REGISTERED NUMBER:
OC313286
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 July 2023
Fixed assets
Intangible assets |
4 |
|
30,000 |
|
30,000 |
|
|
|
|
|
|
Current assets
Debtors |
5 |
34,545 |
|
900 |
|
Cash at bank and in hand |
12,663 |
|
48,781 |
|
|
------- |
|
------- |
|
|
47,208 |
|
49,681 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
75,325 |
|
17,297 |
|
|
------- |
|
------- |
|
Net current (liabilities)/assets |
|
(
28,117) |
|
32,384 |
|
|
------- |
|
------- |
Total assets less current liabilities |
|
1,883 |
|
62,384 |
|
|
------ |
|
------- |
|
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
7 |
|
1,880 |
|
62,381 |
|
|
|
|
|
|
Members' other interests
Members' capital classified as equity |
|
3 |
|
3 |
Other reserves |
|
– |
|
– |
|
|
------ |
|
------- |
|
|
1,883 |
|
62,384 |
|
|
------ |
|
------- |
|
|
|
|
|
Total members' interests
Amounts due from members |
|
(32,745) |
|
– |
Loans and other debts due to members |
7 |
|
1,880 |
|
62,381 |
Members' other interests |
|
3 |
|
3 |
|
|
------- |
|
------- |
|
|
(30,862) |
|
62,384 |
|
|
------- |
|
------- |
|
|
|
|
|
|
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 income statement has not been delivered.
For the year ending 31 July 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
.
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
members
and authorised for issue on
21 December 2023
, and are signed on their behalf by:
Mr N J Cable |
Designated Member |
|
Registered number:
OC313286
Notes to the Financial Statements |
|
Year ended 31 July 2023
The LLP is registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire, M33 7BP.
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).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified, when necessary, by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised when the amount of revenue can be measured reliably. It is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 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'.
Intangible assets
The partnership owns 3 patents relating to the design and construction of concrete floors. These were revalued to their estimated economic value by the members on the 31st July 2006. The members have considered the current valuation & agree that no further revaluation is necessary.
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.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
|
Development costs |
|
£ |
Cost |
|
At 1 August 2022 and 31 July 2023 |
30,000 |
|
------- |
Amortisation |
|
At 1 August 2022 and 31 July 2023 |
– |
|
------- |
Carrying amount |
|
At 31 July 2023 |
30,000 |
|
------- |
At 31 July 2022 |
30,000 |
|
------- |
|
|
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,800 |
900 |
Other debtors |
32,745 |
– |
|
------- |
---- |
|
34,545 |
900 |
|
------- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
23,095 |
1,369 |
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest |
35,000 |
– |
Social security and other taxes |
17,230 |
15,928 |
|
------- |
------- |
|
75,325 |
17,297 |
|
------- |
------- |
|
|
|
7. |
Loans and other debts due to members |
|
|
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to members in respect of profits |
1,880 |
62,381 |
|
------ |
------- |
|
|
|
8. |
Related party transactions |
|
|
The partnership was controlled by Mr N Cable. Mr Cable is also the sole-director of Manchester Urban Finance Corporation Limited and ABS Brymar Floors Limited. During the financial year, the entity traded commercially with a number of associated entities. The year's transactions can be summarised as follows: 2023 2022 £ £ Management services charged to related parties ABS Brymar Floors Ltd 260,000 240,000 Contract hire charged by related parties Manchester Urban Finance Corporation Ltd 48,383 38,102 Balances due to related parties Manchester Urban Finance Corporation Ltd 22,468 NIL Global Treasury Fund Related operations which have short-term surplus funds remit these to the parent company. These funds are then made available to other related operations that have a short-term cash requirement and the surplus remaining is invested on the short-term money markets. The returns earned on this investment is then allocated to the participating businesses based upon the amount each has contributed to the investment. Balance due from the partnership to related parties under this arrangement is as follows: 2023 2022 £ £ Manchester Urban Finance Corporation Ltd 35,000 NIL