Limited Liability Partnership registration number OC319657 (England and Wales)
Stewart Plastering LLP
Annual report and unaudited financial statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Stewart Plastering LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Stewart Plastering LLP
Balance Sheet
as at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
50,047
27,474
Current assets
Debtors
3
26,989
28,260
Cash at bank and in hand
68,253
52,657
95,242
80,917
Creditors: amounts falling due within one year
4
(13,834)
(5,322)
Net current assets
81,408
75,595
Total assets less current liabilities
131,455
103,069
Creditors: amounts falling due after more than one year
5
(31,830)
(17,397)
Net assets attributable to members
99,625
85,672
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(49,282)
20,824
Members' other interests
Other reserves classified as equity
148,907
64,848
99,625
85,672
Total members' interests
Loans and other debts due to members
(49,282)
20,824
Members' other interests
148,907
64,848
99,625
85,672
Stewart Plastering LLP
Balance Sheet (continued)
as at 31 March 2023
31 March 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 31 March 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 9 August 2023 and are signed on their behalf by:
09 August 2023
P Lowe
Designated member
Limited Liability Partnership Registration No. OC319657
Stewart Plastering LLP
Notes to the Financial Statements
for the year ended 31 March 2023
- 3 -
1
Accounting policies
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Stewart Plastering LLP
Notes to the Financial Statements (continued)
for the year ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and equipment
15% reducing balance
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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
5,749
27,722
33,471
Additions
-
30,546
30,546
Disposals
-
(3,200)
(3,200)
At 31 March 2023
5,749
55,068
60,817
Depreciation and impairment
At 1 April 2022
3,695
2,302
5,997
Depreciation charged in the year
308
6,767
7,075
Eliminated in respect of disposals
-
(2,302)
(2,302)
At 31 March 2023
4,003
6,767
10,770
Carrying amount
At 31 March 2023
1,746
48,301
50,047
At 31 March 2022
2,054
25,420
27,474
Stewart Plastering LLP
Notes to the Financial Statements (continued)
for the year ended 31 March 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,174
6,640
Other debtors
24,815
21,620
26,989
28,260
4
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
3,917
2,318
Other taxation and social security
7,202
-
Other creditors
2,015
2,539
Accruals and deferred income
700
465
13,834
5,322
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
31,830
17,397
6
Limited Liability Partnership Information

Stewart Plastering LLP is a limited liability partnership incorporated in England and Wales. The registered office is 125 High Street, Hanging Heaton, Batley, West Yorkshire, WF176DR.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

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