Company registration number: OC417602
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
30 NOVEMBER 2021
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INFORMATION
Designated members
J S Ahmed
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LLP registered number
OC417602
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Registered office
99 - 101 The Akash Restaurant, Albert Road, Southsea, Hampshire, PO5 2SG
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Accountants
Menzies LLP, 3000a Parkway, Whiteley, Hampshire, PO15 7FX
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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AKASHCO LLP
REGISTERED NUMBER:OC417602
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STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets attributable to members
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Loans and other debts due to members
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AKASHCO LLP
REGISTERED NUMBER:OC417602
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2021
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 19 August 2022.
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J S Ahmed
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The notes on pages 3 to 7 form part of these financial statements.
Akashco 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
Akashco LLP is a Limited Liability Partnership registered in England & Wales. The LLP's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
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Basis of preparation of financial statements
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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:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the LLP has transferred the significant risks and rewards of ownership to the buyer;
∙the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
2.Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
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:
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Leasehold property improvements
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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.
Stocks are stated at cost price.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
2.Accounting policies (continued)
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Members' participation rights
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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'.
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The average monthly number of employees during the year was as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
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Leasehold property Improvement
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Charge for the year on owned assets
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Loans and other debts due to members
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Amounts due to members in respect of profits
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Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.
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