Registered number
OC317281
Dominique Faversham (Commercial) LLP
Filleted Accounts
5 April 2023
Dominique Faversham (Commercial) LLP
Registered number: OC317281
Balance Sheet
as at 5 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 738,848 619,336
Current assets
Debtors 4 1,103 2,177
Cash at bank and in hand 18,707 45,869
19,810 48,046
Creditors: amounts falling due within one year 5 (10,247) (5,083)
Net current assets 9,563 42,963
Total assets less current liabilities 748,411 662,299
Net assets attributable to members 748,411 662,299
Represented by:
Loans and other debts due to members 6 748,411 662,299
748,411 662,299
Total members' interests
Loans and other debts due to members 6 748,411 662,299
748,411 662,299
For the year ended 5 April 2023 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 17 October 2023 and signed on their behalf by:
Mr D Mairs
Designated member
Dominique Faversham (Commercial) LLP
Notes to the Accounts
for the year ended 5 April 2023
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:
Freehold buildings nil
Leasehold land and buildings over the lease term
Plant and machinery over 5 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 6 April 2022 601,937 1,731 57,896 661,564
Additions 123,301 - 680 123,981
At 5 April 2023 725,238 1,731 58,576 785,545
Depreciation
At 6 April 2022 - 839 41,389 42,228
Charge for the year - 173 4,296 4,469
At 5 April 2023 - 1,012 45,685 46,697
Net book value
At 5 April 2023 725,238 719 12,891 738,848
At 5 April 2022 601,937 892 16,507 619,336
4 Debtors 2023 2022
£ £
Other debtors 1,103 2,177
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 74 -
Other taxes and social security costs 1,073 783
Other creditors 9,100 4,300
10,247 5,083
6 Loans and other debts due to members 2023 2022
£ £
Loans from members 1,483,109 1,368,658
Amounts due to members in respect of profits (734,698) (706,359)
748,411 662,299
Amounts falling due within one year 748,411 662,299
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Controlling party
The ultimate controlling party is Mr D S Mairs.
8 Other information
Dominique Faversham (Commercial) LLP is a limited liability partnership incorporated in England. Its registered office is:
Telegraph Chambers
208a Telegraph Road
Heswall
Wirral
CH60 0AL
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