GK & CO. LLP Filleted accounts for Companies House (small and micro)
GK & CO. LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC424582
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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Work in progress |
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Debtors |
6 |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
7 |
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--------- |
--------- |
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Net current assets |
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--------- |
--------- |
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Total assets less current liabilities |
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--------- |
--------- |
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Net assets |
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--------- |
--------- |
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Represented by:
Loans and other debts due to members
Other amounts |
8 |
479,100 |
462,932 |
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--------- |
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Members' other interests
Other reserves |
– |
– |
--------- |
--------- |
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479,100 |
462,932 |
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--------- |
--------- |
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Total members' interests
Amounts due from members |
(208,985) |
(39,533) |
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Loans and other debts due to members |
8 |
479,100 |
462,932 |
Members' other interests |
– |
– |
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--------- |
--------- |
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270,115 |
423,399 |
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--------- |
--------- |
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Statement of Financial Position (continued) |
These financial statements were approved by the
members
and authorised for issue on
26 January 2024
, and are signed on their behalf by:
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Designated Member |
Designated Member |
Registered number:
OC424582
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Notes to the Financial Statements |
Year ended 31 October 2022
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, United Kingdom.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
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'.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer and Office equipment |
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10% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Work in progress
Financial instruments
Defined contribution plans
4. |
Employee numbers |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
16
(2021:
14
).
5. |
Tangible assets |
Equipment |
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£ |
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Cost |
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At 1 November 2021 |
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Additions |
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------- |
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At 31 October 2022 |
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------- |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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------- |
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At 31 October 2022 |
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------- |
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Carrying amount |
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At 31 October 2022 |
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------- |
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At 31 October 2021 |
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------- |
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6. |
Debtors |
2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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--------- |
--------- |
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--------- |
--------- |
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7.
Creditors:
amounts falling due within one year
2022 |
2021 |
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£ |
£ |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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--------- |
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8. |
Loans and other debts due to members |
2022 |
2021 |
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£ |
£ |
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Amounts owed to members in respect of profits |
479,100 |
462,932 |
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