Delfinus LLP
Annual Report and Unaudited Financial Statements
For filing with the Registrar
For the year ended 31 March 2022
Limited Liability Partnership Registration No. OC420940 (England and Wales)
DELFINUS LLP
Delfinus LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
DELFINUS LLP
Delfinus LLP
BALANCE SHEET
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,657
3,469
Investments
4
890
890
2,547
4,359
Current assets
Debtors
5
22,755
38,801
Cash and cash equivalents
504,464
535,405
527,219
574,206
Creditors: amounts falling due within one year
6
(104,419)
(15,443)
Net current assets
422,800
558,763
Total assets less current liabilities and net assets attributable to members
425,347
563,122
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
270,347
408,122
Members' other interests
Members' capital classified as equity
155,000
155,000
425,347
563,122
Total members' interests
Loans and other debts due to members
270,347
408,122
Members' other interests
155,000
155,000
425,347
563,122
T
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
DELFINUS LLP
Delfinus LLP
BALANCE SHEET (Continued)
As at 31 March 2022
Page 2
For the financial year ended 31 March 2022 the
limited liability partnership
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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 6 July 2022 and are signed on their behalf by:
P G Graham
Designated member
Limited Liability Partnership Registration No. OC420940
DELFINUS LLP
Delfinus LLP
RECONCILIATION OF MEMBERS' INTERESTS
For the year ended 31 March 2022
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
408,122
Members' interests at 1 April 2021
155,000
-
155,000
408,122
408,122
563,122
Profit for the financial year available for discretionary division among members
-
2,105,567
2,105,567
-
-
2,105,567
Members' interests after profit for the year
155,000
2,105,567
2,260,567
408,122
408,122
2,668,689
Allocation of profit for the financial year
-
(2,105,567)
(2,105,567)
2,105,567
2,105,567
-
Drawings
-
-
-
(2,253,256)
(2,253,256)
(2,253,256)
Other movements
-
-
-
9,914
9,914
9,914
Members' interests at 31 March 2022
155,000
-
155,000
270,347
270,347
425,347
DELFINUS LLP
Delfinus LLP
RECONCILIATION OF MEMBERS' INTERESTS (Continued)
For the year ended 31 March 2022
Page 4
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2021
£
£
£
£
£
£
Amounts due to members
489,365
Members' interests at 1 April 2020
155,000
-
155,000
489,365
489,365
644,365
Profit for the financial year available for discretionary division among members
-
491,528
491,528
-
-
491,528
Members' interests after profit for the year
155,000
491,528
646,528
489,365
489,365
1,135,893
Allocation of profit for the financial year
-
(491,528)
(491,528)
491,528
491,528
-
Drawings
-
-
-
(565,885)
(565,885)
(565,885)
Other movements
-
-
-
(6,886)
(6,886)
(6,886)
Members' interests at 31 March 2021
155,000
-
155,000
408,122
408,122
563,122
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
Page 5
1
Accounting policies
Limited liability partnership information
Delfinus LLP is a limited liability partnership incorporated in England and Wales. The registered office is 42 Markham Square, London, SW3 4XA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the limited liability partnership.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The designated members continue to monitor the risk posed by the ongoing COVID 19 pandemic.
Despite the variants that have occurred since the start of the pandemic, the result of actions by
governments in providing vaccines and the limited liability partnership’s own actions such as office
procedures and remote working have ensured there has been n o significant impact. The members are
satisfied that any ongoing adverse impacts can continue to be managed and will not affect the longer
term prosperity of the business. An adequate financial buffer remains in place to address any potential
continuing financial shock.
1.3
Turnover
Turnover represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recovered and is based on services provided and expenses incurred.
1.4
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the
m
embers' 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. A member's participation rights including amounts subscribed or otherwise contributed by
members, for example members' capital, are classed as liabilities unless the LLP has an
unconditional right to refuse payment to members, in which case they are classified as equity.
Once an unavoidable obligation has been created in favour of members through allocation of profits
or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other
debts due to members’ to the extent they exceed debts due from a specific member.
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 6
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% per annum straight line
The
profit
or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
a
ny impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the
limited liability partnership. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors 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.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the 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.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.10
Foreign exchange
M
onetary assets and liabilities that are denominated in foreign currencies are translated
into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling on the date of transaction. All differences are taken to the profit and loss account.
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2022
Page 7
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 1
(202
1 - 0
)
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
7,756
Additions
309
Disposals
(696)
At 31 March 2022
7,369
Depreciation and impairment
At 1 April 2021
4,287
Depreciation charged in the year
1,715
Eliminated in respect of disposals
(290)
At 31 March 2022
5,712
Carrying amount
At 31 March 2022
1,657
At 31 March 2021
3,469
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
890
890
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
22,755
38,801
DELFINUS LLP
Delfinus LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2022
Page 8
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
702
10,463
Taxation and social security
33,480
-
Other creditors
70,237
4,980
104,419
15,443
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
8
Related party transactions
There were no other material transactions with related parties that were not under normal market conditions.
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