Registered number
OC431910
NICOL-RANKIN PROPERTIES LLP
Filleted Accounts
31 March 2023
NICOL-RANKIN PROPERTIES LLP
Registered number: OC431910
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Current assets
Stocks 176,000 204,350
Cash at bank and in hand 149,429 290,336
325,429 494,686
Creditors: amounts falling due within one year 3 (1,440) (3,267)
Net current assets 323,989 491,419
Total assets less current liabilities 323,989 491,419
Net assets attributable to members 323,989 491,419
Represented by:
Loans and other debts due to members 4 221,307 433,876
Members' other interests
Other reserves 102,682 57,543
323,989 491,419
Total members' interests
Loans and other debts due to members 4 221,307 433,876
Members' other interests 102,682 57,543
323,989 491,419
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 22 July 2023 and signed on their behalf by:
Martin Paul Nicol
Designated member
NICOL-RANKIN PROPERTIES 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
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,440 3,267
4 Loans and other debts due to members 2023 2022
£ £
Members capital classified as debt 221,307 433,876
Amounts falling due within one year 221,307 433,876
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
5 Other information
NICOL-RANKIN PROPERTIES LLP is a limited liability partnership incorporated in England. Its registered office is:
67a Garden Walk
Preston
Lancashire
England
PR2 1DQ
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