Registered No. SO301767 (Scotland)
Prime Fiscal LLP
Unaudited accounts
for the year ended 28 February 2023
Prime Fiscal LLP
LLP Information
for the year ended 28 February 2023
Registered Number
SO301767 (Scotland)
Registered Office
25 Daisy Street
Glasgow
G42 8JN
Scotland
Prime Fiscal LLP
Statement of financial position
as at 28 February 2023
Tangible assets
4,453
5,867
Cash at bank and in hand
25,820
29,847
Creditors: amounts falling due within one year
(21,013)
(13,653)
Net current assets
22,515
25,126
Total assets less current liabilities
26,968
30,993
Creditors: amounts falling due after more than one year
(9,275)
(13,124)
Net assets attributable to members
17,693
17,869
Loans and other debts due to members
17,693
17,869
Loans and other debts due to members
17,693
17,869
For the year ending 28 February 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small 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.
These 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.
Approved by the members on 15 November 2023.
R I Bedi
Designated member
Limited Liability Partnership Registration No. SO301767
Prime Fiscal LLP
Notes to the Accounts
for the year ended 28 February 2023
The presentation currency of the financial statements is the Pound Sterling (£).
Basis of preparing the financial statements
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% straight line basis
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to or from related parties.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the life of the lease.
Prime Fiscal LLP is a limited liability partnership, incorporated in Scotland, registration number SO301767. Its registered office is 25 Daisy Street, Glasgow, G42 8JN, Scotland.
3
Tangible fixed assets
Plant & machinery
At 28 February 2023
17,682
At 28 February 2023
13,229
Prime Fiscal LLP
Notes to the Accounts
for the year ended 28 February 2023
4
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,259
4,259
Trade creditors
1,699
2,000
Taxes and social security costs
4,596
2,435
Other creditors
3,441
1,940
5
Creditors: amounts falling due after more than one year
2023
2022
6
Loans and other debts due to members
2023
2022
Amounts due to members in respect of profits
17,693
17,869
Amounts falling due within one year
17,693
17,869
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
7
Average number of employees
During the year the average number of employees was 1 (2022: 1).