Registered number
OC434422
THE CONSTRUCTION STUDIO LLP
Filleted Accounts
30 November 2021
THE CONSTRUCTION STUDIO LLP
Registered number: OC434422
Balance Sheet
as at 30 November 2021
Notes 2021
£
Fixed assets
Tangible assets 3 2,075
Current assets
Cash at bank and in hand 7,055
Net current assets 7,055
Total assets less current liabilities 9,130
Net assets attributable to members 9,130
Represented by:
Members' other interests
Members' capital classified as equity 7,729
Other reserves 1,401
9,130
9,130
Total members' interests
Members' other interests 9,130
9,130
For the period ended 30 November 2021 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 4 August 2022 and signed on their behalf by:
Adam Crozier
Designated member
THE CONSTRUCTION STUDIO LLP
Notes to the Accounts
for the period from 27 November 2020 to 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2021
Number
Average number of persons employed by the LLP 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 2,594
At 30 November 2021 2,594
Depreciation
Charge for the period 519
At 30 November 2021 519
Net book value
At 30 November 2021 2,075
4 Other information
THE CONSTRUCTION STUDIO LLP is a limited liability partnership incorporated in England. Its registered office is:
7 Kimberley Terrace
Bridgwater
Somerset
England
TA6 4BE
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