Registration number:
Harbourside Corporate Finance LLP
for the period from 6 October 2021 to 30 April 2022
Harbourside Corporate Finance LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Harbourside Corporate Finance LLP
(Registration number: OC439425)
Balance Sheet as at 30 April 2022
Note |
30 April 2022 |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
67,170 |
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67,170 |
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Total members' interests |
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Loans and other debts due to members |
67,170 |
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67,170 |
Harbourside Corporate Finance LLP
(Registration number: OC439425)
Balance Sheet as at 30 April 2022 (continued)
For the year ending 30 April 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Harbourside Corporate Finance LLP (registered number OC439425) were approved by the
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Harbourside Corporate Finance LLP
Notes to the Financial Statements for the Period from 6 October 2021 to 30 April 2022
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting'by Limited Liability Partnerships' .
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Harbourside Corporate Finance LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Fee income in respect of contigent fee assignments is recognised in the period when the contigent event occurs and collectability of the fee is assured.
Unbilled fee income on individual assignments is included as 'amounts recoverable on contracts' within debtors.
Members' remuneration and division of profits
Members receive a fixed amount as a prior profit share with the remaining profits being allocated between members in accordance with the rights set out in the Members' Agreement.
In accordance with the Members' Agreement, profits earned on an annual basis are allocated between members. These amounts are also included within members' remuneration charged as an expense and any undrawn profits are included within loans and other debts due to members. Amounts are typically retained in respect of members' estimated tax liabilities and released to members when the liability falls due.
Harbourside Corporate Finance LLP
Notes to the Financial Statements for the Period from 6 October 2021 to 30 April 2022 (continued)
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Accounting policies (continued) |
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the limited liability partnership becomes party to the contractual provision of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the limited liability partnership after deduction of all its liabilities.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Harbourside Corporate Finance LLP
Notes to the Financial Statements for the Period from 6 October 2021 to 30 April 2022 (continued)
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Accounting policies (continued) |
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Debtors |
30 April 2022 |
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Trade debtors |
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Other debtors |
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154,438 |
Creditors: Amounts falling due within one year |
30 April 2022 |
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Amounts owed to connected organisations |
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Taxation and social security |
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