Limited Liability Partnership registration number OC309791 (England and Wales)
G-OPUB LLP
Annual report and unaudited financial statements
for the year ended 31 January 2023
PAGES FOR FILING WITH REGISTRAR
G-OPUB LLP
Contents
Page
Statement of financial position
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 6
G-OPUB LLP
Statement Of Financial Position
as at 31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
180,593
185,827
Current assets
Debtors
5
9,489
8,103
Cash at bank and in hand
1,297
1,696
10,786
9,799
Creditors: amounts falling due within one year
6
(43,597)
(67,929)
Net current liabilities
(32,811)
(58,130)
Total assets less current liabilities and net assets attributable to members
147,782
127,697
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(148,128)
(168,213)
Members' other interests
Members' capital classified as equity
295,910
295,910
147,782
127,697

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 year ended 31 January 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 13 October 2023 and are signed on their behalf by:
13 October 2023
A L Barker
Designated member
Limited Liability Partnership Registration No. OC309791
G-OPUB LLP
Reconciliation of members' interests
for the year ended 31 January 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
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 February 2022
295,910
-
295,910
(168,213)
(168,213)
127,697
Profit for the financial year available for discretionary division among members
-
20,085
20,085
-
-
20,085
Members' interests after profit for the year
295,910
20,085
315,995
(168,213)
(168,213)
147,782
Other divisions of profits
-
(20,085)
(20,085)
20,085
20,085
-
Members' interests at 31 January 2023
295,910
-
295,910
(148,128)
(148,128)
147,782
G-OPUB LLP
Reconciliation of members' interests (continued)
for the year ended 31 January 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
Members' capital
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 February 2021
295,910
-
295,910
(139,023)
(139,023)
156,887
Loss for the financial year available for discretionary division among members
-
(27,119)
(27,119)
-
-
(27,119)
Members' interests after loss for the year
295,910
(27,119)
268,791
(139,023)
(139,023)
129,768
Other divisions of losses
-
27,119
27,119
(27,119)
(27,119)
-
Drawings on account and distributions of profit
-
-
-
(2,071)
(2,071)
(2,071)
Members' interests at 31 January 2022
295,910
-
295,910
(168,213)
(168,213)
127,697
G-OPUB LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Limited liability partnership information

G-OPUB LLP is a limited liability partnership incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.

 

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. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Members' participating interests

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.

 

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.

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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.

G-OPUB LLP
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(continued)
- 5 -
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Cirrus SR22-G2 Reg No. N54105
53 years straight line
Slingsby T67M Reg No. GOPUB
53 years straight line

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.

1.4

Taxation

Taxation on all of the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.

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 year was 0 (2022 - 0).

2023
2022
Number
Number
Total
-
0
-
0
G-OPUB LLP
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
4
Tangible fixed assets
Cirrus SR22-G2 Reg No. N54105
Slingsby T67M Reg No. GOPUB
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
232,663
44,750
277,413
Depreciation and impairment
At 1 February 2022
75,490
16,096
91,586
Depreciation charged in the year
4,390
844
5,234
At 31 January 2023
79,880
16,940
96,820
Carrying amount
At 31 January 2023
152,783
27,810
180,593
At 31 January 2022
157,173
28,654
185,827
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,233
1,231
Other debtors
8,256
6,872
9,489
8,103
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
41,397
21,946
Other creditors
-
43,783
Accruals and deferred income
2,200
2,200
43,597
67,929
7
Loans and other debts due to members

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

8
Limited Liability Partnership Information

G-OPUB LLP is a limited liability partnership incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

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