Lightblue Online LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC355038 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Lightblue Online LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DESIGNATED MEMBERS:

Lightblue UK Limited

D C O'Connor

Lucas Alexander Financial Solutions Ltd

REGISTERED OFFICE:

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

OC355038 (England and Wales)

ACCOUNTANTS:

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Intangible assets

4

1,511

2,015

Tangible assets

5

11,900

14,249

Investments

6

315,290

-

328,701

16,264

CURRENT ASSETS

Debtors

7

92,768

72,725

Cash at bank and in hand

155,975

421,529

248,743

494,254

CREDITORS

Amounts falling due within one year

8

100,728

51,697

NET CURRENT ASSETS

148,015

442,557

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

476,716

458,821

CREDITORS

Amounts falling due after more than one year

9

43,333

-

PROVISIONS FOR LIABILITIES

296,874

402,542

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

71,219

56,279

MEMBERS' OTHER INTERESTS

Fair value reserve

11

65,290

-

476,716

458,821

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

71,219

56,279

Members' other interests

65,290

-

Amounts due from members

7

(61,667

)

(47,979

)

74,842

8,300

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2021.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 25 November 2021 and were signed by:

Lightblue UK Limited - Designated member

1.	STATUTORY INFORMATION

Lightblue Online LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from provision of financial advice is recognised by reference to the stage of completion at the balance sheet date. Stage os completion is measured by reference to when the LLP has delivered service to the customer, the customer has accepted the service and collectability of the related receivable is reasonably assured.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

33% on cost

Plant and machinery etc

-

25% on reducing balance

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.

Taxation

Members are personally liable for taxation on their share of the profits of the limited liability partnership.

The profits are shown within 'Members' interests' or as 'Loans and other debts due to members' without any deduction for tax.

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the LLP has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

8,600

AMORTISATION

At 1 April 2020

6,585

Charge for year

504

At 31 March 2021

7,089

NET BOOK VALUE

At 31 March 2021

1,511

At 31 March 2020

2,015

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

8,460

36,264

44,724

Additions

-

1,618

1,618

At 31 March 2021

8,460

37,882

46,342

DEPRECIATION

At 1 April 2020

8,460

22,015

30,475

Charge for year

-

3,967

3,967

At 31 March 2021

8,460

25,982

34,442

NET BOOK VALUE

At 31 March 2021

-

11,900

11,900

At 31 March 2020

-

14,249

14,249

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

Additions

250,000

Revaluations

65,290

At 31 March 2021

315,290

NET BOOK VALUE

At 31 March 2021

315,290

Cost or valuation at 31 March 2021 is represented by:

Other

investments

£

Valuation in 2021

65,290

Cost

250,000

315,290

Fixed Asset Investments comprise of a portfolio of listed investments, a share of which is held for the beneficial interest of the LLP. At 31 March 2021, the market value of the portfolio was £504,464, with the LLP's share of 62.5% valued at £315,290.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

9,760

11,512

Other debtors

83,008

61,213

92,768

72,725

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

6,667

-

Payments on account

34,114

2,806

Trade creditors

9,456

8,903

Taxation and social security

-

1,825

Other creditors

50,491

38,163

100,728

51,697

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

43,333

-

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of winding up, loans and other debts due to members and members' other interests rank subordinate to other unsecured creditors.

11.

RESERVES

Fair

value

reserve

£

Fair value transfer

65,290

At 31 March 2021

65,290

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Lightblue Online LLP for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Lightblue Online LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lightblue Online LLP and state those matters that we have agreed to state to the members of Lightblue Online LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lightblue Online LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Lightblue Online LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lightblue Online LLP. You consider that Lightblue Online LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lightblue Online LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

25 November 2021