Registered number
OC412887
NT Water Services LLP
Filleted Accounts
31 July 2022
NT Water Services LLP
Registered number: OC412887
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 60,386 42,144
Current assets
Debtors 4 160,425 127,150
Cash at bank and in hand 4,800 -
165,225 127,150
Creditors: amounts falling due within one year 5 (148,754) (127,019)
Net current assets 16,471 131
Total assets less current liabilities 76,857 42,275
Net assets attributable to members 76,857 42,275
Represented by:
Loans and other debts due to members 6 (66,349) 13,172
Members' other interests
Members' capital classified as equity 7,342 -
Other reserves 135,864 29,103
143,206 29,103
76,857 42,275
Total members' interests
Loans and other debts due to members 6 (66,349) 13,172
Members' other interests 143,206 29,103
76,857 42,275
For the year ended 31 July 2022 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 19 May 2023 and signed on their behalf by:
Nathan Brokenshire
Designated member
NT Water Services LLP
Notes to the Accounts
for the year ended 31 July 2022
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:
Vehicles over 4 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2021 29,651 37,490 67,141
Additions 25,888 - 25,888
At 31 July 2022 55,539 37,490 93,029
Depreciation
At 1 August 2021 14,880 10,117 24,997
Charge for the year 5,546 2,100 7,646
At 31 July 2022 20,426 12,217 32,643
Net book value
At 31 July 2022 35,113 25,273 60,386
At 31 July 2021 14,771 27,373 42,144
4 Debtors 2022 2021
£ £
Trade debtors 75,215 73,264
Other debtors 85,210 53,886
160,425 127,150
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 62,777 52,093
Obligations under finance lease and hire purchase contracts 16,721 19,679
Trade creditors 9,025 1,072
Other taxes and social security costs 60,231 51,438
Other creditors - 2,737
148,754 127,019
6 Loans and other debts due to members 2022 2021
£ £
Members capital classified as debt (247) -
Loans from members 2,100 13,172
Amounts due to members in respect of profits (68,202) -
(66,349) 13,172
Amounts falling due within one year (66,349) 13,172
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
NT Water Services LLP is a limited liability partnership incorporated in England. Its registered office is:
3 Daniels Close
ST. AUSTELL
Cornwall
PL25 3HF
NT Water Services LLP OC412887 false 2021-08-01 2022-07-31 2022-07-31 VT Final Accounts April 2022 Nathan Brokenshire No description of principal activity OC412887 2020-08-01 2021-07-31 OC412887 core:WithinOneYear 2021-07-31 OC412887 1 2021-07-31 OC412887 core:ShareCapital 2021-07-31 OC412887 core:RetainedEarningsAccumulatedLosses 2021-07-31 OC412887 2021-08-01 2022-07-31 OC412887 bus:LimitedLiabilityPartnershipLLP 2021-08-01 2022-07-31 OC412887 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 OC412887 bus:PartnerLLP20 2021-08-01 2022-07-31 OC412887 3 2021-08-01 2022-07-31 OC412887 1 2021-08-01 2022-07-31 OC412887 2 2021-08-01 2022-07-31 OC412887 4 2021-08-01 2022-07-31 OC412887 core:PlantMachinery 2021-08-01 2022-07-31 OC412887 core:Vehicles 2021-08-01 2022-07-31 OC412887 countries:England 2021-08-01 2022-07-31 OC412887 bus:FRS102 2021-08-01 2022-07-31 OC412887 bus:FullAccounts 2021-08-01 2022-07-31 OC412887 2022-07-31 OC412887 core:WithinOneYear 2022-07-31 OC412887 1 2022-07-31 OC412887 core:ShareCapital 2022-07-31 OC412887 core:RetainedEarningsAccumulatedLosses 2022-07-31 OC412887 core:PlantMachinery 2022-07-31 OC412887 core:Vehicles 2022-07-31 OC412887 2021-07-31 OC412887 core:PlantMachinery 2021-07-31 OC412887 core:Vehicles 2021-07-31 iso4217:GBP xbrli:pure