REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 31st March 2023 |
for |
Olivers Mill Cleaning and Maintenance |
LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 31st March 2023 |
for |
Olivers Mill Cleaning and Maintenance |
LLP |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
Report of the Members | 1 |
Statement of Income and Retained Earnings | 2 |
Abridged Balance Sheet | 3 |
Reconciliation of Members' Interests | 5 |
Notes to the Financial Statements | 7 |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Report of the Members |
for the Year Ended 31st March 2023 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the LLP in the year under review were those of cleaning and maintenance. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £481,426 (2022 - £344,632 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits that are due to them after the consideration of the working capital requirements of the Limited Liability Partnership and other regulatory requirements. |
The profits are shared between the members on a pre-agreed basis after taking into account many varying factors. Any transfers between members or members’ accounts have been agreed by the relevant members involved. |
Capital introduced from new members as subscribed capital and the repayment of the capital is set at the appointment date by agreement of the new member and the existing members. Capital introduced during the course of the business by existing members is due to be repaid in full with no interest charged to the Limited Liability Partnership. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs. |
ON BEHALF OF THE MEMBERS: |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Statement of Income and Retained Earnings |
for the Year Ended 31st March 2023 |
2023 | 2022 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
500,378 | 223,913 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Abridged Balance Sheet |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
153,169 |
162,454 |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Abridged Balance Sheet - continued |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
- |
1 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 153,169 | 162,453 |
153,169 | 162,454 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | - | 1 |
Members' other interests | 153,169 | 162,453 |
153,169 | 162,454 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1st April 2022 | 162,453 | - | 162,453 |
Profit for the financial year available for discretionary division among members |
- |
481,426 |
481,426 |
Members' interests after profit for the year | 162,453 | 481,426 | 643,879 |
Other divisions of profit | - | (481,426 | ) | (481,426 | ) |
Introduced by members | 563,000 | - | 563,000 |
Repayments of capital | (572,284 | ) | - | (572,284 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31st March 2023 | 153,169 | - | 153,169 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1st April 2022 | - | 162,453 |
Profit for the financial year available for discretionary division among members |
- |
481,426 |
Members' interests after profit for the year | - | 643,879 |
Other divisions of profit | 481,426 | - |
Introduced by members | - | 563,000 |
Repayments of capital | - | (572,284 | ) |
Drawings on account and distributions of profit | (481,426 | ) | (481,426 | ) |
Amount due to members | - |
Amount due from members | - |
Balance at 31st March 2023 | - | 153,169 |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1st April 2021 | 132,762 | - | 132,762 |
Profit for the financial year available for discretionary division among members |
- |
344,632 |
344,632 |
Members' interests after profit for the year | 132,762 | 344,632 | 477,394 |
Other divisions of profit | - | (344,632 | ) | (344,632 | ) |
Introduced by members | 370,666 | - | 370,666 |
Repayments of capital | (340,975 | ) | - | (340,975 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31st March 2022 | 162,453 | - | 162,453 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1st April 2021 | - | 132,762 |
Profit for the financial year available for discretionary division among members |
- |
344,632 |
Members' interests after profit for the year | - | 477,394 |
Other divisions of profit | 344,632 | - |
Introduced by members | - | 370,666 |
Repayments of capital | - | (340,975 | ) |
Drawings on account and distributions of profit | (344,631 | ) | (344,631 | ) |
Amount due to members | 1 |
Amount due from members | - |
Balance at 31st March 2022 | 1 | 162,454 |
No protection is afforded to creditors in the event of a winding-up of the LLP. |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Olivers Mill Cleaning and Maintenance LLP is registered in England and Wales. The LLP's registered number and registered office address are as below: |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. |
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows: |
Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Revenue from the sale of goods is recognised at the point at which the goods have been delivered to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock valued using standard cost. Net realisable value is the value that would be received if the stock was sold immediately for the highest price realistically obtainable. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
AMORTISATION |
At 1st April 2022 |
Amortisation for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Olivers Mill Cleaning and Maintenance |
LLP (Registered number: OC334494) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1st April 2022 | 284,941 |
Additions | 404,217 |
Disposals | (66,000 | ) |
At 31st March 2023 | 623,158 |
DEPRECIATION |
At 1st April 2022 | 104,834 |
Charge for year | 116,299 |
Eliminated on disposal | (34,289 | ) |
At 31st March 2023 | 186,844 |
NET BOOK VALUE |
At 31st March 2023 | 436,314 |
At 31st March 2022 | 180,107 |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP. |
8. | ULTIMATE CONTROLLING PARTY |
During the year, the ultimate controlling party was Mr S R Sumner and Mrs L J Sumner by virtue of having control of the designated members. |