Registration number:
Prepared for the registrar
Trevase Leisure LLP
Annual Report and Financial Statements
for the Year Ended 5 April 2023
Trevase Leisure LLP
Contents
Limited liability partnership information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Trevase Leisure LLP
Limited liability partnership information
Designated members |
Miss S M Pursey Mrs E A Pursey Mr R F Pursey |
Registered office |
|
Accountants |
Hazlewoods LLP |
Trevase Leisure LLP
(Registration number: OC362894)
Balance Sheet as at 5 April 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
245,828 |
233,882 |
|
Current assets |
|||
Stocks |
6,500 |
6,500 |
|
Debtors |
3,456 |
114,255 |
|
Cash and short-term deposits |
166,089 |
171,445 |
|
176,045 |
292,200 |
||
Creditors: Amounts falling due within one year |
(170,333) |
(179,214) |
|
Net current assets |
5,712 |
112,986 |
|
Net assets attributable to members |
251,540 |
346,868 |
|
Represented by: |
|||
Loans and other debts due to members |
151,741 |
148,955 |
|
Members’ other interests |
|||
Other reserves |
99,799 |
197,913 |
|
251,540 |
346,868 |
For the year ending 5 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to LLPs 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.
These financial statements have been prepared in accordance with the special provision 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 companies subject to small companies regime and the option not to file the profit and loss account has been taken.
Trevase Leisure LLP
(Registration number: OC362894)
Balance Sheet as at 5 April 2023 (continued)
The financial statements of Trevase Leisure LLP (registered number OC362894) were approved by the
.........................................
Miss S M Pursey
Designated member
.........................................
Mrs E A Pursey
Designated member
.........................................
Mr R F Pursey
Designated member
Trevase Leisure LLP
Notes to the Financial Statements for the Year Ended 5 April 2023
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.
General information and basis of accounting
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Judgements
In the application of the LLP'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. |
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 partnership’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the partnership.
The partnership 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 partnership's activities.
Members' remuneration and division of profits
The profits of the LLP 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 LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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:
Trevase Leisure LLP
Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)
1 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Property improvements |
Nil |
Plant and machinery |
20% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
20% reducing balance |
Office equipment |
20% reducing balance |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade debtors
Trade debtors are amounts due from clients 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Trevase Leisure LLP
Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)
1 |
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.
Trevase Leisure LLP
Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)
1 |
Accounting policies (continued) |
Derivative financial instruments and hedging
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
Hedging
At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with the clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge and on an ongoing basis, the limited liability partnership assesses whether the hedging instrument is highly effective in offsetting the designated hedged risk.
The effective portion of changes in the fair value of the designated hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.
Hedge accounting is discontinued when the limited liability partnership revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.
Current versus non-current classification
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the LLP during the year was
Trevase Leisure LLP
Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)
Tangible fixed assets |
Property improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
|
Cost |
||||||
At 6 April 2022 |
|
|
|
|
|
|
Additions |
|
|
- |
- |
|
|
At 5 April 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 6 April 2022 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
At 5 April 2023 |
- |
|
|
|
|
|
Net book value |
||||||
At 5 April 2023 |
|
|
|
|
|
|
At 5 April 2022 |
|
|
|
|
|
|
Trevase Leisure LLP
Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from related parties |
- |
110,553 |
Prepayments and accrued income |
|
- |
|
|
Creditors: Amounts falling due within one year |
2023 |
2022 |
|
Trade creditors |
|
|
Amounts owed to related parties |
|
- |
Other taxes and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Control |
The ultimate controlling party is the same as the controlling party.