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REGISTERED NUMBER: OC338099
Temperley Taylor Limited Liability Partnership
Filleted Unaudited Financial Statements
30 June 2023
Temperley Taylor Limited Liability Partnership
Balance Sheet
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
25,637
23,873
Current assets
Stocks
199,904
199,904
Debtors
6
140,954
100,663
Cash at bank and in hand
152,907
311,434
---------
---------
493,765
612,001
Creditors: amounts falling due within one year
7
207,213
199,459
---------
---------
Net current assets
286,552
412,542
---------
---------
Total assets less current liabilities
312,189
436,415
Creditors: amounts falling due after more than one year
8
85,000
125,000
Provisions
Other provisions
10,000
10,000
---------
---------
Net assets
217,189
301,415
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
217,189
301,415
---------
---------
Members' other interests
Other reserves
---------
---------
217,189
301,415
---------
---------
Total members' interests
Amounts due from members
(1)
Loans and other debts due to members
9
217,189
301,415
Members' other interests
---------
---------
217,189
301,414
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income (including profit and loss account) has not been delivered.
Temperley Taylor Limited Liability Partnership
Balance Sheet (continued)
30 June 2023
For the year ending 30 June 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 19 February 2024 , and are signed on their behalf by:
Mr A J Cryne Designated member
Registered number: OC338099
Temperley Taylor Limited Liability Partnership
Notes to the Financial Statements
Year ended 30 June 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Durham House, Warwick Court, Park Road, Middleton, Manchester, M24 IAE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The management has not made any critical judgements (apart from those involving estimations) in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: " Tangible fixed assets are depreciated over their useful economic lives taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. " Recoverability of trade debtors is assessed annually, based on assumptions about historical recovery rates and future market conditions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
15% straight line
Fixtures & fittings
-
10% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 29 (2022: 29 ).
5.
Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
3,022
105,273
19,500
374,039
501,834
Additions
18,591
18,591
-------
---------
--------
---------
---------
At 30 June 2023
3,022
105,273
19,500
392,630
520,425
-------
---------
--------
---------
---------
Depreciation
At 1 July 2022
3,022
105,273
9,750
359,916
477,961
Charge for the year
4,875
11,952
16,827
-------
---------
--------
---------
---------
At 30 June 2023
3,022
105,273
14,625
371,868
494,788
-------
---------
--------
---------
---------
Carrying amount
At 30 June 2023
4,875
20,762
25,637
-------
---------
--------
---------
---------
At 30 June 2022
9,750
14,123
23,873
-------
---------
--------
---------
---------
6.
Debtors
2023
2022
£
£
Trade debtors
51,286
59,425
Other debtors
89,668
41,238
---------
---------
140,954
100,663
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
56,818
39,566
Trade creditors
38,915
13,493
Social security and other taxes
101,980
103,825
Other creditors
9,500
42,575
---------
---------
207,213
199,459
---------
---------
A bank loan of £200,000 (CBILS), secured by a debenture, was advanced during 2020 and currently £120,000 is outstanding, including £35,000 due within one year (2022 £160,000) at 2.4% interest rate over 6 years, and repayments commenced July 2021. During the year, a further bank loan was advanced, totalling £80,000 at 4.4% interest rate, repayable in 11 monthly instalments, commencing 4 November 2022. As at 30 June 2023 £21,818 was outstanding in respect of this loan, and will be repaid by 31 October 2023. The solicitors client bank accounts have a total balance of £3,203,595 and this is owed to the relevant clients. Both the asset and the liability are excluded from the financial statements.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
85,000
125,000
--------
---------
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
217,189
301,415
---------
---------