REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
IFS EMPLOYEE BENEFITS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
IFS EMPLOYEE BENEFITS LLP |
IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
IFS EMPLOYEE BENEFITS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990) |
BALANCE SHEET |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
50,691 |
62,454 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
50,691 |
62,454 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 50,691 | 62,454 |
Amounts due from members | 5 | (23,427 | ) | (6,684 | ) |
27,264 | 55,770 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990) |
BALANCE SHEET - continued |
28 FEBRUARY 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
IFS Employee Benefits LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The partners have considered the risks and issues concerning the business and its activities, and conclude that there are no material uncertainties that may cast significant doubt about the ability to continue as a going concern. |
Turnover |
Turnover represents fees raised excluding value added tax at the date at which the matter is completed. All fees for the year are raised before the year end, and as such there is no work in progress. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
IFS EMPLOYEE BENEFITS LLP (REGISTERED NUMBER: OC303990) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts due from members | 23,427 | 6,684 |
Other debtors |
Prepayments |
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. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Pensions | 2,282 | 3,559 |
VAT | 12,746 | 12,614 |
Other creditors |
Accrued expenses |
Short term creditors are measured at 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. |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of the LLP winding up, creditors interests will be met first and interests of the members will be met last. |