|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
FB Capital Partners LLP (the ''LLP'') is a limited liability partnership registered in England and Wales. The registered office and business address is at Manor Farm House, Lower Daggons Lane, Damerham, Hampshire, SP6 3HN.
The principal activity of the LLP has been acting as an investment arranger. From 7 July 2020 the LLP is no longer authorised and regulated by the Financial Conduct Authority.
2.Accounting policies
|
|
|
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 following principal accounting policies have been applied:
|
|
|
Exemption from preparing consolidated financial statements
|
The LLP, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
No provision for taxation has been made in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP, which will be assessed on the individual members and not the LLP.
Investments in subsidiaries are measured at cost less accumulated impairment.
Unlisted investments whose market value can be reliably determined are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
|
|
|
Basic financial instruments
|
The LLP only enters into transactions that result in basic financial instruments such as other debtors, trade and other creditors, cash at bank and in hand and loans to andfrom related parties.
Other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors, and loans to related parties.
Cash at bank and in hand comprise cash balances and call deposits.
|
