REGISTERED NUMBER:
OC310665
GREETLAND PRIVATE DAY NURSERY LLP |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
GREETLAND PRIVATE DAY NURSERY LLP |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
154,983 |
154,983 |
|
|
|
|
Current assets
Debtors |
6 |
215,451 |
215,451 |
Cash at bank and in hand |
14 |
14 |
|
------------ |
------------ |
|
215,465 |
215,465 |
|
------------ |
------------ |
Net current assets |
215,465 |
215,465 |
|
------------ |
------------ |
Total assets less current liabilities |
370,448 |
370,448 |
|
------------ |
------------ |
|
|
|
|
Represented by:
Loans and other debts due to members
Members' capital classified as a liability |
7 |
200 |
200 |
Other amounts |
7 |
370,248 |
370,248 |
|
------------ |
------------ |
|
370,448 |
370,448 |
|
------------ |
------------ |
|
|
|
|
Members' other interests
Other reserves |
– |
– |
|
------------ |
------------ |
|
370,448 |
370,448 |
|
------------ |
------------ |
|
|
|
Total members' interests
Loans and other debts due to members |
7 |
370,448 |
370,448 |
Members' other interests |
– |
– |
|
------------ |
------------ |
|
370,448 |
370,448 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the profit and loss account has not been delivered.
For the year ending 31 March 2023 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) relating to small LLPs.
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 financial statements
.
GREETLAND PRIVATE DAY NURSERY LLP |
|
BALANCE SHEET (continued) |
|
31 March 2023
These financial statements were approved by the
members
and authorised for issue on
6 October 2023
, and are signed on their behalf by:
Mrs A J Skvortsov |
Designated Member |
|
Registered number:
OC310665
GREETLAND PRIVATE DAY NURSERY LLP |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2023
The LLP is registered in England and Wales, company number
OC310665
. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The trading address is The Old School, Green Lane, Greetland, HX4 8DB.
2. |
Statement of compliance |
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
No provision for accrued members' income tax and national insurance contributions is made in the accounts. Payments are charged to members' drawings as made.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
Revenue recognition
Turnover represents the value of services provided net of value added tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property alterations |
- |
20% straight line |
|
|
|
|
No depreciation has been provided on the freehold property as the members consider that any charge would be immaterial. In the year of acquisition tangible fixed assets are depreciated from the start of the year.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Pension costs
The LLP operates a defined contribution pension scheme for employees, The assets of the scheme are held separately from those of the LLP. The annual contributions payable are charged to the profit and loss account.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil
(2022:
1
).
|
Freehold property |
Property alterations |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 and 31 March 2023 |
154,983 |
27,618 |
182,601 |
|
------------ |
------------ |
------------ |
Depreciation |
|
|
|
At 1 April 2022 and 31 March 2023 |
– |
27,618 |
27,618 |
|
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 March 2023 |
154,983 |
– |
154,983 |
|
------------ |
------------ |
------------ |
At 31 March 2022 |
154,983 |
– |
154,983 |
|
------------ |
------------ |
------------ |
|
|
|
|
The above freehold property interests were owned by M J H Taylor and A J Skvortsov.
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
215,451 |
215,451 |
|
------------ |
------------ |
|
|
|
7. |
Loans and other debts due to members |
|
|
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to members in respect of profits |
370,248 |
370,248 |
Other amounts |
200 |
200 |
|
------------ |
------------ |
|
370,448 |
370,448 |
|
------------ |
------------ |
|
|
|
8. |
Related party transactions |
|
|
Included in other debtors above is an amount due from Starling Properties Limited of £130,468 (2022: £130,468). This company is controlled by
Mrs A J Skvortsov
. The debt is unsecured, repayable on demand and currently interest free. The LLP is controlled by the three members.