Limited Liability Partnership Registration No. OC361664 (England and Wales)
BUREAUX DESIGN ASSOCIATES LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BUREAUX DESIGN ASSOCIATES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BUREAUX DESIGN ASSOCIATES LLP (REGISTERED NUMBER: OC361664)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,025
39,524
Current assets
Debtors
4
177,707
137,022
Cash at bank and in hand
44,842
113,472
222,549
250,494
Creditors: amounts falling due within one year
5
(86,059)
(46,666)
Net current assets
136,490
203,828
Total assets less current liabilities and net assets attributable to members
182,515
243,352
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
182,515
243,352
Total members' interests
6
Loans and other debts due to members
182,515
243,352

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 March 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.

BUREAUX DESIGN ASSOCIATES LLP (REGISTERED NUMBER: OC361664)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 31 October 2023 and are signed on their behalf by:
31 October 2023
Mr D Edgar
Designated member
BUREAUX DESIGN ASSOCIATES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Bureaux Design Associates LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Loom, 14 Gowers Walk, London, E1 8PY.

 

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 January 2017, 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

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax.

1.3
Members' participating interests

Members' 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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
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.

BUREAUX DESIGN ASSOCIATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

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:

Leasehold improvements
25% straight line
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% straight line
Motor vehicles
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.

1.5
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

1.6
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
15
10
BUREAUX DESIGN ASSOCIATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Leasehold improve-ments
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
41,971
5,691
90,708
102,587
15,995
256,952
Additions
-
-
5,862
8,589
-
14,451
At 31 March 2023
41,971
5,691
96,570
111,176
15,995
271,403
Depreciation and impairment
At 1 April 2022
41,971
4,109
55,077
100,275
15,995
217,427
Depreciation charged in the year
-
237
5,556
2,158
-
7,951
At 31 March 2023
41,971
4,346
60,633
102,433
15,995
225,378
Carrying amount
At 31 March 2023
-
1,345
35,937
8,743
-
46,025
At 31 March 2022
-
1,582
35,631
2,311
-
39,524
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
106,301
90,420
Other debtors
71,406
46,602
177,707
137,022
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,736
24,938
Taxation and social security
33,004
8,735
Other creditors
15,319
12,993
86,059
46,666
BUREAUX DESIGN ASSOCIATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
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
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
243,352
Members' interests at 1 April 2022
-
243,352
243,352
243,352
Profit for the financial year available for discretionary division among members
209,006
-
-
209,006
Members' interests after profit for the year
209,006
243,352
243,352
452,358
Allocation of profit for the financial year
(209,006)
209,006
209,006
-
Drawings
-
(269,843)
(269,843)
(269,843)
Members' interests at 31 March 2023
-
182,515
182,515
182,515
Amounts due to members
182,515
182,515
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.

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