Limited Liability Partnership registration number OC307979 (England and Wales)
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
743
1,074
Tangible assets
4
-
67
743
1,141
Current assets
-
-
Creditors: amounts falling due within one year
5
(1,134)
(1,050)
Net current liabilities
(1,134)
(1,050)
Total assets less current liabilities and net (liabilities)/assets attributable to members
(391)
91
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
125,195
108,816
Other amounts
(125,586)
(108,725)
(391)
91

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 January 2022 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 9 September 2022 and are signed on their behalf by:
09 September 2022
Mr J B Meechan
Designated member
Limited Liability Partnership Registration No. OC307979
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2022
£
£
£
Members' interests at 1 February 2021
91
91
91
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
16,379
16,379
16,379
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
16,470
16,470
16,470
Introduced by members
61,627
61,627
61,627
Repayment of debt (including members' capital classified as a liability)
(78,488)
(78,488)
(78,488)
Members' interests at 31 January 2022
(391)
(391)
(391)
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2021
£
£
£
Members' interests at 1 February 2020
502
502
502
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
33,175
33,175
33,175
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
33,677
33,677
33,677
Introduced by members
48,475
48,475
48,475
Repayment of debt (including members' capital classified as a liability)
(82,061)
(82,061)
(82,061)
Members' interests at 31 January 2021
91
91
91
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 4 -
1
Accounting policies
Limited liability partnership information

"New Images" At Penylan Country Lodge LLP is a limited liability partnership incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services provided in the normal cause of business, net of trade discounts, VAT and other sales-related taxes.

 

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided, receivable for goods and services net of VAT and trade discounts.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.4
Intangible fixed assets - goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss over its estimated useful economic life of which the directors have estimated to be 20 years. Provision is made for any impairment.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
-20% on cost
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2022
2021
Number
Number
Total
4
3
"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2021 and 31 January 2022
6,611
Amortisation and impairment
At 1 February 2021
5,537
Amortisation charged for the year
331
At 31 January 2022
5,868
Carrying amount
At 31 January 2022
743
At 31 January 2021
1,074
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2021 and 31 January 2022
1,386
Depreciation and impairment
At 1 February 2021
1,319
Depreciation charged in the year
67
At 31 January 2022
1,386
Carrying amount
At 31 January 2022
-
At 31 January 2021
67
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
1,134
1,050
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

"NEW IMAGES" AT PENYLAN COUNTRY LODGE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 7 -
7
Members' transactions

During the year rent of £10,450 (2021 - £10,920) was paid to Mr J B Meechan.

8
Controlling party

The partnership is ultimately controlled by the designated members, Mr J B Meechan and Mr R G Adams.

2022-01-312021-02-01false09 September 2022CCH SoftwareCCH Accounts Production 2022.100OC3079792021-02-012022-01-31OC3079792022-01-31OC307979bus:PartnerLLP12021-02-012022-01-31OC3079792020-02-012021-01-31OC307979bus:LimitedLiabilityPartnershipLLP2021-02-012022-01-31OC307979bus:SmallCompaniesRegimeForAccounts2021-02-012022-01-31OC307979bus:FRS1022021-02-012022-01-31OC307979bus:AuditExemptWithAccountantsReport2021-02-012022-01-31OC307979bus:FullAccounts2021-02-012022-01-31xbrli:purexbrli:shares