ACCOUNTS - Final Accounts

Loans and other debts due to members

As restated
2021

ONE LUXURY GROUP ADVISERS LLP - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-06-302022-06-302999383116762021-07-01falseNo description of principal activity43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC400278 2021-07-01 2022-06-30 OC400278 2020-07-01 2021-06-30 OC400278 2022-06-30 OC400278 2021-06-30 OC400278 c:Buildings c:ShortLeaseholdAssets 2021-07-01 2022-06-30 OC400278 c:Buildings c:ShortLeaseholdAssets 2022-06-30 OC400278 c:Buildings c:ShortLeaseholdAssets 2021-06-30 OC400278 c:PlantMachinery 2021-07-01 2022-06-30 OC400278 c:PlantMachinery 2022-06-30 OC400278 c:PlantMachinery 2021-06-30 OC400278 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 OC400278 c:OfficeEquipment 2021-07-01 2022-06-30 OC400278 c:OfficeEquipment 2022-06-30 OC400278 c:OfficeEquipment 2021-06-30 OC400278 c:OfficeEquipment c:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 OC400278 c:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 OC400278 c:CurrentFinancialInstruments 2022-06-30 OC400278 c:CurrentFinancialInstruments 2021-06-30 OC400278 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 OC400278 c:CurrentFinancialInstruments c:WithinOneYear 2021-06-30 OC400278 d:FRS102 2021-07-01 2022-06-30 OC400278 d:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 OC400278 d:FullAccounts 2021-07-01 2022-06-30 OC400278 d:LimitedLiabilityPartnershipLLP 2021-07-01 2022-06-30 OC400278 d:PartnerLLP1 2021-07-01 2022-06-30 OC400278 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-06-30 OC400278 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-06-30 OC400278 c:FurtherSpecificReserve2ComponentTotalEquity 2022-06-30 OC400278 c:FurtherSpecificReserve2ComponentTotalEquity 2021-06-30 OC400278 c:FurtherSpecificReserve3ComponentTotalEquity 2022-06-30 OC400278 c:FurtherSpecificReserve3ComponentTotalEquity 2021-06-30 iso4217:GBP xbrli:pure

Registered number: OC400278

ONE LUXURY GROUP ADVISERS LLP

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022


ONE LUXURY GROUP ADVISERS LLP REGISTERED NUMBER:OC400278

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2022

		2022		As restated 2021
Note		£		£

Fixed assets
Tangible assets	4		66,888		96,697
Current assets
Debtors: amounts falling due within one year	5	149,968		155,837
Cash at bank and in hand		104,928		-
		254,896		155,837
Current liabilities
Creditors: amounts falling due within one year	6	(2,031,519)		(1,852,595)
Net current liabilities			(1,776,623)		(1,696,758)

Net liabilities			(1,709,735)		(1,600,061)

Represented by:
Loans and other debts due to members within one year
Other amounts	1,227,197	913,216
	1,227,197	913,216
Members' other interests
Members' capital classified as equity	21,085	21,085
Other reserves classified as equity	(2,958,017)	(2,534,362)
	(1,709,735)	(1,600,061)

Total members' interests
Loans and other debts due to members	1,227,197	913,216
Members' other interests	(2,936,932)	(2,513,277)
	(1,709,735)	(1,600,061)

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ONE LUXURY GROUP ADVISERS LLP REGISTERED NUMBER:OC400278

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2022

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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 27 July 2023.

J F Genovese

Designated member

The notes on pages 3 to 7 form part of these financial statements.

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ONE LUXURY GROUP ADVISERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

1.	General information

One Luxury Advisers LLP is a private Limited Liability Partnership (LLP) incorporated in England and Wales, with its registered office at 2nd Floor Connaught House, 1-3 Mount Street (entrance via Davies Street), London, W1K 3NB. The company's business address is 70 Cadogan Place, London SW1X 9AH.
The principal object of the LLP is to provide luxury advisory services.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the LLP in respect of advisory services supplied during the period, exclusive of Value Added Tax.

Revenue is recognised in the period in which the services are provided.

2.3

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property	-	over term of the lease
Plant and machinery	-	25% reducing balance
Office equipment	-	33% reducing balance

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.

2.4

Debtors

Short term debtors are measured at the transaction price, less any impairment.

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ONE LUXURY GROUP ADVISERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.6

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.9

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is £ Sterling.

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.

2.10

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in.

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ONE LUXURY GROUP ADVISERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

2.11

Pensions

Defined contribution pension plan
The LLP contributes to defined contribution plans 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 plans are held separately from the LLP in independently administered funds.

Employees

The average monthly number of employees during the year was 4 (2021 - 3).

4.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Office equipment	Total
	£	£	£	£
Cost
At 1 July 2021	58,631	85,935	69,302	213,868
Additions	-	-	1,252	1,252
At 30 June 2022	58,631	85,935	70,554	215,120
Depreciation
At 1 July 2021	28,874	43,853	44,444	117,171
Charge for the year on owned assets	11,925	10,521	8,615	31,061
At 30 June 2022	40,799	54,374	53,059	148,232
Net book value
At 30 June 2022	17,832	31,561	17,495	66,888
At 30 June 2021	29,757	42,082	24,858	96,697

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ONE LUXURY GROUP ADVISERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

Debtors

					2022	2021
					£	£


Trade debtors	20,022	-
Other debtors	85,572	113,571
Prepayments and accrued income	44,376	42,268
	149,970	155,839

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank overdrafts	-	8,135
Trade creditors	378,258	455,657
Amounts owed to associated undertakings	116,725	224,146
Other creditors	1,052,671	1,054,694
Accruals and deferred income	483,865	109,963
	2,031,519	1,852,595


	Other amounts due to members	1,227,197	913,216

Loans and other debts due to members may be further analysed as follows:

					2022	As restated 2021
					£	£


	Falling due within one year	1,227,197	913,216

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

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ONE LUXURY GROUP ADVISERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

8.	Prior year adjustment

The prior year figures have been restated to reflect fixed members' remuneration payable from commencement to date not previously accounted for in the Statement of Comprehensive Income. The comparative Statement of Comprehensive Income now includes a charge for members' remuneration of £500,000 with a cumulative adjustment of £3,000,000 to 30 June 2021 to amounts due to members with a corresponding decrease in other reserves.

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