Limited Liability Partnership registration number OC326241 (England and Wales)
AFFORDABLE CARS OF KENT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AFFORDABLE CARS OF KENT LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
AFFORDABLE CARS OF KENT LLP
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
147,287
204,783
Debtors
4
7,355
12,423
Cash at bank and in hand
161,492
200,840
316,134
418,046
Creditors: amounts falling due within one year
5
(101,497)
(144,390)
Net current assets
214,637
273,656
Creditors: amounts falling due after more than one year
6
(39,517)
(45,031)
Net assets attributable to members
175,120
228,625
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
175,120
228,625
Total members' interests
7
Loans and other debts due to members
175,120
228,625
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 March 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.
AFFORDABLE CARS OF KENT LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 25 January 2024 and are signed on their behalf by:
25 January 2024
N D Roberts
Designated member
Limited Liability Partnership Registration No. OC326241
AFFORDABLE CARS OF KENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information
Affordable Cars Of Kent LLP is a limited liability partnership incorporated in England and Wales. The registered office is Unit 28 Castleview Business Centre, Gas House Road, Rochester, Kent, ME1 1PB.
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 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
Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.4
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.
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
2
Judgements and key sources of estimation uncertainty
AFFORDABLE CARS OF KENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
4
4
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
7,355
12,423
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
55,872
69,730
Taxation and social security
21,601
19,253
Other creditors
24,024
55,407
101,497
144,390
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
39,517
45,031
AFFORDABLE CARS OF KENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
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
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
-
228,625
228,625
228,625
Profit for the financial year available for discretionary division among members
101,548
-
-
101,548
Members' interests after profit for the year
101,548
228,625
228,625
330,173
Allocation of profit for the financial year
(101,548)
101,548
101,548
-
Drawings on account and distributions of profit
-
(155,053)
(155,053)
(155,053)
Members' interests at 31 March 2023
-
175,120
175,120
175,120