Registered number
OC420752
CASTELLO CITY LLP
Filleted Accounts
31 March 2023
CASTELLO CITY LLP
Registered number: OC420752
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 49,082 53,248
Current assets
Stocks 7,018 4,268
Cash at bank and in hand 47,293 143,182
54,311 147,450
Creditors: amounts falling due within one year 4 (133,089) (171,147)
Net current liabilities (78,778) (23,697)
Total assets less current liabilities (29,696) 29,551
Creditors: amounts falling due after more than one year 5 - (41,667)
Net liabilities attributable to members (29,696) (12,116)
Represented by:
Members' other interests
Members' capital classified as equity 100 100
Other reserves (29,796) (12,216)
(29,696) (12,116)
(29,696) (12,116)
Total members' interests
Members' other interests (29,696) (12,116)
(29,696) (12,116)
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 November 2023 and signed on their behalf by:
F F Livornese
Designated member
CASTELLO CITY 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings & equipment 15% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants in relation to Coronavirus Job Retention Scheme (CJRS) and grant from local authority are recognised in 'other operating income' when the grant proceeds are received or receivable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 5
3 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2022 93,451
Additions 4,495
At 31 March 2023 97,946
Depreciation
At 1 April 2022 40,203
Charge for the year 8,661
At 31 March 2023 48,864
Net book value
At 31 March 2023 49,082
At 31 March 2022 53,248
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 83,924 101,074
Other taxes and social security costs 12,906 14,307
Other creditors 36,259 55,766
133,089 171,147
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 41,667
6 Other information
CASTELLO CITY LLP is a limited liability partnership incorporated in England. Its registered office is:
413 Lea Bridge Road
London
E10 7EA
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