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Registered number: OC425493
ASI LONDON F CLINICIAN LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ASI LONDON F CLINICIAN LLP
INFORMATION
Designated Members
A K Chadwick-Jones
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ASI London F Holdings Limited
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LLP registered number
OC425493
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Registered office
1 Welbeck Street, London, W1G 0AR
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Accountants
MHA, Victoria Court, 17-21 Ashford Road, Maidstone, Kent, ME14 5DA
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ASI LONDON F CLINICIAN LLP
CONTENTS
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Statement of comprehensive income
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Reconciliation of members' interests
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Notes to the financial statements
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ASI LONDON F CLINICIAN LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The members present their annual report together with the financial statements of ASI London F Clinician LLP (the "LLP") for the ended 31 December 2022.
Principal activities
The principal activity of the LLP is that of investing activities.
Designated Members
ASI London F Holdings Limited and A K Chadwick-Jones were designated members of the LLP throughout the
year.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the ended 31 December 2022 are set out in the Reconciliation of members' interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 LLP and of the profit or loss of the LLP for that period.
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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
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ASI LONDON F CLINICIAN LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the members and signed on their behalf by:
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A K Chadwick-Jones
Designated member
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ASI LONDON F CLINICIAN LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ASI LONDON F CLINICIAN LLP
FOR THE YEAR ENDED 31 DECEMBER 2022
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of ASI London F Clinician LLP for the year ended 31 December 2022 which comprise the Statement of comprehensive income, the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of ASI London F Clinician LLP and state those matters that we have agreed to state to the ASI London F Clinician LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ASI London F Clinician LLP and its members for our work or for this report.
It is your duty to ensure that ASI London F Clinician LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ASI London F Clinician LLP. You consider that ASI London F Clinician LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of ASI London F Clinician LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA
Chartered Accountants
Victoria Court
17-21 Ashford Road
Maidstone
Kent
ME14 5DA
29 September 2023
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ASI LONDON F CLINICIAN LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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Interest receivable and similar income
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Profit for the year before members' remuneration and profit shares
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Profit for the year before members' remuneration and profit shares
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Members' remuneration charged as an expense
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(Loss)/profit for the financial year available for discretionary division among members
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There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2022(2021:£NIL).
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The notes on pages 8 to 11 form part of these financial statements.
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ASI LONDON F CLINICIAN LLP
REGISTERED NUMBER: OC425493
BALANCE SHEET
AS AT 31 DECEMBER 2022
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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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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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ASI LONDON F CLINICIAN LLP
REGISTERED NUMBER: OC425493
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 were approved and authorised for issue by the members and were signed on their behalf by:
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A K Chadwick-Jones
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The notes on pages 8 to 11 form part of these financial statements.
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ASI LONDON F CLINICIAN LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' capital (classified as debt)
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Balance at 1 January 2021
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Amounts introduced by members
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Repayment of capital and members' remuneration
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Balance at 31 December 2021
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Amounts introduced by members
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Balance at 31 December 2022
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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ASI LONDON F CLINICIAN LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ASI London F Clinician LLP is a Limited Liability Partnership incorporated in England and Wales in the United Kingdom. The address of the registered office is 1 Welbeck Street, London, W1G 0AR.
The financial statements are presented in sterling which is the functional currency of the LLP and rounded to the nearest £1.
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 Section 1A of 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 judgement in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
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Division and distribution of profits
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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 both automatically and discretionarily. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
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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ASI LONDON F CLINICIAN LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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No significant judgements have been made by management in preparing these financial statements, other than those disclosed in note 2 above.
The average monthly number of employees during the year was 0 (2021 - 0).
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ASI LONDON F CLINICIAN LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Investments in joint ventures
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At 1 January 2022 (as previously stated)
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At 1 January 2022 (as restated)
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Amounts owed by joint ventures and associated undertakings
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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ASI LONDON F CLINICIAN LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Loans and other debts due to members
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Members' capital treated as debt
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Falling due after more than one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Both investments in joint ventures and members capital classified as equity were overstated by £7,484 in the two previous accounting periods, this has now been amended.
Both amounts owed by joint ventures and associated undertakings and members capital classified as debt were overstated by £67,352 in the previous accounting periods, this has now been amended.
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