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Registered number: OC331519
EXCELLION ADVISORS LLP
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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EXCELLION ADVISORS LLP
REGISTERED NUMBER: OC331519
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 26 July 2021.
The notes on pages 2 to 9 form part of these financial statements.
Page 1
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Excellion Advisors LLP is a Limited Liability Partnership ('LLP') incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the information page and the nature of the LLP's operations and its principal activities are set out in the members' report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
On March 11 2020, the World Health Organization (WHO) declared COVID-19 a pandemic The effects of COVID-19 have and may continue to adversely affect the global economy and the UK economy. In this context, the members have considered the position of the partnership at the date of signing these financial statements and have determined that they have sufficient cash levels to cover the operating needs of the partnership for at least 12 months. The partnership successfully enacted business continuity measures which have ensured that it can continue to function with minimal disruption. The partnership has a strong financial and operational control infrastructure, and key personnel has substantial experience in business as well as operational management. The members note that the partnership has been able to generate revenue by successfully completing UK real estate debt transactions during the COVID-19 lockdown and the members consider the partnership has been able to continue to function with minimal disruption. Given the nature of the business and its activities, the members also consider that the impact of the coronavirus does not affect the ability of the partnership to continue to generate value in the long-term. The members confirm that there is no intention to change the business activity as a result of COVID-19.
The members believe that it is appropriate to continue to prepare these financial statements on a going concern basis.
Page 2
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover is attributable to the provision of corporate finance advisory and related services.
Page 3
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
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Page 5
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Charge for the year on owned assets
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Page 6
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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During the year the LLP took a loan under the Coronavirus Business Interruption Loan Scheme totalling £250,000. Interest is charged at 0% for the first 12 months, and then 4.59% per annum above the base rate beyond that. The loan is repayable six years from drawdown.
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Page 7
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due after more than 5 years
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The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £4,430 (2020 - £6,316). Contributions totalling £1,094 (2020 - £686) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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During the year the sum of £nil (2020 - £169) was invoiced to an affiliated company, £2,269 (2020 - £2,269) was outstanding at the year end.
The partnership provided services and recharged expenses, inclusive of VAT, to a company under common control in the amount of £386,907 (2020 - £339,389). An amount of £64,811 (2020 - £48,420) was outstanding at the year end.
During the year the sum of £1,217 (2020 - £6,500) was paid on behalf of a company that is a member in the partnership, and also under common control. An amount of £118,616 (2020 - £113,940) was outstanding at the year end. These amounts are included within debtors due within one year.
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Post balance sheet events
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On 26 July 2021 Raffael Johnen resigned from his position in the Partnership and is no longer a member or has any involvement in the LLP.
In January 2021 the LLP’s management team was strengthened by the appointment of Chris Woodford as Chief Operating Officer. Chris has recently also joined the Executive Management Team of the Partnership this year.
The members do not consider there to be a single controlling party.
Page 8
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EXCELLION ADVISORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The auditors' report on the financial statements for the year ended 31 March 2021 was unqualified.
The audit report was signed on 27 July 2021 by Bernadette King (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.
Page 9
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