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REGISTERED NUMBER: OC338632 (England and Wales)








GRILLO LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022






GRILLO LLP (REGISTERED NUMBER: OC338632)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2022










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

GRILLO LLP

GENERAL INFORMATION
for the year ended 31 July 2022







DESIGNATED MEMBERS: T W Grillo
Mrs S Grillo





REGISTERED OFFICE: 4 Church Street
Godalming
Surrey
GU7 1EH





REGISTERED NUMBER: OC338632 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

GRILLO LLP (REGISTERED NUMBER: OC338632)

BALANCE SHEET
31 July 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 21,193

CURRENT ASSETS
Stocks - 3,000
Debtors 5 41,493 68,772
Cash in hand 461 22
41,954 71,794
CREDITORS
Amounts falling due within one year 6 (72,778 ) (56,643 )
NET CURRENT (LIABILITIES)/ASSETS (30,824 ) 15,151
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET (LIABILITIES)/ASSETS ATTRIBUTABLE TO
MEMBERS

(30,824

)

36,344

LOANS AND OTHER DEBTS DUE TO MEMBERS 7 5,804 23,807

MEMBERS' OTHER INTERESTS
Capital accounts 12,537 12,537
Other reserves (49,165 ) -
(30,824 ) 36,344

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 5,804 23,807
Members' other interests (36,628 ) 12,537
(30,824 ) 36,344

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 July 2022.

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.

GRILLO LLP (REGISTERED NUMBER: OC338632)

BALANCE SHEET - continued
31 July 2022


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 1 November 2023 and were signed by:





T W Grillo - Designated member

GRILLO LLP (REGISTERED NUMBER: OC338632)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2022


1. STATUTORY INFORMATION

Grillo 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.

Going concern
In January 2023 the partners made the decision not to seek any further work and from that point the partnership ceased to actively trade. The partnership is currently still being supported by the partners on a discretionary basis while they explore options to close the business, but given the uncertainty, the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the LLP's assets down to net realisable value as estimated by the partners. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Fixed assets are now shown as current assets at the net book value. The members consider this to be an approximation of their current value.

GRILLO LLP (REGISTERED NUMBER: OC338632)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2022


2. ACCOUNTING POLICIES - continued

Member's participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

In the event of winding up, loans and other debts due to members rank after unsecured creditors. Members' other interests (other reserves) rank after unsecured creditors and no additional protection is afforded to creditors.

Individual members' capital contributions are not repayable until the member retires from the LLP.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for contract work undertaken from surveying, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

GRILLO LLP (REGISTERED NUMBER: OC338632)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life on a reducing balance basis:

Fixtures and fittings - 25%
Equipment - 25%

On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses.

Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bring the work in progress to its present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2021 - 6 ) .

GRILLO LLP (REGISTERED NUMBER: OC338632)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2022


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings Equipment Totals
£    £    £   
COST
At 1 August 2021 18,427 41,812 60,239
Additions - 499 499
Reclassification/transfer (18,427 ) (42,311 ) (60,738 )
At 31 July 2022 - - -
DEPRECIATION
At 1 August 2021 5,394 33,652 39,046
Charge for year 1,932 1,517 3,449
Reclassification/transfer (7,326 ) (35,169 ) (42,495 )
At 31 July 2022 - - -
NET BOOK VALUE
At 31 July 2022 - - -
At 31 July 2021 13,033 8,160 21,193

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 12,493 57,641
Current fixed assets 18,243 -
Prepayments and accrued income 10,757 11,131
41,493 68,772

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 47,108 2,093
Trade creditors 13,405 12,892
Taxation and social security 5,774 28,152
Other creditors 6,491 13,506
72,778 56,643

GRILLO LLP (REGISTERED NUMBER: OC338632)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2022


7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2022 2021
£    £   
Amounts owed to members in respect of profits 5,804 23,807

Falling due within one year 5,804 23,807

In the event of winding up, loans and other debts due to members (other than members' capital classified as debt) rank after unsecured creditors. Members' other interests (other reserves) rank after unsecured creditors and no additional protection is afforded to creditors.

8. RELATED PARTY DISCLOSURES

Grillo LLP's primary place of business is 4 Church Street, which is owned by a partner and use of the premises is provided rent free.

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GRILLO LLP


The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs 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 Grillo LLP for the year ended 31 July 2022 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Grillo LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grillo LLP and state those matters that we have agreed to state to the members of Grillo LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grillo LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Grillo 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 Grillo LLP. You consider that Grillo LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grillo 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.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


1 November 2023