Registered number
OC336694
IOW ESPRESSO LLP
Filleted Accounts
31 March 2023
IOW ESPRESSO LLP
Registered number: OC336694
Balance Sheet
At 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,131,034 1,159,477
Current assets
Stocks 49,274 50,431
Debtors 4 45,000 37,661
Cash at bank and in hand 12,005 89,200
106,279 177,292
Creditors: amounts falling due within one year 5 (768,768) (849,362)
Net current liabilities (662,489) (672,070)
Total assets less current liabilities 468,545 487,407
Net assets attributable to members 468,545 487,407
Represented by:
Loans and other debts due to members 6 468,545 487,407
468,545 487,407
Total members' interests
Loans and other debts due to members 6 468,545 487,407
468,545 487,407
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 22 December 2023 and signed on their behalf by:
Mr D Burgess
Designated member
IOW ESPRESSO 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 the Financial Reporting Standard for Smaller Entities (effective January 2015) 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.
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.
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:
Equipment 10% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 26 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 982,775 320,058 3,792 1,306,625
Additions - 8,621 - 8,621
At 31 March 2023 982,775 328,679 3,792 1,315,246
Depreciation
At 1 April 2022 - 143,866 3,282 147,148
Charge for the year - 36,962 102 37,064
At 31 March 2023 - 180,828 3,384 184,212
Net book value
At 31 March 2023 982,775 147,851 408 1,131,034
At 31 March 2022 982,775 176,192 510 1,159,477
The properties are in the individual name of the partners.
4 Debtors 2023 2022
£ £
Trade debtors 45,115 38,001
Other debtors (115) (340)
45,000 37,661
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 696,109 760,946
Trade creditors 47,160 83,165
Other taxes and social security costs 25,499 5,251
768,768 849,362
6 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 468,545 487,407
Amounts falling due within one year 468,545 487,407
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
IOW ESPRESSO LLP is a limited liability partnership incorporated in England. Its registered office is:
16 Quay Street
Newport
Isle of Wight
PO305BG
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