Limited Liability Partnership registration number OC341045 (England and Wales)
CHANTLER TIMBER LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CHANTLER TIMBER LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
CHANTLER TIMBER LLP
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
59,961
100,048
Current assets
Stocks
171,717
416,000
Debtors
4
419,980
534,975
Cash at bank and in hand
422,324
516
1,014,021
951,491
Creditors: amounts falling due within one year
5
(282,291)
(760,254)
Net current assets
731,730
191,237
Total assets less current liabilities and net assets attributable to members
791,691
291,285
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
791,691
291,285
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 28 February 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 28 November 2023 and are signed on their behalf by:
28 November 2023
Mr M Chantler
Designated member
Limited Liability Partnership Registration No. OC341045
CHANTLER TIMBER LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Other reserves
£
Balance at 1 March 2021
-
Year ended 28 February 2022:
Profit and total comprehensive income for the year
310,493
Profit allocations
(310,493)
Balance at 28 February 2022
-
Year ended 28 February 2023:
Profit and total comprehensive income for the year
771,781
Profit allocations
(771,781)
Balance at 28 February 2023
-
CHANTLER TIMBER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Limited liability partnership information
Chantler Timber LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF. The business address is Ridgehill Drive, Madeley Heath, Crewe, Cheshire, CW3 9LZ.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
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.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33.33% straight line
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.
CHANTLER TIMBER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value.
1.6
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.7
Retirement benefits and post retirement payments to members
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
9
8
CHANTLER TIMBER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
229,326
Additions
47,101
Disposals
(98,453)
At 28 February 2023
177,974
Depreciation and impairment
At 1 March 2022
129,278
Depreciation charged in the year
44,903
Eliminated in respect of disposals
(56,168)
At 28 February 2023
118,013
Carrying amount
At 28 February 2023
59,961
At 28 February 2022
100,048
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
417,760
532,962
Prepayments and accrued income
2,220
2,013
419,980
534,975
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
13,190
Obligations under finance leases
-
38,100
Trade creditors
214,833
607,256
Other taxation and social security
34,545
29,355
Other creditors
24,556
71,353
Accruals and deferred income
8,357
1,000
282,291
760,254
The bank borrowings of £nil (2022 - £13,190) are secured on the assets of the company.
CHANTLER TIMBER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 March 2022
-
291,285
291,285
291,285
Profit for the financial year available for discretionary division among members
771,781
-
-
771,781
Members' interests after profit for the year
771,781
291,285
291,285
1,063,066
Allocation of profit for the financial year
(771,781)
771,781
771,781
-
Introduced by members
-
37,567
37,567
37,567
Drawings on account and distributions of profit
-
(308,942)
(308,942)
(308,942)
Members' interests at 28 February 2023
-
791,691
791,691
791,691
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
There is no protection afforded to creditors in the event of a winding up.
There are no restrictions on the members' ability to reduce the amount of members' other interests.
8
Operating lease commitments
Lessee
At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
37,279
24,077
CHANTLER TIMBER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
9
Related party transactions
Transactions with related parties
During the year the limited liability partnership entered into the following transactions with related parties:
Purchases
Purchases
2023
2022
£
£
Entities under common control
255,043
388,846
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities under common control
24,556
68,885