Registered number
OC377784
Topp Trains LLP
Unaudited Filleted Accounts
31 March 2023
Topp Trains LLP
Registered number: OC377784
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,221 -
Current assets
Stocks 196,456 180,754
Debtors 4 19,338 23,334
Cash at bank and in hand 8,296 4,274
224,090 208,362
Creditors: amounts falling due within one year 5 (22,167) (20,328)
Net current assets 201,923 188,034
Total assets less current liabilities 208,144 188,034
Net assets attributable to members 208,144 188,034
Represented by:
Loans and other debts due to members 6 194,371 174,261
Members' other interests
Members' capital classified as equity 20,000 20,000
Other reserves (6,227) (6,227)
13,773 13,773
208,144 188,034
Total members' interests
Amounts due from members included in debtors 4 (19,338) (23,334)
Loans and other debts due to members 6 194,371 174,261
175,033 150,927
Members' other interests 13,773 13,773
188,806 164,700
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 24 November 2023 and signed on their behalf by:
M J Topping
Designated member
Topp Trains 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:
Plant and machinery over 4 and 5 years
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 23,222 3,650 26,872
Additions 387 8,295 8,682
Disposals - (3,650) (3,650)
At 31 March 2023 23,609 8,295 31,904
Depreciation
At 1 April 2022 23,222 3,650 26,872
Charge for the year 387 2,074 2,461
On disposals - (3,650) (3,650)
At 31 March 2023 23,609 2,074 25,683
Net book value
At 31 March 2023 - 6,221 6,221
4 Debtors 2023 2022
£ £
Amounts due from members 19,338 23,334
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,042 5,541
Other taxes and social security costs 1,525 1,187
Other creditors 13,600 13,600
22,167 20,328
6 Loans and other debts due to members 2023 2022
£ £
Loans from members 97,714 84,487
Amounts due to members in respect of profits 96,657 89,774
194,371 174,261
Amounts falling due within one year 194,371 174,261
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Topp Trains LLP is a limited liability partnership incorporated in England. Its registered office is:
7 Boundary Close
Stone
Staffordshire
ST15 0BA
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