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REGISTERED NUMBER: OC318557
Glanusk Events LLP
Filleted Unaudited Financial Statements
31 March 2023
Glanusk Events LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Glanusk Events LLP
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Glanusk Events LLP for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the LLP'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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Glanusk Events LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Glanusk Events LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glanusk Events LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Glanusk Events 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 Glanusk Events LLP. You consider that Glanusk Events 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 Glanusk Events 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.
PAUL PHILLIS & CO LIMITED Chartered accountants
11a Corelli Street Newport South Wales NP19 7AR
13 March 2024
Glanusk Events LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
227,529
261,997
Current assets
Debtors
6
830,451
704,668
Cash at bank and in hand
2,510
5,505
---------
---------
832,961
710,173
Creditors: amounts falling due within one year
7
369,179
395,521
---------
---------
Net current assets
463,782
314,652
---------
---------
Total assets less current liabilities
691,311
576,649
Creditors: amounts falling due after more than one year
8
572,488
576,649
---------
---------
Net assets
118,823
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
118,823
---------
----
Members' other interests
Other reserves
---------
----
118,823
---------
----
Total members' interests
Amounts due from members
(735,308)
(606,283)
Loans and other debts due to members
118,823
Members' other interests
---------
---------
(616,485)
(606,283)
---------
---------
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 has not been delivered.
For the year ending 31 March 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 .
Glanusk Events LLP
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 29 February 2024 , and are signed on their behalf by:
Mr H.R. Legge-Bourke
Member
Registered number: OC318557
Glanusk Events LLP
Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Estate Office, Glanusk Park, Crickhowell, Powys, NP8 1LP, Wales.
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.
Going concern
The LLP made a loss for the year. The LLP is dependent upon financial support from its related entities to enable it to meet its obligations as they fall due and therefore to continue to trade as a going concern. On the basis that the related entities will continue to provide such financial support as is necessary, and they will not seek repayment of the amounts due to them in preference to other creditors, the members consider it appropriate to prepare the statutory accounts on the going concern basis.
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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Members' participation rights
The members' drawing policy allows each member to draw each calendar month such drawings as the members may from time to time agree. The LLP shall reserve out of profits before distribution such amounts as the members shall determine in order to provide further working capital for the business.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Property improvements
-
10% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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, trade debtors, other debtors and creditors, 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. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, and bank overdrafts which are an integral part of the LLP's cash management. Interest bearing loans, overdrafts and other loans are recorded at the present value of cash payable at the bank. Other debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2022: 1 ).
5.
Tangible assets
Plant and machinery
Motor vehicles
Property improvements
Total
£
£
£
£
Cost
At 1 April 2022
101,062
19,550
467,054
587,666
Additions
5,422
5,422
Disposals
( 18,545)
( 18,545)
---------
--------
---------
---------
At 31 March 2023
87,939
19,550
467,054
574,543
---------
--------
---------
---------
Depreciation
At 1 April 2022
72,297
17,079
236,293
325,669
Charge for the year
7,273
617
31,268
39,158
Disposals
( 17,813)
( 17,813)
---------
--------
---------
---------
At 31 March 2023
61,757
17,696
267,561
347,014
---------
--------
---------
---------
Carrying amount
At 31 March 2023
26,182
1,854
199,493
227,529
---------
--------
---------
---------
At 31 March 2022
28,765
2,471
230,761
261,997
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2023
8,020
-------
At 31 March 2022
10,693
--------
6.
Debtors
2023
2022
£
£
Trade debtors
61,101
43,324
Prepayments and accrued income
1,118
Amounts due from members
735,308
606,283
Loan - The Hon Mrs E.S.J. Legge-Bourke
31,156
31,156
Other debtors
1,768
23,905
---------
---------
830,451
704,668
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Loans payable
140,390
160,852
Trade creditors
138,728
166,820
Accruals and deferred income
80,071
59,944
Social security and other taxes
3,392
Obligations under finance leases and hire purchase contracts
3,161
2,963
Other creditors
3,437
4,942
---------
---------
369,179
395,521
---------
---------
Obligations under finance leases and hire purchase contracts are secured on the related asset.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bounce back loan
25,768
35,768
Loans payable
539,749
530,749
Obligations under finance leases and hire purchase contracts
6,971
10,132
---------
---------
572,488
576,649
---------
---------
Obligations under finance leases and hire purchase contracts are secured on the related asset.