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BRIP 7 (WORCESTER PARK) LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
BRIP 7 (Worcester Park) LLP is a limited liability partnership incorporated in England and Wales. The address of the registered office is Grafton House, Pury Hill Business Park, Towcester, Northamptonshire, NN12 7LS.
The LLP was incorporated on 26 September 2022 and commenced trading on 13 October 2022.
The current accounting period was shortened from 30 September 2023 to 31 March 2023 in accordance with the LLP agreement.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Work in progress is valued on the basis of direct costs incurred. A provision is made for any forseeable losses
where appropriate. No element of profit is included in the valuation of the work in progress.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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