Registered number
OC308623
Fragrant Finds LLP
Unaudited Filleted Accounts
31 March 2023
Fragrant Finds LLP
Registered number: OC308623
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 402,375 400,545
Current assets
Stocks 80,000 102,877
Debtors 4 160,559 117,840
Cash at bank and in hand 17,527 84,952
258,086 305,669
Creditors: amounts falling due within one year 5 (69,263) (91,048)
Net current assets 188,823 214,621
Total assets less current liabilities 591,198 615,166
Creditors: amounts falling due after more than one year 6 (113,175) (136,249)
Net assets attributable to members 478,023 478,917
Represented by:
Loans and other debts due to members 7 478,023 478,917
478,023 478,917
Total members' interests
Loans and other debts due to members 7 478,023 478,917
478,023 478,917
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 28 April 2023 and signed on their behalf by:
A J Dore
Designated member
Fragrant Finds 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
Each member shared, by mutual agreement, in the profits and losses for the year available for division among members, after an agreed annual salary to AJ Dore and Mrs A Dore.
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 10% reducing balance basis
Motor vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
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 9 9
3 Tangible fixed assets
Property and improvements Solar Panels Plant and machinery etc Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 324,257 - 177,773 44,657 546,687
Additions 5,831 8,367 7,552 - 21,750
Disposals - - - - -
At 31 March 2023 330,088 8,367 185,325 44,657 568,437
Depreciation
At 1 April 2022 38,868 - 69,573 37,701 146,142
Charge for the year 6,601 - 11,580 1,739 19,920
Revaluation - -
On disposals - - - - -
At 31 March 2023 45,469 - 81,153 39,440 166,062
Net book value
At 31 March 2023 284,619 8,367 104,172 5,217 402,375
At 31 March 2022 285,389 - 108,200 6,956 400,545
Freehold land and buildings: 2023 2022
£ £
Historical cost 330,088 324,257
Cumulative depreciation based on historical cost 45,469 38,868
284,619 285,389
4 Debtors 2023 2022
£ £
Trade debtors 133,924 87,398
Other debtors and prepayments 26,635 30,442
160,559 117,840
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,471 20,930
Obligations under finance lease and hire purchase contracts 1,603 3,099
Trade creditors 39,017 48,333
Other taxes and social security costs 3,141 2,740
Other creditors 4,031 15,946
69,263 91,048
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 113,175 134,645
Obligations under finance lease and hire purchase contracts - 1,604
113,175 136,249
7 Loans and other debts due to members 2023 2022
£ £
Loans from members 482,917 352,734
Amounts due to members in respect of profits (4,894) 126,183
478,023 478,917
Amounts falling due within one year 478,023 478,917
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Controlling party
The LLP is under the control of AFW Dore, Mrs MJ Dore, AJ Dore and Mrs A Dore who are the only four members of the LLP.
9 Other information
Fragrant Finds LLP is a limited liability partnership incorporated in England. Its registered office is:
Farthingmead
Lower Union Road
Kingsbridge
Devon
TQ7 1EF
Fragrant Finds LLP OC308623 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 A J Dore No description of principal activity OC308623 2021-04-01 2022-03-31 OC308623 core:WithinOneYear 2022-03-31 OC308623 core:AfterOneYear 2022-03-31 OC308623 1 2022-03-31 OC308623 2022-04-01 2023-03-31 OC308623 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC308623 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC308623 bus:PartnerLLP20 2022-04-01 2023-03-31 OC308623 3 2022-04-01 2023-03-31 OC308623 4 2022-04-01 2023-03-31 OC308623 core:LandBuildings 2022-04-01 2023-03-31 OC308623 core:PlantMachinery 2022-04-01 2023-03-31 OC308623 core:Vehicles 2022-04-01 2023-03-31 OC308623 countries:England 2022-04-01 2023-03-31 OC308623 bus:FRS102 2022-04-01 2023-03-31 OC308623 bus:FullAccounts 2022-04-01 2023-03-31 OC308623 2023-03-31 OC308623 core:WithinOneYear 2023-03-31 OC308623 core:AfterOneYear 2023-03-31 OC308623 1 2023-03-31 OC308623 core:LandBuildings 2023-03-31 OC308623 core:PlantMachinery 2023-03-31 OC308623 core:Vehicles 2023-03-31 OC308623 2022-03-31 OC308623 core:LandBuildings 2022-03-31 OC308623 core:PlantMachinery 2022-03-31 OC308623 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure