ACCOUNTS - Final Accounts preparation

BRAINS AND CHEEK (LONDON) LLP - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.72022-04-01No description of principal activitytruefalsetrue7 OC363455 2022-04-01 2023-03-31 OC363455 2021-04-01 2022-03-31 OC363455 2023-03-31 OC363455 2022-03-31 OC363455 c:CurrentFinancialInstruments 2023-03-31 OC363455 c:CurrentFinancialInstruments 2022-03-31 OC363455 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC363455 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC363455 d:FRS102 2022-04-01 2023-03-31 OC363455 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC363455 d:FullAccounts 2022-04-01 2023-03-31 OC363455 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC363455 2 2022-04-01 2023-03-31 OC363455 d:PartnerLLP5 2022-04-01 2023-03-31 OC363455 d:PartnerLLP7 2022-04-01 2023-03-31 OC363455 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC363455 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC363455

BRAINS AND CHEEK (LONDON) LLP

UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

BRAINS AND CHEEK (LONDON) LLP

REGISTERED NUMBER: OC363455

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	65,589		267,746
Cash at bank and in hand		56,020		424,752
		121,609		692,498
Creditors: Amounts Falling Due Within One Year	5	(121,409)		(692,298)
Net current assets			200		200
Total assets less current liabilities			200		200

Net assets			200		200

Represented by:
Loans and other debts due to members within one year
Members' other interests
Members' capital classified as equity	200		200
		200		200
		200		200

Total members' interests
Members' other interests	200	200
	200	200

Page 1

BRAINS AND CHEEK (LONDON) LLP

REGISTERED NUMBER: OC363455

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2023

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 income statement 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 by:

B Hulesch	N Holme
Designated member	Designated member

Date: 15 December 2023

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

Page 2

BRAINS AND CHEEK (LONDON) LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Brains and Cheek (London) LLP is a limited liability partnership, incorporated in England, registration number OC363455. The registered office is 7 Bell Yard, London, United Kingdom, WC2A 2JR.

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 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 financial statements are presented in sterling which is the functional currency of the partnership and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

2.2

Going concern

The members have considered the Partnership's position at the time of signing the financial statements. The members have considered the current financial strength of the Partnership, together with the range of measures the members can take to mitigate ongoing costs should they need to.
Based on this, the members have concluded that they have a reasonable expectation that the Partnership will have adequate resources to continue in operational existence for the foreseeable future and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

BRAINS AND CHEEK (LONDON) LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the LLP will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

BRAINS AND CHEEK (LONDON) LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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 .

2.8

Debtors

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.

2.9

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. 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.

2.10

Creditors

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.

2.11

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

BRAINS AND CHEEK (LONDON) LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including members, during the year was 7 (2022 - 7).

Page 6

BRAINS AND CHEEK (LONDON) LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Debtors

					2023	2022
					£	£


Trade debtors	-	80,716
Other debtors	65,589	187,030
	65,589	267,746

5.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	-	16,450
Other creditors	85,578	9,082
Accruals and deferred income	35,831	666,766
	121,409	692,298

6.	Related party transactions
	At 31 March 2023 a company with the same control was owed £70,782 (2022: owed Brains and Cheek (London) LLP £675,182) the amount is repayable on demand and interest free. Included within accruals and deferred income is £32,807 (2022: £626,701) relating to an invoice received after the year end from a company under common control.

Page 7