Registered number
OC426935
Echo One Design LLP
Filleted Accounts
31 March 2023
Echo One Design LLP
Registered number: OC426935
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 25,042
Current assets
Debtors 4 - 1,979
Cash at bank and in hand - 2,981
- 4,960
Creditors: amounts falling due within one year 5 - (3,337)
Net current assets - 1,623
Total assets less current liabilities - 26,665
Net assets attributable to members - 26,665
Represented by:
Loans and other debts due to members 6 - 8,580
Members' other interests
Members' capital classified as equity - 18,085
- 26,665
Total members' interests
Loans and other debts due to members 6 - 8,580
Members' other interests - 18,085
- 26,665
For the year ended 31 March 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 25 December 2023 and signed on their behalf by:
R Palmer
Designated member
Echo One Design LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 5 years
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 25,042
Disposals (25,042)
At 31 March 2023 -
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 -
At 31 March 2022 25,042
4 Debtors 2023 2022
£ £
Trade debtors - 1,979
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors - 3,337
6 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits - 8,580
Amounts falling due within one year - 8,580
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Echo One Design LLP is a limited liability partnership incorporated in England. Its registered office is:
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