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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Valhalla Private Client Services LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Valhalla Private Client Services LLP |
Valhalla Private Client Services LLP (Registered number: OC380193) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Valhalla Private Client Services LLP |
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General Information |
for the Year Ended 31 March 2020 |
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DESIGNATED MEMBERS: |
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Mrs M Coe |
P Nichols |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Valhalla House |
30 Ashby Road |
Tove Valley Business Park |
Towcester |
Northamptonshire |
NN12 6PG |
Valhalla Private Client Services LLP (Registered number: OC380193) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO MEMBERS | - | 19,037 |
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LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | - | 19,037 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | - | 19,037 |
Amounts due from members | 6 | (46,786 | ) | - |
(46,786 | ) | 19,037 |
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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. |
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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. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Valhalla Private Client Services LLP (Registered number: OC380193) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Valhalla Private Client Services LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern, Covid-19 & Brexit |
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The members have considered the day to day working capital requirements of the LLP for a period of not less than 12 months from the date of this report, and will continue to support the LLP, should assistance be necessary. The members review has considered the implications of both the Covid-19 Pandemic and potential implications of Brexit. It is the opinion of the members that the impact of both Covid-19 and Brexit will increase work for the LLP, as the businesses and individuals seek advice to continue and move forward, as a result the members have concluded that there is no anticipated adverse effects likely from either scenario. |
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Turnover |
Fee income represents revenue earned during the year under a wide variety of contracts to provide professional services and is recorded to the balance sheet date. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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Valhalla Private Client Services LLP (Registered number: OC380193) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Amounts owed by related parties | 8,286 | 114,434 |
Amounts due from members | 46,786 | - |
Prepayments and accrued income |
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Valhalla Private Client Services LLP (Registered number: OC380193) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Loans |
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Trade creditors |
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Amounts owed to related parties | 14,766 | - |
Social security and other taxes |
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VAT | 30,946 | 39,529 |
Other creditors |
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Accruals and deferred income |
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Accrued expenses |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.20 | 31.3.19 |
£ | £ |
Amounts owed to members in respect of profits | - | 19,037 |
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Falling due within one year | - | 19,037 |
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Shares of profits shall not be drawn out unless and until there are surplus funds available after providing for all anticipated future liabilities that may become payable in respect of the LLP's business activities carried on in the current financial year, and any other such balances that have been agreed to be left in the LLP by the members. |
Valhalla Private Client Services LLP (Registered number: OC380193) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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9. | RELATED PARTY DISCLOSURES |
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taxspecialEFX LLP |
Valhalla Private Client Services LLP invoiced to this LLP £89,000 (2019: £62,677) for services. |
This LLP invoiced Valhalla Private Client Services LLP £NIL (2019: £NIL) for services. |
Included in creditors is a balance due from this LLP of £14,766 (2019: £56,240 debtor). |
The amount owed is interest free and with no specific terms of repayment. |
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Beneficial House (Birmingham) Regeneration LLP |
Valhalla Private Client Services LLP invoiced to this LLP £NIL (2019: £5,250) for services. |
Included in debtors is a balance due from this LLP of £7,500 (2019: £7,500). |
The amount owed is interest free and with no specific terms of repayment. |
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taxspecialEFX (Peterlee) LLP |
This LLP invoiced Valhalla Private Client Services LLP £28,800 (2019: £16,239) for services. |
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Flying Tiger MA LLP (formerly Prescience MA LLP) |
This LLP invoiced Valhalla Private Client Services LLP £NIL (2019: £19,961) for services. |
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Bright Tax Solutions LLP |
Valhalla Private Client Services LLP invoiced to this LLP £NIL (2019: £120) in respect of services. |
Valhalla Private Client Services LLP recharged costs incurred on behalf of this LLP amounting to £39,674. |
At the balance sheet date the intercompany balance of £92,368 was written off. |
Included in debtors is a balance due from this LLP of £Nil(2019: £50,694). |
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taxspecialEFX LLP, Beneficial House (Birmingham) Regeneration LLP, taxspecialEFX (Peterlee) LLP, Flying Tiger MA LLP and Bright Tax Solutions LLP are deemed to be related parties by virtue of common designated members. For Beneficial House (Birmingham) Regeneration LLP there is no longer common designated members, at the time of the transactions there were, these items are currently under legal review and are presented in accordance with the interests at the time the transactions were made. |
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OTHER RELATED PARTIES |
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EIS Capital Ltd |
Valhalla Private Client Services LLP incurred expenses of £6,096 (2019: £15,800) on behalf of EIS Capital Ltd. |
Included in debtors is a balance due from this company of £NIL (2019: £NIL). |
The amount owed is interest free and with no specific terms of repayment. |
There were directors of the above company in common to designated members of the LLP during the year. |
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V Rights Ltd |
Valhalla Private Client Services LLP invoiced this company £2,160 (2019: £47,626) for services. |
This LLP invoiced Valhalla Private Client Services company £NIL (2019: £NIL) for services. |
Included in debtors is £NIL (2019: £NIL), due from this company. |
The amount owed is interest free and with no specific terms of repayment. |
There were directors of the above company in common to designated members of the LLP during the year. |
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22 LDC Ltd |
Valhalla Private Client Services LLP incurred expenses of £NIL (2019: £83,643) on behalf of 22 LDC Ltd. |
Included in debtors is a balance due to this company of £786 (2019: £NIL). |
The amount owed is interest free and with no specific terms of repayment. |
Included in accruals is an amount of £132,000 (2019: £24,000) for invoices not yet raised by 22LDC Ltd. |
There were directors of the above company in common to designated members of the LLP during the year |