Limited Liability Partnership registration number OC401999 (England and Wales)
THE NORMANS WEDDINGS & EVENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE NORMANS WEDDINGS & EVENTS LLP
CONTENTS
Page
Statement of financial position
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 8
THE NORMANS WEDDINGS & EVENTS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
26 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
438,460
389,601
Current assets
Debtors
5
-
1,944
Cash at bank and in hand
43,907
84,270
43,907
86,214
Creditors: amounts falling due within one year
6
(361,206)
(429,152)
Net current liabilities
(317,299)
(342,938)
Total assets less current liabilities
121,161
46,663
Creditors: amounts falling due after more than one year
7
(39,905)
(31,667)
Net assets attributable to members
81,256
14,996
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
81,256
14,996

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial period ended 31 March 2023 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 27 September 2023 and are signed on their behalf by:
27 September 2023
O J L Robinson
L M Robinson
Designated member
Designated Member
Limited Liability Partnership Registration No. OC401999
THE NORMANS WEDDINGS & EVENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 27 March 2022
-
14,996
14,996
14,996
Profit for the period available for discretionary division among members
259,253
-
-
259,253
Members' interests after profit for the period
259,253
14,996
14,996
274,249
Allocation of profit for the period
(259,253)
259,253
259,253
-
Drawings on account and distributions of profit
-
(192,993)
(192,993)
(192,993)
Members' interests at 31 March 2023
-
81,256
81,256
81,256
THE NORMANS WEDDINGS & EVENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2022
£
£
£
£
Members' interests at 27 March 2021
-
(85,124)
(85,124)
(85,124)
Profit for the period available for discretionary division among members
190,565
-
-
190,565
Members' interests after profit for the period
190,565
(85,124)
(85,124)
105,441
Allocation of profit for the period
(190,565)
190,565
190,565
-
Drawings on account and distributions of profit
-
(90,445)
(90,445)
(90,445)
Members' interests at 31 March 2022
-
14,996
14,996
14,996
THE NORMANS WEDDINGS & EVENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Limited liability partnership information

The Normans Weddings & Events LLP is a limited liability partnership incorporated in England and Wales. The registered office is Normans Farm, Bilbrough, York, YO23 3PQ.

 

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 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.

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

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for service rendered, stated net of discounts and value added tax.

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.

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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
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:

Leasehold improvements
5% straight line
Plant and equipment
20% straight line
Fixtures and fittings
10% straight line
Computer equipment
25% straight line
Motor vehicles
20% 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 income statement.

THE NORMANS WEDDINGS & EVENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Basic financial liabilities are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 at transaction price.

THE NORMANS WEDDINGS & EVENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.8
Employee benefits

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

1.9
Retirement benefits and post retirement payments to members

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

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.11
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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
2
2
THE NORMANS WEDDINGS & EVENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 27 March 2022
298,866
7,368
180,855
3,631
77,575
568,295
Additions
31,817
-
32,333
447
51,555
116,152
Disposals
-
-
-
-
(77,575)
(77,575)
At 31 March 2023
330,683
7,368
213,188
4,078
51,555
606,872
Depreciation
At 27 March 2022
44,457
5,408
75,099
2,347
51,384
178,695
Depreciation charged in the period
16,534
963
21,319
567
1,718
41,101
Eliminated in respect of disposals
-
-
-
-
(51,384)
(51,384)
At 31 March 2023
60,991
6,371
96,418
2,914
1,718
168,412
Carrying amount
At 31 March 2023
269,692
997
116,770
1,164
49,837
438,460
At 26 March 2022
254,410
1,961
105,756
1,284
26,190
389,601
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
1,944
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,270
10,000
Taxation and social security
25,693
19,145
Other creditors
329,243
400,007
361,206
429,152

Hire purchase balances are secured against the fixed asset purchased.

 

 

 

 

 

THE NORMANS WEDDINGS & EVENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
31,667
Other creditors
39,905
-
39,905
31,667

Hire purchase balances are secured against the fixed asset purchased.

8
Loans and other debts due to members
Amounts falling due within one year
81,256
14,996

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

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