France Investment Advisors LLP Filleted accounts for Companies House (small and micro)

FRANCE INVESTMENT ADVISORS LLP - Company Information

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REGISTERED NUMBER: OC371082

France Investment Advisors LLP

Filleted Unaudited Abridged Financial Statements

31 December 2022

France Investment Advisors LLP

Abridged Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Current assets

Debtors	7,100,743	7,058,225
Cash at bank and in hand	16	16
	------------	------------
	7,100,759	7,058,241

Creditors: amounts falling due within one year	5,120,538		5,043,676
	------------		------------
Net current assets		1,980,221	2,014,565
		------------	------------
Total assets less current liabilities		1,980,221	2,014,565

Accruals and deferred income	789,634	774,201
	------------	------------
Net assets	1,190,587	1,240,364
	------------	------------

Represented by:

Loans and other debts due to members

Other amounts	4		530,458	580,235

Members' other interests

Members' capital classified as equity	660,129	660,129
Other reserves	–	–
	------------	------------
	1,190,587	1,240,364
	------------	------------

Total members' interests

Amounts due from members		(7,100,743)	(7,058,225)
Loans and other debts due to members	4	530,458	580,235
Members' other interests		660,129	660,129
		------------	------------
		(5,910,156)	(5,817,861)
		------------	------------

These abridged financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged income statement has not been delivered.

For the year ending 31 December 2022 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 abridged financial statements .

France Investment Advisors LLP

Abridged Statement of Financial Position (continued)

31 December 2022

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

These abridged financial statements were approved by the members and authorised for issue on 7 September 2023 , and are signed on their behalf by:

Camille Letuve

Designated Member

Registered number: OC371082

France Investment Advisors LLP

Notes to the Abridged Financial Statements

Year ended 31 December 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 45 Holmead Road, London, SW6 2JD.

2.	Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue represents the invoiced value of goods and services supplied by the company, net of value added tax, deferred income and trade discounts.

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 abridged income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged 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 abridged income statement and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged 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.

3.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 9 (2021: 9 ).

4.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	529,032	578,809
Other amounts	1,426	1,426
	---------	---------
	530,458	580,235
	---------	---------