 2021 |
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Debtors |
31 December 2021 |
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Other debtors |
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Prepayments and accrued income |
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Amounts due from members |
99 |
36,366 |
Creandum Advisor LLP
Notes to the Financial Statements for the Period from 10 June 2021 to 31 December 2021 (continued)
Notes to the Financial Statements (continued) |
Creditors: Amounts falling due within one year |
31 December 2021 |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Accruals and deferred income |
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