IRIS Accounts Production v23.3.0.418 OC420128 designated member 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC4201282022-03-31OC4201282023-03-31OC4201282022-04-012023-03-31OC4201282021-03-31OC4201282021-04-012022-03-31OC4201282022-03-31OC420128ns10:Originalns15:EnglandWales2022-04-012023-03-31OC420128ns14:PoundSterlingns10:Original2022-04-012023-03-31OC420128ns10:Originalns10:Director12022-04-012023-03-31OC420128ns10:Original2022-04-012023-03-31OC420128ns10:Original2023-03-31OC420128ns10:Originalns10:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC420128ns10:Originalns10:SmallEntities2022-04-012023-03-31OC420128ns10:Originalns10:AuditExemptWithAccountantsReport2022-04-012023-03-31OC420128ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31OC420128ns10:LimitedLiabilityPartnershipsSORPns10:Original2022-04-012023-03-31OC420128ns10:Originalns10:FullAccounts2022-04-012023-03-31OC420128ns10:Originalns10:Director22022-04-012023-03-31OC420128ns10:Originalns10:Director32022-04-012023-03-31OC420128ns10:Originalns10:Director42022-04-012023-03-31OC420128ns10:Originalns10:Director52022-04-012023-03-31OC420128ns10:Originalns10:Director62022-04-012023-03-31OC420128ns10:Originalns10:Director72022-04-012023-03-31OC420128ns10:Originalns10:RegisteredOffice2022-04-012023-03-31OC420128ns10:Original2021-04-012022-03-31OC420128ns10:Original2022-03-31OC420128ns10:Originalns5:CurrentFinancialInstruments2023-03-31OC420128ns10:Originalns5:CurrentFinancialInstruments2022-03-31OC420128ns10:Originalns5:CapitalRedemptionReserve2023-03-31OC420128ns10:Originalns5:CapitalRedemptionReserve2022-03-31OC420128ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC420128ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: OC420128 (England and Wales)












REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DRAIN IT SOLUTIONS LLP

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

General Information 1

Report of the Members 2

Report of the Accountants 4

Income Statement 5

Statement of Financial Position 6

Notes to the Financial Statements 8


DRAIN IT SOLUTIONS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: Mr R Page
Mr D J Morgan Owen
Mrs M Page
Mrs K E Morgan-Owen
Mr P J Brooker
M.T. Drains Limited
Lining Division Limited





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: OC420128 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023


The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of business development services.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr R Page
Mr D J Morgan Owen
Mrs M Page
Mrs K E Morgan-Owen
Mr P J Brooker
M.T. Drains Limited
Lining Division Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £293,488 (2022 - £225,208 profit).

MEMBERS' INTERESTS
The members take drawings in accordance with the partnership agreement. The profits of the business are attributed firstly to meet the expenses and liabilities of the partnership, secondly to provide a contingency for future trading, thirdly to apply remuneration for those members engaged in the business and finally to allocation of profits between the partners as decided from time to time.

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.

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.


DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:





Mr R Page - Designated member


23 October 2023

DRAIN IT SOLUTIONS LLP

REPORT OF THE ACCOUNTANTS TO THE MEMBERS OF
DRAIN IT SOLUTIONS LLP



In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Limited Liability Partnership for the period ended 31 March 2023 from the accounting records and information and explanations you have given to us.

This report is made to the Partners, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the partners that we have done so,and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any one other than the Limited Liability Partnership and the Partners, as a body, for our work or for this report.

We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and abide by the ethical guidance laid down by the Institute relating to the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the Limited Liability Partnership has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006.You consider that the Limited Liability Partnership is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






Acuity Professional Partnership LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES


23 October 2023

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 294,273 225,919

Administrative expenses 785 711
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


293,488


225,208

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


293,488


225,208

Members' remuneration charged as an expense 4 (560,000 ) (563,000 )
LOSS FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


(266,512


)


(337,792


)

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 38,558 21,006
Cash at bank 28 8,564
38,586 29,570
CREDITORS
Amounts falling due within one year 6 38,586 29,570
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

500

MEMBERS' OTHER INTERESTS
Capital accounts 1,575,716 1,308,704
Other reserves (1,575,716 ) (1,309,204 )
- -

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members - 500
Members' other interests - (500 )
- -

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 23 October 2023 and were signed by:





Mr R Page - Designated member

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Drain IT Solutions LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Financial Instruments
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
In preparing the financial statements, the members are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the members to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

DRAIN IT SOLUTIONS LLP (REGISTERED NUMBER: OC420128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2022 - 5 ) .

4. INFORMATION IN RELATION TO MEMBERS
2023 2022
£    £   
Members' remuneration charged as an expense
Members' remuneration 560,000 563,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 38,558 3,112
Prepayments and accrued income - 17,894
38,558 21,006

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 23,087 2,298
VAT 14,774 26,586
Accrued expenses 725 686
38,586 29,570