Caseware UK (AP4) 2022.0.179 2022.0.179 falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4No description of principal activitytrue2022-02-014true OC424551 2022-02-01 2023-01-31 OC424551 2020-11-01 2022-01-31 OC424551 2023-01-31 OC424551 2022-01-31 OC424551 c:PlantMachinery 2022-02-01 2023-01-31 OC424551 c:CurrentFinancialInstruments 2023-01-31 OC424551 c:CurrentFinancialInstruments 2022-01-31 OC424551 c:Non-currentFinancialInstruments 2023-01-31 OC424551 c:Non-currentFinancialInstruments 2022-01-31 OC424551 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 OC424551 c:CurrentFinancialInstruments c:WithinOneYear 2022-01-31 OC424551 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 OC424551 c:Non-currentFinancialInstruments c:AfterOneYear 2022-01-31 OC424551 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-01-31 OC424551 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-01-31 OC424551 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-01-31 OC424551 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-01-31 OC424551 d:EntityNoLongerTradingButTradedInPast 2022-02-01 2023-01-31 OC424551 d:FRS102 2022-02-01 2023-01-31 OC424551 d:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 OC424551 d:FullAccounts 2022-02-01 2023-01-31 OC424551 d:LimitedLiabilityPartnershipLLP 2022-02-01 2023-01-31 OC424551 d:PartnerLLP1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: OC424551










Twin Galaxies LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 January 2023

 
Twin Galaxies LLP
 
  
Chartered Accountants' Report to the Members on the preparation of the Unaudited Statutory Financial Statements of Twin Galaxies LLP for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Twin Galaxies LLP for the year ended 31 January 2023 which comprise  the Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 15 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Twin Galaxies LLP  and state those matters that we have agreed to state to the Twin Galaxies LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twin Galaxies LLP and its members for our work or for this report. 

It is your duty to ensure that Twin Galaxies LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Twin Galaxies LLP. You consider that Twin Galaxies LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Twin Galaxies LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
24 October 2023
Page 1

 
Twin Galaxies LLP
Registered number: OC424551

Balance Sheet
As at 31 January 2023

31 January 2023
31 January 2022
Note
£
£

  

Current assets
  

Stocks
  
-
11,920

Debtors: amounts falling due within one year
 4 
8,218
14,599

Cash at bank and in hand
  
-
10,042

  
8,218
36,561

Creditors: Amounts Falling Due Within One Year
 5 
(2,437)
(1,893)

Net current assets
  
 
 
5,781
 
 
34,668

Total assets less current liabilities
  
5,781
34,668

Creditors: amounts falling due after more than one year
 6 
(5,781)
(7,717)


Other amounts
 8 
-
26,951


Total members' interests
  

Loans and other debts due to members
 8 
-
26,951

  
-
26,951


Page 2

 
Twin Galaxies LLP
Registered number: OC424551

Balance Sheet (continued)
As at 31 January 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
D Jackson
Designated member
Date: 24 October 2023

The notes on pages 5 to 8 form part of these financial statements.

Twin Galaxies LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 3

 
Twin Galaxies LLP
 

Reconciliation of Members' Interests
For the Year Ended 31 January 2023






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Profit for the year available for discretionary division among members
 
15,567
15,567
-
-
15,567

Members' interests after profit for the year
15,567
15,567
15,423
15,423
30,990

Other division of profits
(15,567)
(15,567)
15,567
15,567
-

Amounts introduced by members
-
-
1,248
1,248
1,248

Drawings on account and distribution of profit
-
-
(5,287)
(5,287)
(5,287)

Amounts due to members
26,951
26,951

Balance at 31 January 2022
-
-
26,951
26,951
26,951

Loss for the year available for discretionary division among members
 
(2,101)
(2,101)
-
-
(2,101)

Members' interests after profit for the year
(2,101)
(2,101)
26,951
26,951
24,850

Allocation of profits
2,101
2,101
(2,101)
(2,101)
-

Drawings on account and distribution of profit
-
-
(24,850)
(24,850)
(24,850)

Balance at 31 January 2023 
-
-
-
-
-

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 
Twin Galaxies LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2023

1.


General information

Twin Galaxies LLP is a limited liability partnership, incorporated in England and Wales. The address of the registered office is: C/O Kreston Reeves LLP, Plus X Innovation Hub, Lewes Road, Brighton, United Kingdom, BN2 4GL.
The LLP transferred its trade to a limited company effective from 26 January 2021.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The going concern basis is considered to be appropriate as the LLP is dependent upon the support of its members and the members have indicated that their support will continue for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 5

 
Twin Galaxies LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2023

2.Accounting policies (continued)

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Musical Instruments
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stock which consists of vinyls and CD's are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
Twin Galaxies LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Debtors

31 January 2023
31 January 2022
£
£


Other debtors
8,218
-

Prepayments and accrued income
-
14,599

8,218
14,599



5.


Creditors: Amounts falling due within one year

31 January 2023
31 January 2022
£
£

Bank loans
1,937
1,893

Accruals and deferred income
500
-

2,437
1,893



6.


Creditors: Amounts falling due after more than one year

31 January 2023
31 January 2022
£
£

Bank loans
5,781
7,717


Page 7

 
Twin Galaxies LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2023

7.


Loans


Analysis of the maturity of loans is given below:


31 January 2023
31 January 2022
£
£

Amounts falling due within one year

Bank loans
1,937
1,893

Amounts falling due 1-2 years

Bank loans
1,994
1,944

Amounts falling due 2-5 years

Bank loans
3,787
5,773

7,718
9,610



8.


Loans and other debts due to members


31 January 2023
31 January 2022
£
£



Other amounts due to members
-
26,951

Loans and other debts due to members may be further analysed as follows:

31 January 2023
31 January 2022
£
£



Falling due within one year
-
26,951

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


Page 8