Limited Liability Partnership registration number OC354204 (England and Wales)
THE CAR STABLE LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
THE CAR STABLE LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE CAR STABLE LLP
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
135,541
151,543
Debtors
3
1,012
2,738
Cash at bank and in hand
4,498
147,944
141,051
302,225
Creditors: amounts falling due within one year
4
(6,711)
(29,431)
Net current assets
134,340
272,794
Creditors: amounts falling due after more than one year
5
-
(28,271)
Net assets attributable to members
134,340
244,523
Represented by:
Loans and other debts due to members within one year
6
Other amounts
134,240
244,423
Members' other interests
6
Members' capital classified as equity
100
100
134,340
244,523
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 August 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 15 November 2023 and are signed on their behalf by:
15 November 2023
S Q Reed
A J Reed
Designated member
Designated Member
Limited Liability Partnership registration number OC354204 (England and Wales)
THE CAR STABLE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Limited liability partnership information
The Car Stable LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and is shown net of discounts and VAT.
Revenue arises from the sale of prestige used cars and is recognised when the customer accepts ownership of the goods.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
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 recognised in the profit and loss account.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Cost represents the purchase price paid to suppliers, net of discounts.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
THE CAR STABLE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 and 31 August 2023
23,390
Depreciation and impairment
At 1 September 2022 and 31 August 2023
23,390
Carrying amount
At 31 August 2023
-
At 31 August 2022
-
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,012
2,738
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
9,808
Trade creditors
1,258
14,672
Taxation and social security
499
-
Other creditors
4,954
4,951
6,711
29,431
THE CAR STABLE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
28,271
THE CAR STABLE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 September 2022
100
-
100
244,423
244,423
244,523
Loss for the financial year available for discretionary division among members
-
(18,272)
(18,272)
-
-
(18,272)
Members' interests after loss for the year
100
(18,272)
(18,172)
244,423
244,423
226,251
Allocation of loss for the financial year
-
18,272
18,272
-
-
18,272
Repayment of debt (including members' capital classified as a liability)
-
-
-
(91,911)
(91,911)
(91,911)
Other movements
-
-
-
(18,272)
(18,272)
(18,272)
Members' interests at 31 August 2023
100
-
100
134,240
134,240
134,340
THE CAR STABLE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.