Great Western Clearance LLP OC431724 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of commercial clearances. Digita Accounts Production Advanced 6.30.9574.0 true OC431724 2022-04-01 2023-03-31 OC431724 2023-03-31 OC431724 core:OtherReservesSubtotal 2023-03-31 OC431724 core:CurrentFinancialInstruments 2023-03-31 OC431724 core:WithinOneYear 2023-03-31 OC431724 core:MotorVehicles 2023-03-31 OC431724 bus:SmallEntities 2022-04-01 2023-03-31 OC431724 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC431724 bus:FilletedAccounts 2022-04-01 2023-03-31 OC431724 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC431724 bus:RegisteredOffice 2022-04-01 2023-03-31 OC431724 bus:PartnerLLP1 2022-04-01 2023-03-31 OC431724 bus:PartnerLLP2 2022-04-01 2023-03-31 OC431724 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC431724 core:MotorVehicles 2022-04-01 2023-03-31 OC431724 countries:AllCountries 2022-04-01 2023-03-31 OC431724 2022-03-31 OC431724 core:MotorVehicles 2022-03-31 OC431724 2021-04-01 2022-03-31 OC431724 2022-03-31 OC431724 core:CurrentFinancialInstruments 2022-03-31 OC431724 core:WithinOneYear 2022-03-31 OC431724 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: OC431724

Great Western Clearance LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Great Western Clearance LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Great Western Clearance LLP

Limited liability partnership information

Designated members

Mr J Arrowsmith

Mr M Whitby
 

Registered office

6 Folly Crescent
Highworth
Swindon
Wiltshire
SN6 7JW

Accountants

UHY Ross Brooke
16 Dorcan Business Village
Murdock Road, Dorcan
Swindon
Wiltshire
SN3 5HY

 

Great Western Clearance LLP

(Registration number: OC431724)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

2,972

3,963

Current assets

 

Debtors

4

1,325

-

Cash and short-term deposits

 

3,842

9,730

 

5,167

9,730

Creditors: Amounts falling due within one year

5

(836)

(1,436)

Net current assets

 

4,331

8,294

Net assets attributable to members

 

7,303

12,257

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

7,303

12,257

   

7,303

12,257

Total members' interests

 

Equity

 

7,303

12,257

   

7,303

12,257

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

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

 

Great Western Clearance LLP

(Registration number: OC431724)
Balance Sheet as at 31 March 2023 (continued)

The financial statements of Great Western Clearance LLP (registered number OC431724) were approved by the Board and authorised for issue on 9 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr J Arrowsmith
Designated member

.........................................
Mr M Whitby
Designated member

 

Great Western Clearance LLP

Statement of Changes in Members’ Interests
At 31 March 2023

 

Equity

 

Members' capital
£

Total equity
£

Members' interest at 1 April 2022

(16,644)

(4,387)

Profit for the financial year available for discretionary division among members

15,500

15,500

Members' interests after total comprehensive income

(1,144)

11,113

Members’ capital introduced

436

436

Drawings (including tax payments)

(20,890)

(20,890)

At 31 March 2023

(21,598)

(9,341)

 

Equity

   

Other reserves
£

Total equity
£

Total
2022
 £

Members' interest at 1 April 2021

7,851

7,851

7,851

Profit for the financial year available for discretionary division among members

16,644

16,644

16,644

Members' interests after total comprehensive income

24,495

24,495

24,495

 

Great Western Clearance LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Great Western Clearance LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

 

Great Western Clearance LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2022 - 2).

 

Great Western Clearance LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

3

Tangible fixed assets

Motor vehicles
£

Total
£

Cost

At 1 April 2022

4,500

4,500

At 31 March 2023

4,500

4,500

Depreciation

At 1 April 2022

537

537

Charge for the year

991

991

At 31 March 2023

1,528

1,528

Net book value

At 31 March 2023

2,972

2,972

At 31 March 2022

3,963

3,963

4

Debtors

2023
 £

Trade debtors

1,325

Total current trade and other debtors

1,325

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

36

636

Accruals and deferred income

800

800

836

1,436