Registered number
OC392484
14Twelve Consulting LLP
Unaudited Filleted Accounts
31 March 2023
14Twelve Consulting LLP
Registered number: OC392484
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,841 3,789
Current assets
Cash at bank and in hand 2,275 698
Creditors: amounts falling due within one year 4 (2,145) (1,473)
Net current assets/(liabilities) 130 (775)
Total assets less current liabilities 2,971 3,014
Net assets attributable to members 2,971 3,014
Represented by:
Loans and other debts due to members 5 (468,174) (416,981)
Members' other interests
Other reserves 471,145 419,995
2,971 3,014
Total members' interests
Loans and other debts due to members 5 (468,174) (416,981)
Members' other interests 471,145 419,995
2,971 3,014
For the year ended 31 March 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 20 October 2023 and signed on their behalf by:
Sara Sainsbury
Designated member
14Twelve Consulting LLP
Notes to the Accounts
for the year ended 31 March 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.
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 over 50 years
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.
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 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 1,041 27,250 28,291
At 31 March 2023 1,041 27,250 28,291
Depreciation
At 1 April 2022 890 23,612 24,502
Charge for the year 38 910 948
At 31 March 2023 928 24,522 25,450
Net book value
At 31 March 2023 113 2,728 2,841
At 31 March 2022 151 3,638 3,789
4 Creditors: amounts falling due within one year 2023 2022
£ £
Other taxes and social security costs 1,344 672
Other creditors 801 801
2,145 1,473
5 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits (468,174) (416,981)
Amounts falling due within one year (468,174) (416,981)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
14Twelve Consulting LLP is a limited liability partnership incorporated in England. Its registered office is:
Beaufort House
113 Parson Street
Bristol
BS3 5QH
14Twelve Consulting LLP OC392484 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 Sara Sainsbury No description of principal activity OC392484 2021-04-01 2022-03-31 OC392484 core:WithinOneYear 2022-03-31 OC392484 1 2022-03-31 OC392484 core:RetainedEarningsAccumulatedLosses 2022-03-31 OC392484 2022-04-01 2023-03-31 OC392484 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC392484 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC392484 bus:PartnerLLP20 2022-04-01 2023-03-31 OC392484 3 2022-04-01 2023-03-31 OC392484 1 2022-04-01 2023-03-31 OC392484 2 2022-04-01 2023-03-31 OC392484 4 2022-04-01 2023-03-31 OC392484 core:PlantMachinery 2022-04-01 2023-03-31 OC392484 core:Vehicles 2022-04-01 2023-03-31 OC392484 countries:England 2022-04-01 2023-03-31 OC392484 bus:FRS102 2022-04-01 2023-03-31 OC392484 bus:FullAccounts 2022-04-01 2023-03-31 OC392484 2023-03-31 OC392484 core:WithinOneYear 2023-03-31 OC392484 1 2023-03-31 OC392484 core:RetainedEarningsAccumulatedLosses 2023-03-31 OC392484 core:PlantMachinery 2023-03-31 OC392484 core:Vehicles 2023-03-31 OC392484 2022-03-31 OC392484 core:PlantMachinery 2022-03-31 OC392484 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure