Apollo & Co LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC308995

Apollo & Co LLP

Filleted Unaudited Financial Statements

31 August 2021

Apollo & Co LLP

Balance Sheet

31 August 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	1	1
Tangible assets	6	45,659	58,056
		--------	--------
		45,660	58,057

Current assets

Debtors	7	146,768	232,036
Cash at bank and in hand		79,064	55,631
		---------	---------
		225,832	287,667

Creditors: amounts falling due within one year	8	( 270,492)		( 344,724)
		---------		---------
Net current liabilities			( 44,660)	( 57,057)
			--------	--------
Total assets less current liabilities			1,000	1,000
			-------	-------
Net assets			1,000	1,000
			-------	-------

Represented by:

Loans and other debts due to members

Other amounts		–	–

Members' other interests

Members' capital classified as equity	1,000	1,000
Other reserves	–	–
	-------	-------
	1,000	1,000
	-------	-------

Total members' interests

Loans and other debts due to members	–	–
Members' other interests	1,000	1,000
	-------	-------
	1,000	1,000
	-------	-------

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 profit and loss account has not been delivered.

For the year ending 31 August 2021 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 .

Apollo & Co LLP

Balance Sheet (continued)

31 August 2021

These financial statements were approved by the members and authorised for issue on 30 May 2022 , and are signed on their behalf by:

Mr U Somaia	Mr K Somaia
Designated Member	Designated Member

Registered number: OC308995

Apollo & Co LLP

Notes to the Financial Statements

Year ended 31 August 2021

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 77 Grand Parade, Green Lanes, London, England, N4 1DX.

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 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents rents and management fees receivable during the period and is exclusive of Value Added Tax.

Members' participation rights

Individual members

Members' share of profits are automatically allocated. Members' drawings are set by the Management Board after considering the working capital needs of the business. To the extent the profit allocations exceed drawings, the excess profit is included in the balance sheet under creditors. Where drawings exceed the allocated profits the excess is included in debtors.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 4 years on a straight line basis

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Leasehold property	-	over the term of lease
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Taxation

Taxation on LLP profits is the personal liability of the members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 6 (2020: 5 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 September 2020 and 31 August 2021	97,979
	--------
Amortisation
At 1 September 2020 and 31 August 2021	97,978
	--------
Carrying amount
At 31 August 2021	1
	--------
At 31 August 2020	1
	--------

6.	Tangible assets

	Leasehold property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 September 2020	529	118,308	55,262	174,099
Additions	–	–	2,820	2,820
	----	---------	--------	---------
At 31 August 2021	529	118,308	58,082	176,919
	----	---------	--------	---------
Depreciation
At 1 September 2020	406	72,536	43,100	116,042
Charge for the year	29	11,443	3,746	15,218
	----	---------	--------	---------
At 31 August 2021	435	83,979	46,846	131,260
	----	---------	--------	---------
Carrying amount
At 31 August 2021	94	34,329	11,236	45,659
	----	---------	--------	---------
At 31 August 2020	123	45,772	12,162	58,057
	----	---------	--------	---------

7.	Debtors

	2021	2020
	£	£
Trade debtors	14,672	22,283
Prepayments and accrued income	31,602	33,355
Other debtors	100,494	176,398
	---------	---------
	146,768	232,036
	---------	---------

Included in debtors is an amount of £39,868 (2021: £100,860) due to the LLP from members.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	161,205	155,485
Accruals and deferred income	65,436	65,994
Social security and other taxes	1,185	1,040
Obligations under finance leases and hire purchase contracts	–	51,824
Other creditors	42,666	70,381
	---------	---------
	270,492	344,724
	---------	---------

9.	Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants released to profit or loss	–	1,788
	----	-------

During the year the LLP received a CJRS grant amounting to £NIl (2020: £1,788).

10.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Later than 1 year and not later than 5 years	58,333	78,333
	--------	--------