Company No:
Contents
05.04.2023 | 05.04.2022 | |||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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84,089 | 403,734 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 68,384 | 399,095 | ||
Total assets less current liabilities | 68,384 | 399,095 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 68,284 | 0 | ||
68,284 | 0 | |||
Members' other interests | ||||
Members' capital classified as equity | 100 | 100 | ||
Other reserves | 0 | 398,995 | ||
100 | 399,095 | |||
68,384 | 399,095 | |||
Total members' interests | ||||
Loans and other debts due to members | 68,284 | 0 | ||
Members' other interests | 100 | 399,095 | ||
68,384 | 399,095 |
Members' responsibilities:
The financial statements of Oakhill IT Solutions LLP (registered number:
Sergii Shudra
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total | |
£ | £ | £ | £ | £ | |
Balance at 01 July 2021 | 100 | 142,640 | 142,740 | 0 | 142,740 |
Profit for the financial year/period available for discretionary division among members | 0 | 256,355 | 256,355 | 0 | 256,355 |
Members' interest after profit for the financial year/period | 100 | 398,995 | 399,095 | 0 | 399,095 |
Balance at 05 April 2022 | 100 | 398,995 | 399,095 | 0 | 399,095 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 0 | 68,284 | 68,284 |
Members' interest after result for the financial year/period | 100 | 398,995 | 399,095 | 68,284 | 467,379 |
Division of result | 0 | (398,995) | (398,995) | 398,995 | 0 |
Drawings | 0 | 0 | 0 | (398,995) | (398,995) |
Amounts due to members | 68,284 | ||||
Balance at 05 April 2023 | 100 | 0 | 100 | 68,284 | 68,384 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Oakhill IT Solutions LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 15 Foxfield Close, Northwood, HA6 3NU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Profit and Loss.
Year ended 05.04.2023 |
Period from 01.07.2021 to 05.04.2022 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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05.04.2023 | 05.04.2022 | ||
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Trade debtors |
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Other debtors |
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05.04.2023 | 05.04.2022 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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