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Registration number: OC397692

Streetz2Streetz LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Streetz2Streetz LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Streetz2Streetz LLP

Limited liability partnership information

Designated members

Mrs JE King

Mrs J Gamble
 

Registered office

44 Alder Road
Folkestone
Kent
CT19 5DA

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Streetz2Streetz LLP

(Registration number: OC397692)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

4,348

5,799

Current assets

 

Stocks

4

300

300

Debtors

5

12,256

16,419

Cash and short-term deposits

 

750

-

 

13,306

16,719

Creditors: Amounts falling due within one year

6

(960)

(3,109)

Net current assets

 

12,346

13,610

Total assets less current liabilities

 

16,694

19,409

Creditors: Amounts falling due after more than one year

7

-

(2,715)

Net assets attributable to members

 

16,694

16,694

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

16,694

16,694

   

16,694

16,694

Total members' interests

 

Equity

 

16,694

16,694

Amounts due from members

 

(12,256)

(16,419)

   

4,438

275

 

Streetz2Streetz LLP

(Registration number: OC397692)
Balance Sheet as at 31 March 2023 (continued)

For the year ending 31 March 2023 the limited liability partnership 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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, 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 Act, 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.

The financial statements of Streetz2Streetz LLP (registered number OC397692) were approved by the Board and authorised for issue on 31 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs JE King
Designated member

.........................................
Mrs J Gamble
Designated member

 
 

Streetz2Streetz LLP

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

1

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 limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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

The functional currency of Streetz2Streetz LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Streetz2Streetz LLP

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

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither 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.

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

Fixtures and fittings

25% reducing balance

Motor vehicles

25% 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.

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.

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2022 - 2).

 

Streetz2Streetz LLP

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

3

Tangible fixed assets

Fixtures and fittings
£

Motor vehicles
£

Total
£

Cost

At 1 April 2022

7,319

7,000

14,319

At 31 March 2023

7,319

7,000

14,319

Depreciation

At 1 April 2022

2,454

6,066

8,520

Charge for the year

1,217

234

1,451

At 31 March 2023

3,671

6,300

9,971

Net book value

At 31 March 2023

3,648

700

4,348

At 31 March 2022

4,865

934

5,799

4

Stocks

2023
 £

2022
 £

Stocks

300

300

5

Debtors

2023
 £

2022
 £

Amounts due from members

12,256

16,419

 

Streetz2Streetz LLP

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

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

-

2,149

Accruals and deferred income

960

960

960

3,109

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

-

2,715