Limited Liability Partnership registration number OC358061 (England and Wales)
DYNAMIC TRIO LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DYNAMIC TRIO LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr S H Edwards
Mrs T Edwards
Mr G T Richardson
T.E.C. Electric Motors Limited
LLP registration number
OC358061
Registered office
Units 291 & 296
Hartlebury Trading Estate
Hartlebury
Kidderminster
Worcestershire
DY10 4JB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
11 Victoria Square
Droitwich
Worcestershire
WR9 8DH
DYNAMIC TRIO LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
DYNAMIC TRIO LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DYNAMIC TRIO LLP FOR THE YEAR ENDED 31 MAY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dynamic Trio LLP for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of Dynamic Trio LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dynamic Trio LLP and state those matters that we have agreed to state to the limited liability partnership's members of Dynamic Trio LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dynamic Trio LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Dynamic Trio LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dynamic Trio LLP. You consider that Dynamic Trio LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dynamic Trio LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
18 August 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DYNAMIC TRIO LLP
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
187,031
125,085
Current assets
Debtors
4
10,366
9,965
Cash at bank and in hand
3,010
1,068
13,376
11,033
Creditors: amounts falling due within one year
5
(33,304)
(18,378)
Net current liabilities
(19,928)
(7,345)
Total assets less current liabilities
167,103
117,740
Creditors: amounts falling due after more than one year
6
(59,758)
(26,076)
Net assets attributable to members
107,345
91,664
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(33,574)
(21,693)
Other amounts
140,919
113,357
107,345
91,664

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 May 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 18 August 2023 and are signed on their behalf by:
18 August 2023
Mr S H Edwards
Designated member
Limited Liability Partnership registration number OC358061 (England and Wales)
DYNAMIC TRIO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Dynamic Trio LLP is a limited liability partnership incorporated in England and Wales. The registered office is Units 291 & 296, Hartlebury Trading Estate, Hartlebury, Kidderminster, Worcestershire, DY10 4JB.

 

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

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:

Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
15% on reducing balance
DYNAMIC TRIO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2022 - 0).

3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
17,000
1,129
253,052
271,181
Additions
-
-
94,953
94,953
At 31 May 2023
17,000
1,129
348,005
366,134
Depreciation and impairment
At 1 June 2022
14,022
939
131,135
146,096
Depreciation charged in the year
447
29
32,531
33,007
At 31 May 2023
14,469
968
163,666
179,103
Carrying amount
At 31 May 2023
2,531
161
184,339
187,031
At 31 May 2022
2,978
190
121,917
125,085

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
130,033
58,027
DYNAMIC TRIO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
10,366
9,965
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
401
Other creditors
33,304
17,977
33,304
18,378
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
59,758
26,076
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
91,987
42,603

Hire purchase contracts are secured against the assets to which they relate.

8
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.

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