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REGISTERED NUMBER: OC383149
Austin Moore & Partners LLP
Filleted Unaudited Financial Statements
31 March 2023
Austin Moore & Partners LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
39,885
52,185
Current assets
Debtors
6
351,670
324,742
Cash at bank and in hand
248,144
258,471
---------
---------
599,814
583,213
Creditors: amounts falling due within one year
7
237,754
280,517
---------
---------
Net current assets
362,060
302,696
---------
---------
Total assets less current liabilities
401,945
354,881
---------
---------
Net assets
401,945
354,881
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
8
203,104
Other amounts
8
198,841
354,881
---------
---------
401,945
354,881
---------
---------
Members' other interests
Other reserves
---------
---------
401,945
354,881
---------
---------
Total members' interests
Loans and other debts due to members
8
401,945
354,881
Members' other interests
---------
---------
401,945
354,881
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Austin Moore & Partners LLP
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 24 August 2023 , and are signed on their behalf by:
Mr A Moore
Designated Member
Registered number: OC383149
Austin Moore & Partners LLP
Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 7 The Ropewalk, Nottingham, Nottinghamshire, NG1 5DU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 14 (2022: 15 ).
5.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
70,150
20,142
90,292
Additions
1,123
1,123
--------
--------
--------
At 31 March 2023
70,150
21,265
91,415
--------
--------
--------
Depreciation
At 1 April 2022
18,634
19,473
38,107
Charge for the year
12,879
544
13,423
--------
--------
--------
At 31 March 2023
31,513
20,017
51,530
--------
--------
--------
Carrying amount
At 31 March 2023
38,637
1,248
39,885
--------
--------
--------
At 31 March 2022
51,516
669
52,185
--------
--------
--------
6.
Debtors
2023
2022
£
£
Trade debtors
298,755
277,796
Other debtors
52,915
46,946
---------
---------
351,670
324,742
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,541
Trade creditors
7,649
22,862
Social security and other taxes
93,122
117,603
Other creditors
136,983
110,511
---------
---------
237,754
280,517
---------
---------
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
198,841
354,881
Other amounts
203,104
---------
---------
401,945
354,881
---------
---------