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Registered number: OC370465
Power Contractors Partnership LLP
Unaudited Financial Statements
For The Year Ended 31 December 2021
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC370465
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 112,111 80,029
112,111 80,029
CURRENT ASSETS
Debtors 4 40,992 16,925
Cash at bank and in hand 6,256 5,831
47,248 22,756
Creditors: Amounts Falling Due Within One Year 5 (95,660 ) (93,814 )
NET CURRENT ASSETS (LIABILITIES) (48,412 ) (71,058 )
TOTAL ASSETS LESS CURRENT LIABILITIES 63,699 8,971
NET ASSETS ATTRIBUTABLE TO MEMBERS 63,699 8,971
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 140,478 80,301
140,478 80,301
Equity
Members' other interests
Members' capital (111,131) (105,678)
Other reserves 34,352 34,348
(76,779) (71,330)
63,699 8,971
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 140,478 80,301
Members' other interests (76,779) (71,330)
63,699 8,971
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For the year ending 31 December 2021 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 applicable to LLP's subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr Mark Beaumont
Partner
12/09/2022
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2020: 2)
- 2
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3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2021 19,527 93,818 500 2,140 115,985
Additions - 68,372 - - 68,372
Disposals - (22,385 ) - - (22,385 )
As at 31 December 2021 19,527 139,805 500 2,140 161,972
Depreciation
As at 1 January 2021 11,147 22,612 384 1,813 35,956
Provided during the period 1,676 26,285 17 49 28,027
Disposals - (14,122 ) - - (14,122 )
As at 31 December 2021 12,823 34,775 401 1,862 49,861
Net Book Value
As at 31 December 2021 6,704 105,030 99 278 112,111
As at 1 January 2021 8,380 71,206 116 327 80,029
4. Debtors
2021 2020
£ £
Due within one year
Trade debtors 34,000 10,040
Other debtors 5,100 5,100
VAT 1,892 1,785
40,992 16,925
5. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Net obligations under finance lease and hire purchase contracts 43,327 35,931
Trade creditors 24,558 22,777
Other creditors 26,325 34,381
Accruals and deferred income 1,450 725
95,660 93,814
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6. Obligations Under Finance Leases and Hire Purchase
2021 2020
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 43,327 35,931
43,327 35,931
43,327 35,931
7. General Information
Power Contractors Partnership LLP is a limited liability partnership, incorporated in Northern Ireland, registered number OC370465 . The Registered Office is Unit 7, Office 3, Franklyn Court, Greave House Terrace, Lepton, HD8 0GB.
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