0 false false false false false false false false false false false false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC380532 2022-04-01 2023-03-31 OC380532 2023-03-31 OC380532 2022-03-31 OC380532 2021-04-01 2022-03-31 OC380532 2022-03-31 OC380532 2021-03-31 OC380532 core:FurnitureFittings 2022-04-01 2023-03-31 OC380532 core:MotorVehicles 2022-04-01 2023-03-31 OC380532 bus:Director1 2022-04-01 2023-03-31 OC380532 core:FurnitureFittings 2022-03-31 OC380532 core:MotorVehicles 2022-03-31 OC380532 core:FurnitureFittings 2023-03-31 OC380532 core:MotorVehicles 2023-03-31 OC380532 core:WithinOneYear 2023-03-31 OC380532 core:WithinOneYear 2022-03-31 OC380532 core:FurnitureFittings 2022-03-31 OC380532 core:MotorVehicles 2022-03-31 OC380532 bus:SmallEntities 2022-04-01 2023-03-31 OC380532 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC380532 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC380532 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC380532 bus:FullAccounts 2022-04-01 2023-03-31 OC380532 core:OfficeEquipment 2022-04-01 2023-03-31 OC380532 core:OfficeEquipment 2023-03-31 OC380532 core:OfficeEquipment 2022-03-31
REGISTERED NUMBER: OC380532
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Filleted Unaudited Financial Statements
31 March 2023
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Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
5,385
7,140
Current assets
Debtors
5
13,216
12,845
Cash at bank and in hand
37,795
55,088
-------
-------
51,011
67,933
Prepayments and accrued income
590
522
Creditors: amounts falling due within one year
6
11,619
12,210
-------
-------
Net current assets
39,982
56,245
-------
-------
Total assets less current liabilities
45,367
63,385
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
7
45,367
63,385
-------
-------
Members' other interests
Other reserves
-------
-------
45,367
63,385
-------
-------
Total members' interests
Loans and other debts due to members
7
45,367
63,385
Members' other interests
-------
-------
45,367
63,385
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
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Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 28 September 2023 , and are signed on their behalf by:
S. Mortlock
Designated Member
Registered number: OC380532
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Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales with registered number OC380532 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW. The principle place of business is 5 Beechwood Croft, Kenilworth, CV8 1GX.
2.
Statement of compliance
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities.
Revenue recognition
Turnover, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.
Members' 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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand, trade an other debtors. These are initially recorded at cost on the date they originate. The company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit or loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and bank loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable. The company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit or loss.
4.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
1,242
28,000
2,287
31,529
------
-------
------
-------
Depreciation
At 1 April 2022
954
21,494
1,941
24,389
Charge for the year
43
1,626
86
1,755
------
-------
------
-------
At 31 March 2023
997
23,120
2,027
26,144
------
-------
------
-------
Carrying amount
At 31 March 2023
245
4,880
260
5,385
------
-------
------
-------
At 31 March 2022
288
6,506
346
7,140
------
-------
------
-------
5.
Debtors
2023
2022
£
£
Trade debtors
13,216
12,845
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
10,200
11,402
Other creditors
1,419
808
-------
-------
11,619
12,210
-------
-------
7.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
45,367
63,385
-------
-------
8.
Related party transactions
The LLP was under the control of S. Mortlock and A. Mortlock during the current and previous period.