THE WISEMAN PARTNERSHIP LLP LLP accounts

THE WISEMAN PARTNERSHIP LLP LLP accounts

THE WISEMAN PARTNERSHIP LLP - Company Information

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REGISTERED NUMBER: OC377000
THE WISEMAN PARTNERSHIP LLP
Unaudited Financial Statements
31 July 2023
THE WISEMAN PARTNERSHIP LLP
Financial Statements
Year ended 31 July 2023
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
THE WISEMAN PARTNERSHIP LLP
Members' Report
Year ended 31 July 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 July 2023 .
Designated members
The designated members who served the LLP during the year were as follows:
MRS Y M EARDLEY
D EARDLEY
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 23 August 2023 and signed on behalf of the members by:
MRS Y M EARDLEY
D EARDLEY
Designated Member
Designated Member
Registered office:
Whiteacre
Low Street
Elston
Newark
Nottinghamshire
NG23 5PA
THE WISEMAN PARTNERSHIP LLP
Statement of Comprehensive Income
Year ended 31 July 2023
2023
2022
Note
£
£
Turnover
1,599
2,517
-------
-------
Gross profit
1,599
2,517
Administrative expenses
( 579)
2,508
-------
-------
Operating profit
2,178
9
Other interest receivable and similar income
11
–
-------
-------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
2,189
9
-------
-------
All the activities of the LLP are from continuing operations.
THE WISEMAN PARTNERSHIP LLP
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Current assets
Debtors
4
1
1,509
Cash at bank and in hand
2,325
241
-------
-------
2,326
1,750
Creditors: amounts falling due within one year
5
480
440
-------
-------
Net current assets
1,846
1,310
-------
-------
Total assets less current liabilities
1,846
1,310
-------
-------
Net assets
1,846
1,310
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
6
1,846
1,310
-------
-------
Members' other interests
Other reserves
–
–
-------
-------
1,846
1,310
-------
-------
Total members' interests
Amounts due from members
(1,616)
(1,509)
Loans and other debts due to members
6
1,846
1,310
Members' other interests
–
–
-------
-------
230
(199)
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 2023 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
THE WISEMAN PARTNERSHIP LLP
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the members and authorised for issue on 23 August 2023 , and are signed on their behalf by:
MRS Y M EARDLEY
D EARDLEY
Designated Member
Designated Member
Registered number: OC377000
THE WISEMAN PARTNERSHIP LLP
Reconciliation of Members' Interests
Year ended 31 July 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Amounts due to members
751
751
Amounts due from members
(2,710)
(2,710)
-------
-------
Balance at 1 August 2022
–
–
(1,959)
(1,959)
(1,959)
Profit for the financial year available for discretionary division among members
2,189
2,189
2,189
-------
-------
-------
-------
-------
Members' interests after profit for the year
2,189
2,189
(1,959)
(1,959)
230
Other division of profits
(2,189)
(2,189)
2,189
2,189
–
Drawings
–
–
–
-------
-------
Amounts due to members
1,846
1,846
Amounts due from members
(1,616)
(1,616)
-------
-------
-------
-------
----
Balance at 31 July 2023
–
–
230
230
230
-------
-------
-------
-------
----
THE WISEMAN PARTNERSHIP LLP
Reconciliation of Members' Interests (continued)
Year ended 31 July 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
Amounts due to members
1,552
1,552
Amounts due from members
(1,514)
(1,514)
-------
-------
Balance at 1 August 2021
–
–
38
38
38
Profit for the financial year available for discretionary division among members
9
9
9
----
----
-------
-------
----
Members' interests after profit for the year
9
9
38
38
47
Other division of profits
(9)
(9)
9
9
–
Drawings
(246)
(246)
(246)
-------
-------
Amounts due to members
1,310
1,310
Amounts due from members
(1,509)
(1,509)
----
----
-------
-------
----
Balance at 31 July 2022
–
–
(199)
(199)
(199)
----
----
-------
-------
----
THE WISEMAN PARTNERSHIP LLP
Notes to the Financial Statements
Year ended 31 July 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Whiteacre, Low Street, Elston, Newark, Nottinghamshire, NG23 5PA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
2023
2022
£
£
Trade debtors
( 1,615)
–
Other debtors
1,616
1,509
-------
-------
1
1,509
-------
-------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
480
440
----
----
6.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
1,846
1,310
-------
-------