REGISTERED NUMBER:
OC400524
AJT Bespoke Resourcing Solutions LLP
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Filleted Unaudited Financial Statements
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AJT Bespoke Resourcing Solutions LLP
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Statement of Financial Position
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30 June 2020
Fixed assets
Intangible assets
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4
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90,000
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105,000
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Current assets
Debtors
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5
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59,092
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38,904
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Cash at bank and in hand
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1,297
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133
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--------
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--------
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60,389
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39,037
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Creditors: amounts falling due within one year
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6
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4,775
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1,906
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--------
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--------
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Net current assets
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55,614
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37,131
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---------
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---------
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Total assets less current liabilities
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145,614
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142,131
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---------
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---------
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Net assets
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145,614
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142,131
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---------
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---------
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Represented by:
Loans and other debts due to members
Other amounts
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7
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145,614
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142,131
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---------
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---------
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Members' other interests
Other reserves
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–
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–
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---------
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---------
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145,614
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142,131
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---------
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---------
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Total members' interests
Amounts due from members
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(59,092)
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(38,904)
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Loans and other debts due to members
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7
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145,614
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142,131
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Members' other interests
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–
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–
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---------
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---------
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86,522
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103,227
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---------
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---------
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These 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 statement of comprehensive income has not been delivered.
For the year ending 30 June 2020 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 financial statements
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AJT Bespoke Resourcing Solutions LLP
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Statement of Financial Position (continued)
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30 June 2020
These financial statements were approved by the
members
and authorised for issue on
11 February 2021
, and are signed on their behalf by:
A J Thompson
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Designated Member
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Registered number:
OC400524
AJT Bespoke Resourcing Solutions LLP
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Notes to the Financial Statements
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Year ended 30 June 2020
The LLP is registered in England and Wales. The address of the registered office is The Innovation Centre, Airedale Business Centre, Millennium Road, Skipton, North Yorkshire, BD23 2TZ, United Kingdom.
2.
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Statement of compliance
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These financial statements have been prepared in compliance with Section 1A 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' issued in December 2018 (SORP 2018).
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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).
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.
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 income statement 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 income statement 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'.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill
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-
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10% straight line
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
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Goodwill
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£
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Cost
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At 1 July 2019 and 30 June 2020
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150,000
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---------
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Amortisation
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At 1 July 2019
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45,000
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Charge for the year
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15,000
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---------
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At 30 June 2020
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60,000
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---------
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Carrying amount
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At 30 June 2020
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90,000
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---------
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At 30 June 2019
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105,000
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---------
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2020
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2019
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£
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£
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Other debtors
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59,092
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38,904
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--------
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--------
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6.
Creditors:
amounts falling due within one year
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2020
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2019
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£
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£
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Trade creditors
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1,281
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378
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Other creditors
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3,494
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1,528
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-------
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4,775
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1,906
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-------
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-------
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7.
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Loans and other debts due to members
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2020
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2019
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£
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£
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Amounts owed to members in respect of profits
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145,614
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142,131
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---------
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---------
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Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up.
There is no provision for specific legally enforceable protection afforded to creditors in such an event.
There are no restrictions or limitations on the ability of the members to reduce the amount of Members' other interests'.
8.
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Related party transactions
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In the opinion of the members, Alison Jane Thompson is the controlling party of
AJT Bespoke Resourcing Solutions LLP
as a designated member in her own right and as the sole shareholder in AJT Bespoke Resourcing Ltd the other designated member.