Delta Engineering Plymouth LLP
Registered number: OC304346
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 660,015 747,605
Current assets
Stocks - 25,000
Debtors 4 634,711 726,409
Cash at bank and in hand 322,423 266,738
957,134 1,018,147
Creditors: amounts falling due within one year 5 (695,931) (716,942)
Net current assets 261,203 301,205
Total assets less current liabilities 921,218 1,048,810
Creditors: amounts falling due after more than one year 6 (50,274) (149,280)
Net assets attributable to members 870,944 899,530
Represented by:
Loans and other debts due to members 8 870,944 899,530
870,944 899,530
Total members' interests
Loans and other debts due to members 8 870,944 899,530
870,944 899,530
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 31 May 2023 and signed on their behalf by:
Mr D Desforges
Designated member
Delta Engineering Plymouth 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.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
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 straight line over 15 years
Plant and machinery 10% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 30 38
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 106,593 1,983,120 140,695 2,230,408
Additions - 9,000 (20,050) (11,050)
At 31 March 2023 106,593 1,992,120 120,645 2,219,358
Depreciation
At 1 April 2022 98,233 1,296,798 87,772 1,482,803
Charge for the year 7,106 68,634 8,018 83,758
On disposals - - (7,218) (7,218)
At 31 March 2023 105,339 1,365,432 88,572 1,559,343
Net book value
At 31 March 2023 1,254 626,688 32,073 660,015
At 31 March 2022 8,360 686,322 52,923 747,605
4 Debtors 2023 2022
£ £
Trade debtors 634,711 726,409
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 34,075 31,175
Obligations under finance lease and hire purchase contracts 59,089 99,082
Trade creditors 389,421 505,776
Other taxes and social security costs 67,066 73,909
Other creditors 146,280 7,000
695,931 716,942
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,350 64,925
Obligations under finance lease and hire purchase contracts 20,924 84,355
50,274 149,280
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 63,425 96,100
Bank loans are secured on the property at Darklake View, Plymouth
8 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 870,944 899,530
Amounts falling due within one year 870,944 899,530
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 94,810 210,739
10 Other information
Delta Engineering Plymouth LLP is a limited liability partnership incorporated in England. Its registered office is:
19 Darklake View
Estover
Plymouth
PL6 7TL
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