Limited Liability Partnership registration number OC433555 (England and Wales)
GABBA VENTURES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GABBA VENTURES LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GABBA VENTURES LLP
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 1 -
2022
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
26,916
Current assets
Debtors
4
-
22,357
Cash at bank and in hand
8,031
35,817
8,031
58,174
Creditors: amounts falling due within one year
5
(4,326)
(44,899)
Net current assets
3,705
13,275
Total assets less current liabilities and net assets attributable to members
3,705
40,191
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
650
650
Other amounts
3,055
39,541
3,705
40,191

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 period ended 30 November 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 29 August 2023 and are signed on their behalf by:
E Woodhouse
C Rettie
Designated member
Designated Member
Limited Liability Partnership Registration No. OC433555
GABBA VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 2 -
1
Accounting policies
Limited liability partnership information

Gabba Ventures LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Parkshot, Richmond, Surrey, TW9 2RD

 

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

1.1
Reporting period

The reporting period was for a period shorter than one year representing the period from 1 April 2022 to 30 November 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

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.

1.4
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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

GABBA VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

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

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:

Motor vehicles
25% Reducing Balance
Equipment
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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.

Basic financial assets

Basic financial assets include debtors.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

GABBA VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities include creditors.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

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

2022
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery etc
Equipment
Total
£
£
£
Cost
At 1 April 2022
25,000
18,155
43,155
Disposals
(25,000)
(18,155)
(43,155)
At 30 November 2022
-
-
-
Depreciation and impairment
At 1 April 2022
9,744
6,495
16,239
Depreciation charged in the period
2,542
1,943
4,485
Eliminated in respect of disposals
(12,286)
(8,438)
(20,724)
At 30 November 2022
-
-
-
Carrying amount
At 30 November 2022
-
-
-
At 31 March 2022
15,256
11,660
26,916
4
Debtors
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
-
3,479
Other debtors
-
18,878
-
22,357
GABBA VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2022
£
£
Trade creditors
-
3,769
Other creditors
4,326
41,130
4,326
44,899
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.

2022-11-302022-04-01false29 August 2023CCH SoftwareCCH Accounts Production 2023.200OC4335552022-04-012022-11-30OC4335552022-11-30OC433555bus:PartnerLLP12022-04-012022-11-30OC433555bus:PartnerLLP22022-04-012022-11-30OC4335552021-04-012022-03-31OC433555bus:LimitedLiabilityPartnershipLLP2022-04-012022-11-30OC433555bus:SmallCompaniesRegimeForAccounts2022-04-012022-11-30OC433555bus:FRS1022022-04-012022-11-30OC433555bus:AuditExemptWithAccountantsReport2022-04-012022-11-30OC433555bus:FullAccounts2022-04-012022-11-30xbrli:purexbrli:shares