France Investment Advisors LLP Filleted accounts for Companies House (small and micro)
France Investment Advisors LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC371082
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Abridged Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
£ |
Current assets
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
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Net assets |
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Represented by:
Loans and other debts due to members
Other amounts |
4 |
580,235 |
581,077 |
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Members' other interests
Members' capital classified as equity |
660,129 |
660,129 |
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Other reserves |
– |
– |
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1,240,364 |
1,241,206 |
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Total members' interests
Amounts due from members |
(7,058,225) |
(6,960,468) |
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Loans and other debts due to members |
4 |
580,235 |
581,077 |
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Members' other interests |
660,129 |
660,129 |
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(5,817,861) |
(5,719,262) |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged income statement has not been delivered.
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
members
and authorised for issue on
22 September 2022
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC371082
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Notes to the Abridged Financial Statements |
Year ended 31 December 2021
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is 45 Holmead Road, London, SW6 2JD.
2. |
Accounting policies |
Basis of preparation
Revenue recognition
Members' participation rights
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).
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, in accordance with Section 22 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'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed 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.
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 members are in the nature of liabilities. They are therefore treated as an expense in the abridged income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.
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 abridged income statement and are equity appropriations in the abridged statement of financial position.
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.
All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Financial instruments
3. |
Employee numbers |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil
(2020: Nil).
4. |
Loans and other debts due to members |
2021 |
2020 |
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£ |
£ |
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Amounts owed to members in respect of profits |
578,809 |
579,651 |
Other amounts |
1,426 |
1,426 |
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580,235 |
581,077 |
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