Limited Liability Partnership registration number OC416064 (England and Wales)
LONDON SHADES LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
LONDON SHADES LLP
CONTENTS
Page
LLP information
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
LONDON SHADES LLP
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,180
48,289
Current assets
Stocks
15,000
15,000
Debtors
4
16,820
29,255
Cash at bank and in hand
61,142
87,498
92,962
131,753
Creditors: amounts falling due within one year
5
(272,477)
(289,600)
Net current liabilities
(179,515)
(157,847)
Total assets less current liabilities
(143,335)
(109,558)
Creditors: amounts falling due after more than one year
6
(24,187)
(53,827)
Net liabilities attributable to members
(167,522)
(163,385)
Represented by:
Loans and other debts due to members within one year
8
Other amounts
38,048
33,239
Members' other interests
8
Members' capital classified as equity
(196,624)
(181,285)
Other reserves classified as equity
(8,946)
(15,339)
(167,522)
(163,385)
Total members' interests
8
Loans and other debts due to members
38,048
33,239
Members' other interests
(205,570)
(196,624)
(167,522)
(163,385)

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

LONDON SHADES LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -

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 20 November 2023 and are signed on their behalf by:
20 November 2023
Mr A A Posner
Mr J T Posner
Designated member
Designated Member
Limited Liability Partnership Registration No. OC416064
LONDON SHADES LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
Members' capital
Other reserves
Total
£
£
£
Balance at 1 March 2021
(137,514)
(43,771)
(181,285)
Loss and total comprehensive income for the year
-
(15,339)
(15,339)
Profit allocations
-
43,771
43,771
Other division of profits
(43,771)
-
(43,771)
Balance at 28 February 2022
(181,285)
(15,339)
(196,624)
Loss and total comprehensive income for the year
-
(8,946)
(8,946)
Profit allocations
-
15,339
15,339
Other division of profits
(15,339)
-
(15,339)
Balance at 28 February 2023
(196,624)
(8,946)
(205,570)
LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Limited liability partnership information

London Shades LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6th Floor Kings House, 9-10 Haymarket, London, SW1Y 4BP.

 

The principal activity of the limited liability partnership was that of supply and installation of best quality custom made window blinds and plantation shutters.

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 is recognised at the fair value of the consideration received or receivable for supply and installation services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

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 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:

Computers
33.33% Reducing balance
Motor vehicles
25% Straight line

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 income statement.

LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

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.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 4 (2022 - 5).

LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
1,000
102,048
103,048
Depreciation and impairment
At 1 March 2022
555
54,204
54,759
Depreciation charged in the year
148
11,961
12,109
At 28 February 2023
703
66,165
66,868
Carrying amount
At 28 February 2023
297
35,883
36,180
At 28 February 2022
445
47,844
48,289
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
15,999
Other debtors
16,820
13,256
16,820
29,255
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,911
9,667
Obligations under finance leases
19,710
33,116
Trade creditors
41,044
46,081
Other taxation and social security
7,438
571
Other creditors
189,374
182,995
Accruals and deferred income
5,000
17,170
272,477
289,600
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
24,187
34,117
Obligations under finance leases
-
19,710
24,187
53,827
LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

Bank loans relate to bounce back loan over a period of six years supported by the government.

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.

LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
8
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
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
33,239
Members' interests at 1 March 2022
(181,285)
(15,339)
(196,624)
33,239
33,239
(163,385)
Loss for the financial year available for discretionary division among members
-
(8,946)
(8,946)
-
-
(8,946)
Members' interests after loss for the year
(181,285)
(24,285)
(205,570)
33,239
33,239
(172,331)
Allocation of loss for the financial year
-
15,339
15,339
-
-
15,339
Other divisions of profits
(15,339)
-
(15,339)
-
-
(15,339)
Repayment of debt (including members' capital classified as a liability)
-
-
-
4,809
4,809
4,809
Members' interests at 28 February 2023
(196,624)
(8,946)
(205,570)
38,048
38,048
(167,522)
Amounts due to members
38,048
38,048
LONDON SHADES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
9
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
£
£
165,000
198,000
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