Premier Family Martial Arts LLP OC360354 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the supply of family martial arts tuition. Digita Accounts Production Advanced 6.30.9574.0 true true OC360354 2022-04-01 2023-03-31 OC360354 2023-03-31 OC360354 core:CurrentFinancialInstruments 2023-03-31 OC360354 core:Non-currentFinancialInstruments 2023-03-31 OC360354 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 OC360354 core:FurnitureFittings 2023-03-31 OC360354 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC360354 core:MotorVehicles 2023-03-31 OC360354 core:OfficeEquipment 2023-03-31 OC360354 core:PlantMachinery 2023-03-31 OC360354 bus:SmallEntities 2022-04-01 2023-03-31 OC360354 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC360354 bus:FullAccounts 2022-04-01 2023-03-31 OC360354 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC360354 bus:RegisteredOffice 2022-04-01 2023-03-31 OC360354 bus:PartnerLLP1 2022-04-01 2023-03-31 OC360354 bus:PartnerLLP2 2022-04-01 2023-03-31 OC360354 bus:PartnerLLP3 2022-04-01 2023-03-31 OC360354 bus:PartnerLLP4 2022-04-01 2023-03-31 OC360354 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC360354 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 OC360354 core:FurnitureFittings 2022-04-01 2023-03-31 OC360354 core:LandBuildings 2022-04-01 2023-03-31 OC360354 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC360354 core:LeaseholdImprovements 2022-04-01 2023-03-31 OC360354 core:MotorVehicles 2022-04-01 2023-03-31 OC360354 core:OfficeEquipment 2022-04-01 2023-03-31 OC360354 core:PlantMachinery 2022-04-01 2023-03-31 OC360354 countries:AllCountries 2022-04-01 2023-03-31 OC360354 2022-03-31 OC360354 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 OC360354 core:FurnitureFittings 2022-03-31 OC360354 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 OC360354 core:MotorVehicles 2022-03-31 OC360354 core:OfficeEquipment 2022-03-31 OC360354 core:PlantMachinery 2022-03-31 OC360354 2021-04-01 2022-03-31 OC360354 2022-03-31 OC360354 core:CurrentFinancialInstruments 2022-03-31 OC360354 core:Non-currentFinancialInstruments 2022-03-31 OC360354 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 OC360354 core:FurnitureFittings 2022-03-31 OC360354 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 OC360354 core:MotorVehicles 2022-03-31 OC360354 core:OfficeEquipment 2022-03-31 OC360354 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: OC360354

Prepared for the registrar

Premier Family Martial Arts LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Premier Family Martial Arts LLP

Contents

Limited Liability Partnership Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Premier Family Martial Arts LLP

Limited Liability Partnership Information

Designated members

C A Foran

J J Foran

Members

I P Bartholomew

T Golding

Registered office

Staverton Court
Staverton
Cheltenham
GL51 0UX

Principal place of business

Unit 2
Sperrin Business Centre
Stonefield Way
Ruislip
HA4 0BG

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Premier Family Martial Arts LLP

(Registration number: OC360354)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

58,416

56,964

Current assets

 

Debtors

5

81,136

85,894

Cash and short-term deposits

 

70,112

154,110

 

151,248

240,004

Creditors: Amounts falling due within one year

6

(158,995)

(296,802)

Net current liabilities

 

(7,747)

(56,798)

Total assets less current liabilities

 

50,669

166

Creditors: Amounts falling due after more than one year

7

(24,167)

(34,167)

Net assets/(liabilities) attributable to members

 

26,502

(34,001)

Represented by:

 

Loans and other debts due to/(from) members

 

Other amounts

8

26,502

(34,001)

   

26,502

(34,001)

Total members' interests

 

Loans and other debts due to/(from) members

 

26,502

(34,001)

   

26,502

(34,001)

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 to limited liability partnerships, relating to small entities.

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

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, 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 Companies Act 2006, 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.

 

Premier Family Martial Arts LLP

(Registration number: OC360354)
Balance Sheet as at 31 March 2023 (continued)

The financial statements of Premier Family Martial Arts LLP (registered number OC360354) were approved by the members and authorised for issue on 17 August 2023. They were signed on behalf of the limited liability partnership by:

.........................................
C A Foran
Designated member

.........................................
J J Foran
Designated member

 

Premier Family Martial Arts LLP

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

1

General information

The place of registration of the limited liability partnership is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Staverton Court
Staverton
Cheltenham
GL51 0UX

The principal place of business is:
Unit 2
Sperrin Business Centre
Stonefield Way
Ruislip
HA4 0BG

2

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.

Basis of preparation

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

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

After reviewing the limited liability partnership's forecasts and projections, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. The limited liability partnership therefore continues to adpot the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements
No significant judgements have been made by management in prearing these financial statements.

Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Premier Family Martial Arts LLP

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

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the limited liability partnership's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

the company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the limited liability partnership's activites.

Members' remuneration and division of profits

The profits of the limited liability partnership are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the limited liability partnership's profits is the personal liability of the members. Consequently, neither limited liability 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class

Depreciation method and rate

Leasehold property

10% straight line basis

Leasehold improvements

10% straight line basis

Plant and machinery

25% straight line basis

Fixtures and fittings

10 - 25% straight line basis

Motor vehicles

15% straight line basis

Office equipment

25% straight line basis

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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.

 

Premier Family Martial Arts LLP

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

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the LLP 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Premier Family Martial Arts LLP

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

2

Accounting policies (continued)

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year was 23 (2022 - 19).

 

Premier Family Martial Arts LLP

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

4

Tangible fixed assets

Leasehold property
£

Leasehold improvements
£

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 April 2022

3,710

38,006

11,000

42,251

32,900

5,946

133,813

Additions

-

-

-

3,548

12,500

-

16,048

At 31 March 2023

3,710

38,006

11,000

45,799

45,400

5,946

149,861

Depreciation

At 1 April 2022

3,710

31,429

11,000

27,290

2,160

1,260

76,849

Charge for the year

-

1,908

-

5,017

6,185

1,486

14,596

At 31 March 2023

3,710

33,337

11,000

32,307

8,345

2,746

91,445

Net book value

At 31 March 2023

-

4,669

-

13,492

37,055

3,200

58,416

At 31 March 2022

-

6,577

-

14,961

30,740

4,686

56,964

 

Premier Family Martial Arts LLP

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

5

Debtors

2023
 £

2022
 £

Other debtors

73,640

70,000

Prepayments and accrued income

7,496

15,894

 

81,136

85,894

Less non-current portion

(22,000)

(25,996)

Total current trade and other debtors

59,136

59,898

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

10,000

10,000

Other creditors

50,513

31,543

Accruals and deferred income

32,302

39,651

Taxation and social security

66,180

215,608

158,995

296,802

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

24,167

34,167

8

Analysis of other amounts

2023
 £

2022
 £

Money owed to members by the LLP in respect of profits

26,502

(34,001)