Kin London LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC403555 (England and Wales)

Unaudited Financial Statements for the Year Ended 2 April 2021

for

Kin London LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S M Mitchell

C Mitchell

REGISTERED OFFICE:

Clere House

3 Chapel Place

London

EC2A 3DQ

REGISTERED NUMBER:

OC403555 (England and Wales)

ACCOUNTANTS:

J.D. Bregman & Co Limited

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

FIXED ASSETS

Tangible assets

4

648

1,295

CURRENT ASSETS

Debtors

5

298,575

399,207

Cash at bank and in hand

123,983

229,338

422,558

628,545

CREDITORS

Amounts falling due within one year

6

(213,855

)

(531,897

)

NET CURRENT ASSETS

208,703

96,648

TOTAL ASSETS LESS CURRENT LIABILITIES

209,351

97,943

CREDITORS

Amounts falling due after more than one year

7

(39,761

)

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

169,590

97,943

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

169,590

97,943

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

169,590

97,943

Amounts due from members

5

(232,442

)

(195,920

)

(62,852

)

(97,977

)

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 2 April 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 24 December 2021 and were signed by:

S M Mitchell - Designated member

1.	STATUTORY INFORMATION

Kin London 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 3 April 2020

and 2 April 2021

11,862

DEPRECIATION

At 3 April 2020

10,567

Charge for year

647

At 2 April 2021

11,214

NET BOOK VALUE

At 2 April 2021

648

At 2 April 2020

1,295

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2.4.21

2.4.20

£

£

Trade debtors

56,112

76,256

Other debtors

242,463

322,951

298,575

399,207

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2.4.21

2.4.20

£

£

Bank loans and overdrafts

10,239

-

Trade creditors

52,501

114,274

Taxation and social security

26,623

29,573

Other creditors

124,492

388,050

213,855

531,897

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2.4.21

2.4.20

£

£

Bank loans

39,761

-

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2.4.21

2.4.20

£

£

Amounts owed to members in respect of profits

169,590

97,943

Falling due within one year

169,590

97,943

Loans and other debts due to members will rank ‘pari passu’ with other unsecured creditors of the LLP.