| Corporate Innovation Partnership LLP |
| Registered number: |
OC432368 |
| Balance Sheet |
| as at 5 April 2023 |
| Notes |
|
2023 |
|
2022 |
| £ |
£ |
| Current assets |
|
|
|
|
|
| Debtors |
3 |
|
6,000 |
|
- |
| Cash at bank and in hand |
|
|
15,097 |
|
15,042 |
|
|
|
21,097 |
|
15,042 |
|
| Creditors: amounts falling due within one year |
4 |
|
(5,040) |
|
(4,313) |
|
| Net current assets |
|
|
16,057 |
|
10,729 |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
16,057 |
|
10,729 |
|
|
| Provisions for liabilities |
|
|
- |
|
(1,491) |
|
| Net assets attributable to members |
16,057 |
|
9,238 |
|
|
|
|
|
|
| Represented by: |
| Loans and other debts due to members |
5 |
|
764 |
|
624 |
|
|
|
|
|
|
| Members' other interests |
| Members' capital classified as equity |
|
|
2 |
|
2 |
| Other reserves |
|
|
15,291 |
|
8,612 |
|
|
|
15,293 |
|
8,614 |
|
|
|
|
|
|
|
|
|
16,057 |
|
9,238 |
|
|
|
|
|
|
| Total members' interests |
| Loans and other debts due to members |
5 |
|
764 |
|
624 |
| Members' other interests |
|
|
15,293 |
|
8,614 |
|
|
|
|
16,057 |
|
9,238 |
|
|
|
|
|
|
| For the year ended 5 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| These accounts were approved by the members on 6 December 2023 and signed on their behalf by: |
|
|
| Corina Balaneanu |
| Designated member |
|
| Corporate Innovation Partnership LLP |
| Notes to the Accounts |
| for the year ended 5 April 2023 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes payable. The partnership operates a fixed rate VAT scheme and Turnover includes the difference between VAT charged to clients and VAT payable to HMRC. Turnover includes income from the rendering of services on a subscription basis. Turnover includes subscriptions received in the year, net of any provisions for repayments due to clients. |
|
|
Division of profits |
|
Profits are divided with reference to the turnover atrributable to the work of each partner. Profits are treated as being available for discretionary division as the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Members' capital |
|
Members' capital is classified as equity as there is no contractual obligation for the LLP to repay the capital introduced to members under the partnership agreement. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the LLP |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
6,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Other taxes and social security costs |
5,040 |
|
4,313 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Loans and other debts due to members |
2023 |
|
2022 |
| £ |
£ |
|
|
Loans from members |
617 |
|
624 |
|
Amounts due to members in respect of profits |
147 |
|
- |
|
|
|
|
|
|
764 |
|
624 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
764 |
|
624 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
| 6 |
Other information |
|
|
Corporate Innovation Partnership LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
c/o The Look, |
|
Lgf, 66-68 Margaret St, |
|
London, |
|
W1W 8SR |
