Valhalla Private Client Services LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC380193 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Valhalla Private Client Services LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

C J French

P Nichols

REGISTERED OFFICE:

Valhalla

30 Ashby Road

Towcester

Northamptonshire

NN12 6PG

REGISTERED NUMBER:

OC380193 (England and Wales)

ACCOUNTANTS:

Valhalla Private Client Services LLP

Valhalla House

30 Ashby Road

Tove Valley Business Park

Towcester

Northamptonshire

NN12 6PG

FIXED ASSETS

Tangible assets

4

609

3,438

Investments

5

20,000

20,000

20,609

23,438

CURRENT ASSETS

Debtors

6

145,136

787,915

Cash at bank

226,331

110,654

371,467

898,569

CREDITORS

Amounts falling due within one year

7

144,831

872,007

NET CURRENT ASSETS

226,636

26,562

TOTAL ASSETS LESS CURRENT LIABILITIES

247,245

50,000

CREDITORS

Amounts falling due after more than one year

8

46,451

50,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

200,794

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

200,794

-

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

200,794

-

Amounts due from members

6

-

(83,070

)

200,794

(83,070

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2022.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 19 December 2022 and were signed by:

C J French - Designated member

1.	STATUTORY INFORMATION

Valhalla Private Client Services LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going Concern, Covid-19 & Brexit

The members have considered the day to day working capital requirements of the LLP for a period of not less than 12 months from the date of this report, and will continue to support the LLP, should assistance be necessary. The members review has considered the implications of both the Covid-19 Pandemic and potential implications of Brexit. It is the opinion of the members that the impact of both Covid-19 and Brexit will increase work for the LLP, as the businesses and individuals seek advice to continue and move forward, as a result the members have concluded that there is no anticipated adverse effects likely from either scenario.

Turnover

Fee income represents revenue earned during the year under a wide variety of contracts to provide professional services and is recorded to the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 10 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

4,663

16,878

30,625

52,166

Additions

-

-

373

373

At 31 March 2022

4,663

16,878

30,998

52,539

DEPRECIATION

At 1 April 2021

4,663

14,479

29,586

48,728

Charge for year

-

2,290

912

3,202

At 31 March 2022

4,663

16,769

30,498

51,930

NET BOOK VALUE

At 31 March 2022

-

109

500

609

At 31 March 2021

-

2,399

1,039

3,438

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 March 2022

20,000

NET BOOK VALUE

At 31 March 2022

20,000

At 31 March 2021

20,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

114,158

451,300

Amounts owed by related parties

10,175

70,511

Amounts due from members

-

83,070

Prepayments and accrued income

20,803

183,034

145,136

787,915

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

5,987

16,445

Social security and other taxes

6,730

6,341

VAT

20,901

118,114

Other creditors

4,333

28,085

Accruals and deferred income

28,130

56,850

Accrued expenses

78,750

646,172

144,831

872,007

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Loans

46,451

50,000

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.22

31.3.21

£

£

Amounts owed to members in respect of profits

200,794

-

Falling due within one year

200,794

-

Shares of profits shall not be drawn out unless and until there are surplus funds available after providing for all anticipated future liabilities that may become payable in respect of the LLP's business activities carried on in the current financial year, and any other such balances that have been agreed to be left in the LLP by the members.

10.	RELATED PARTY DISCLOSURES

taxspecialEFX LLP

Valhalla Private Client Services LLP invoiced to this LLP £241,801 (2021: £33,750) for services.

This LLP invoiced Valhalla Private Client Services LLP £1,273,782 (2021: £106,800) for services.

Included in debtors is a balance due from this LLP of £nil (2021: £62,145).

The amount owed is interest free and with no specific terms of repayment.

Beneficial House (Birmingham) Regeneration LLP

Valhalla Private Client Services LLP invoiced to this LLP £NIL (2021: £Nil) for services.

Included in debtors is a balance due from this LLP of £7,500 (2021: £7,500).

The amount owed is interest free and with no specific terms of repayment.

taxspecialEFX (Peterlee) LLP

This LLP invoiced Valhalla Private Client Services LLP £24,000 (2021: £24,000 ) for services.

Flying Tiger MA LLP (formerly Prescience MA LLP)

This LLP invoiced Valhalla Private Client Services LLP £NIL (2021: £Nil) for services.

Bright Tax Solutions LLP

Valhalla Private Client Services LLP invoiced to this LLP £NIL (2021: £Nil) in respect of services.

Valhalla Private Client Services LLP recharged costs incurred on behalf of this LLP in amounting to £Nil (2021 -£nil).

taxspecialEFX LLP, Beneficial House (Birmingham) Regeneration LLP, taxspecialEFX (Peterlee) LLP, Flying Tiger MA LLP and Bright Tax Solutions LLP are deemed to be related parties by virtue of common designated members. For Beneficial House (Birmingham) Regeneration LLP there is no longer common designated members, at the time of the transactions there were, these items are currently under legal review and are presented in accordance with the interests at the time the transactions were made.

OTHER RELATED PARTIES

EIS Capital Ltd

Valhalla Private Client Services LLP incurred expenses of £nil (2021: £nil) on behalf of EIS Capital Ltd.

Included in debtors is a balance due from this company of £NIL (2021: £NIL).

The amount owed is interest free and with no specific terms of repayment.

There were directors of the above company in common to designated members of the LLP during the year.

V Rights Ltd

Valhalla Private Client Services LLP invoiced this company £69,000 (2021: £11,350) for services.

This LLP invoiced Valhalla Private Client Services company £Nil (2021: £nil) for services.

Included in debtors is £Nil (2021: £Nil), due from this company.

The amount owed is interest free and with no specific terms of repayment.

There were directors of the above company in common to designated members of the LLP during the year.

22 LDC Ltd

Valhalla Private Client Services LLP incurred expenses of £NIL (2021: £Nil) on behalf of 22 LDC Ltd.

Included in debtors is a balance due to this company of £Nil (2021: £866).

The amount owed is interest free and with no specific terms of repayment.

Included in accruals is an amount of £nil (2021: £115,600) for invoices not yet raised by 22LDC Ltd.

There were directors of the above company in common to designated members of the LLP during the year