Vence LLP - Period Ending 2022-04-30

Vence LLP

Contents

Limited liability partnership information	1
Statement of Members' Responsibilities	2
Financial Statements	3 to 7
Balance Sheet	3
Reconciliation of Members’ Interests	5
Notes to the Financial Statements	6

Vence LLP

Limited liability partnership information

Designated members

S P Lansdown J S Lansdown

Registered office

Ashton Gate Stadium Ashton Road Bristol BS3 2EJ

Accountants

Francis Clark LLP Blackbrook Gate 1 Blackbrook Business Park Taunton TA1 2PX

Vence LLP

Statement of Members' Responsibilities

Year Ended 30 April 2022

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

•	select suitable accounting policies and then apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent; and

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Designated members on behalf of the members.

Vence LLP

Balance Sheet

30 April 2022

	Note	2022  £	2021  £
Current assets
Debtors	3	1	440
Cash and short-term deposits		117,939	121,509
		117,940	121,949
Creditors: Amounts falling due within one year	4	(1,450)	(3,834)
Net assets attributable to members		116,490	118,115
Represented by:
Loans and other debts due to members
Other amounts due to members		2,952,272	2,952,272
Equity
Other reserves		(2,835,782)	(2,834,157)
		116,490	118,115
Total members' interests
Loans and other debts due to members		2,952,272	2,952,272
Equity		(2,835,782)	(2,834,157)
		116,490	118,115

For the year ending 30 April 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships. The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 (as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, and the option not to file the Profit and Loss Account has been taken.

These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) applicable to LLP's subject to the small LLPs regime.
 

Vence LLP

Balance Sheet

30 April 2022 (continued)

The financial statements of Vence LLP (registered number OC333444) were approved by the members and authorised for issue on 20 January 2023. They were signed on behalf of the limited liability partnership by:

.........................................
J S Lansdown
Designated member

Registration number: OC333444

Vence LLP

Reconciliation of Members’ Interests

30 April 2022

	Other reserves £	Loans and Other Debts Due to Members £	Total 2022  £
Members' interest at 1 May 2021	(2,834,157)	2,952,272	118,115
Loss for the financial year available for discretionary division among members	(1,625)	-	(1,625)
At 30 April 2022	(2,835,782)	2,952,272	116,490

	Other reserves £	Loans and Other Debts Due to Members £	Total 2021  £
Members' interest at 1 May 2020	(2,831,962)	2,952,272	120,310
Loss for the financial year available for discretionary division among members	(2,195)	-	(2,195)
At 30 April 2021	(2,834,157)	2,952,272	118,115

Vence LLP

Notes to the Financial Statements

Year Ended 30 April 2022

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the requirements of the Statement of Recommended Practice on Accounting by Limited Liability Partnerships (2017).

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Vence LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

Members' remuneration and division of profits

The terms of the Members' Agreement sets out an automatic division of profits and accordingly profits are charged as an expense in the profit and loss account and included within 'Members' remuneration charged as an expense'. The terms of the Members' Agreement sets out a discretionary division of losses and accordingly losses are included within 'Members' other interests'.

Members' interests

The terms of the Members' Agreement entitles Members' to demand a return of capital and accordingly members' capital is accounted for as a liability.

Financial instruments

Classification

The LLP holds the following financial instruments:

• Short term other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

Vence LLP

Notes to the Financial Statements (continued)

Year Ended 30 April 2022

1	Accounting policies (continued)

Recognition and Measurement

The LLP has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term other debtors and creditors, and cash and bank balances. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2021 - 0).

3

Debtors

	2022  £	2021  £
Other debtors	1	440

4	Creditors: Amounts falling due within one year

	2022  £	2021  £
Trade creditors	-	2,634
Accruals	1,450	1,200
	1,450	3,834

5	Loans and other debts due to members

	2022  £	2021  £
Other amounts due to members	2,952,272	2,952,272

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.