Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
26,967 | 37,642 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
19,464 | 87,365 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (26,967) | (30,785) | ||
Total assets less current liabilities | 0 | 6,857 | ||
Creditors: amounts falling due after more than one year | 6 |
|
(
|
|
Net assets attributable to members |
|
|
||
Represented by | ||||
0 | 0 | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | 7,459 | (49,905) | ||
7,459 | (49,905) |
Members' responsibilities:
Chris Stewart Associates LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
The financial statements of Chris Stewart Associates LLP (registered number:
Christopher John Stewart
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Chris Stewart Associates LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is The Tower, 7 Advocate's Close, Edinburgh, EH1 1ND, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 1st of April 2022 to 31st of March 2023.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Vehicles |
|
Fixtures and fittings |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from related parties, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Member's 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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
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 Profit and Loss Account 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'.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
|
|
Vehicles | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2022 |
|
|
|
|
|||
At 31 March 2023 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 April 2022 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
At 31 March 2023 |
|
|
|
|
|||
Net book value | |||||||
At 31 March 2023 |
|
|
|
|
|||
At 31 March 2022 |
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to related parties |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
Other related party transactions
Included in other creditors is £0 (2022 - £62,758) due to entities which are controlled by Christopher Stewart, a designated member of the LLP.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.