Limited Liability Partnership registration number OC342971 (England and Wales)
STANNERS SPECIALISED SERVICES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
STANNERS SPECIALISED SERVICES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STANNERS SPECIALISED SERVICES LLP
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
744,201
663,960
Current assets
Debtors
5
70,190
53,783
Cash at bank and in hand
164,542
283,134
234,732
336,917
Creditors: amounts falling due within one year
6
(37,782)
(40,899)
Net current assets
196,950
296,018
Total assets less current liabilities
941,151
959,978
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
467,977
477,339
Members' other interests
Other reserves classified as equity
473,174
482,639
941,151
959,978
Total members' interests
Loans and other debts due to members
467,977
477,339
Members' other interests
473,174
482,639
941,151
959,978
STANNERS SPECIALISED SERVICES LLP
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -

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 30 June 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
Mr J D Stanners Snr
Mr J W M Stanners
Designated member
Designated Member
Mr J D Stanners
Designated Member
Limited Liability Partnership Registration No. OC342971
STANNERS SPECIALISED SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Stanners Specialised Services LLP is a limited liability partnership incorporated in England and Wales. The limited liability partnership number is OC342971 and the registered office is Coopies Lane Industrial Estate, Morpeth, Northumberland, NE61 6JN.

 

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 principal accounting policies adopted are set out below.

1.2
Going concern

The limited liability partnership has cash resources and has no requirement for external funding. The members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting to be appropriate in the preparation of the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.4
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.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Land and buildings
2% straight line
Plant and machinery
10 - 20% straight line
Fixtures, fittings & equipment
20 - 33.33% straight line
Motor vehicles
25% reducing balance

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.

STANNERS SPECIALISED SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.10
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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STANNERS SPECIALISED SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
8
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2022
685,000
298,931
983,931
Additions
-
117,665
117,665
At 30 June 2023
685,000
416,596
1,101,596
Depreciation and impairment
At 1 July 2022
76,400
243,571
319,971
Depreciation charged in the year
11,400
26,024
37,424
At 30 June 2023
87,800
269,595
357,395
Carrying amount
At 30 June 2023
597,200
147,001
744,201
At 30 June 2022
608,600
55,360
663,960

The total value of freehold land not depreciated included within land and buildings is £115,000 (2022: £115,000).

Land and buildings were revalued at transition date of 1 July 2015 by Rickard Chartered Surveyors, independent valuers not connected with the limited liability partnership, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions at arm's length terms for similar properties.

 

The land and buildings has subsequently been revalued by the members at 30 June 2023 and they have concluded that the valuation given by Rickard Chartered Surveyors still remains appropriate.

STANNERS SPECIALISED SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Tangible fixed assets
(Continued)
- 6 -

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023
2022
£
£
Cost
108,375
108,375
Accumulated depreciation
(65,723)
(64,549)
Carrying value
42,652
43,826
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
73,521
50,407
Other debtors
(3,331)
3,376
70,190
53,783
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,169
5,420
Taxation and social security
21,941
20,816
Other creditors
11,672
14,663
37,782
40,899
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.

8
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
85,800
93,000
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