Registered number
OC426120
Copper Pine Studio LLP
Filleted Accounts
28 February 2023
Copper Pine Studio LLP
Registered number: OC426120
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,823 24,044
Current assets
Debtors 4 9,007 10,066
Cash at bank and in hand 36,644 -
45,651 10,066
Creditors: amounts falling due within one year 5 (12,401) (13,849)
Net current assets/(liabilities) 33,250 (3,783)
Total assets less current liabilities 53,073 20,261
Net assets attributable to members 53,073 20,261
Represented by:
Loans and other debts due to members 6 53,073 20,261
53,073 20,261
Total members' interests
Loans and other debts due to members 6 53,073 20,261
53,073 20,261
For the year ended 28 February 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 9 November 2023 and signed on their behalf by:
Richard Palmer
Designated member
Copper Pine Studio LLP
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 5 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 52,923
Additions 2,387
At 28 February 2023 55,310
Depreciation
At 1 March 2022 28,879
Charge for the year 6,608
At 28 February 2023 35,487
Net book value
At 28 February 2023 19,823
At 28 February 2022 24,044
4 Debtors 2023 2022
£ £
Trade debtors 7,559 -
Other debtors 1,448 10,066
9,007 10,066
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 151 -
Trade creditors - 373
Other creditors 12,250 13,476
12,401 13,849
6 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 53,073 20,261
Amounts falling due within one year 53,073 20,261
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Copper Pine Studio LLP is a limited liability partnership incorporated in England. Its registered office is:
C/o The Accountancy Partnership
Suite 5, 5th Floor
5 Greenwich View Place
London
E14 9NN
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