Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-3122021-03-13truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity OC436049 2021-03-12 OC436049 2021-03-13 2022-03-31 OC436049 2020-03-13 2021-03-12 OC436049 2022-03-31 OC436049 c:PlantMachinery 2021-03-13 2022-03-31 OC436049 c:PlantMachinery 2022-03-31 OC436049 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-03-13 2022-03-31 OC436049 c:CurrentFinancialInstruments 2022-03-31 OC436049 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC436049 d:FRS102 2021-03-13 2022-03-31 OC436049 d:AuditExempt-NoAccountantsReport 2021-03-13 2022-03-31 OC436049 d:FullAccounts 2021-03-13 2022-03-31 OC436049 d:LimitedLiabilityPartnershipLLP 2021-03-13 2022-03-31 OC436049 d:PartnerLLP2 2021-03-13 2022-03-31 iso4217:GBP xbrli:pure

Registered number:OC436049













ALGARVE PRO RACING LLP
UNAUDITED
FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

 
ALGARVE PRO RACING LLP
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
ALGARVE PRO RACING LLP
REGISTERED NUMBER:OC436049

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
Note
£

Fixed assets
  

Tangible assets
 4 
4,666

Current assets
  

Debtors: amounts falling due within one year
 5 
11,771

Cash at bank and in hand
  
522,507

  
534,278

Current liabilities
  

Creditors: Amounts Falling Due Within One Year
 6 
(5,181)

Net current assets
  
 
 
529,097

  

Net assets
  
533,763


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
533,763

  

  
533,763


Total members' interests
  

Loans and other debts due to members
  
533,763

  
533,763


Page 1

 
ALGARVE PRO RACING LLP
REGISTERED NUMBER:OC436049
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 27 July 2022.




Stewart Cox
Designated member

The notes on pages 3 to 6 form part of these financial statements.

Algarve Pro Racing LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
ALGARVE PRO RACING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

1.


General information

Algarve Pro Racing LLP is a Limited Liability Partnership (LLP) incorporated and domiciled in England & Wales. Its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the partnership is that of engineering services and technical driver coaching. 
The LLP was incorporated on 13 March 2021 and started trading on 1 July 2021. 
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of Value Added Tax.
Turnover is recognised when the service is provided. 

Page 3

 
ALGARVE PRO RACING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

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.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.


3.


Employees

The average monthly number of employees, including members, during the year was 2

Page 4

 
ALGARVE PRO RACING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


Additions
5,025



At 31 March 2022

5,025



Depreciation


Charge for the period on owned assets
359



At 31 March 2022

359



Net book value



At 31 March 2022
4,666


5.


Debtors

2022
£


Other debtors
11,771



6.


Creditors: Amounts falling due within one year

2022
£

Trade creditors
181

Accruals and deferred income
5,000

5,181


Page 5

 
ALGARVE PRO RACING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

7.


Loans and other debts due to members


2022
£



Other amounts due to members
533,763

533,763

Loans and other debts due to members may be further analysed as follows:

2022
£



Falling due within one year
533,763

533,763

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 6