Aqmen Consultancy LLP LLP accounts

Aqmen Consultancy LLP LLP accounts

AQMEN CONSULTANCY LLP - Company Information

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REGISTERED NUMBER: OC334864
Aqmen Consultancy LLP
Unaudited Financial Statements
31 March 2020
Aqmen Consultancy LLP
Financial Statements
Year ended 31 March 2020
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
Aqmen Consultancy LLP
Members' Report
Year ended 31 March 2020
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2020 .
Principal activities
The principal activity of the company during the period was providing consultancy services.
Designated members
The designated members who served the LLP during the year were as follows:
Peter Williams
Brendon McManus
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 20 July 2020 and signed on behalf of the members by:
Peter Williams
Designated Member
Registered office:
5 Underwood Street
London
N1 7LY
Aqmen Consultancy LLP
Statement of Comprehensive Income
Year ended 31 March 2020
2020
2019
Note
£
£
Turnover
84,264
118,714
Cost of sales
13,623
52,780
--------
---------
Gross profit
70,641
65,934
Administrative expenses
17,705
21,494
--------
--------
Operating profit
52,936
44,440
--------
--------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
52,936
44,440
--------
--------
All the activities of the LLP are from continuing operations.
Aqmen Consultancy LLP
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
Current assets
Debtors
4
47,985
26,628
Cash at bank and in hand
107,546
37,537
---------
--------
155,531
64,165
Creditors: amounts falling due within one year
5
58,155
19,725
---------
--------
Net current assets
97,376
44,440
--------
--------
Total assets less current liabilities
97,376
44,440
--------
--------
Net assets
97,376
44,440
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
6
97,376
44,440
--------
--------
Members' other interests
Other reserves
–
–
--------
--------
97,376
44,440
--------
--------
Total members' interests
Loans and other debts due to members
6
97,376
44,440
Members' other interests
–
–
--------
--------
97,376
44,440
--------
--------
These financial statements have been prepared 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'.
For the year ending 31 March 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 .
Aqmen Consultancy LLP
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the members and authorised for issue on 20 July 2020 , and are signed on their behalf by:
Peter Williams
Designated Member
Registered number: OC334864
Aqmen Consultancy LLP
Reconciliation of Members' Interests
Year ended 31 March 2020
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2020
£
£
£
£
£
Balance at 1 April 2019
–
–
44,440
44,440
44,440
Profit for the financial year available for discretionary division among members
52,936
52,936
52,936
--------
--------
--------
--------
--------
Members' interests after profit for the year
52,936
52,936
44,440
44,440
97,376
Other division of profits
(52,936)
(52,936)
52,936
52,936
–
Drawings
–
–
–
--------
--------
--------
--------
--------
Balance at 31 March 2020
–
–
97,376
97,376
97,376
--------
--------
--------
--------
--------
Aqmen Consultancy LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2020
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2019
£
£
£
£
£
Balance at 1 April 2018
–
–
96,473
96,473
96,473
Profit for the financial year available for discretionary division among members
44,440
44,440
44,440
--------
--------
--------
--------
---------
Members' interests after profit for the year
44,440
44,440
96,473
96,473
140,913
Other division of profits
(44,440)
(44,440)
44,440
44,440
–
Drawings
(96,473)
(96,473)
(96,473)
--------
--------
--------
--------
---------
Balance at 31 March 2019
–
–
44,440
44,440
44,440
--------
--------
--------
--------
---------
Aqmen Consultancy LLP
Notes to the Financial Statements
Year ended 31 March 2020
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
2.
Statement of compliance
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).
3.
Accounting policies
(i) 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.
(ii) Disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
(iii) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
(iv) 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).
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, '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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of comprehensive income 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 statement of comprehensive income 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'.
(v) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(vi) 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.
4.
Debtors
2020
2019
£
£
Trade debtors
47,985
26,628
--------
--------
5. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
4,352
10,308
Social security and other taxes
14,467
1,305
Other creditors
39,336
8,112
--------
--------
58,155
19,725
--------
--------
6.
Loans and other debts due to members
2020
2019
£
£
Amounts owed to members in respect of profits
97,376
44,440
--------
--------
7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
6,788
–
Later than 1 year and not later than 5 years
7,354
–
--------
----
14,142
–
--------
----