Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 2 |
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1 | 1 | |||
Current assets | ||||
Cash at bank and in hand |
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1 | 1 | |||
Creditors: amounts falling due within one year | 3 | (
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(
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Net current liabilities | (174,372) | (158,812) | ||
Total assets less current liabilities | (174,371) | (158,811) | ||
Net liabilities attributable to members | (
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(
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | (158,813) | (143,793) | ||
Other amounts | (15,560) | (15,020) | ||
(174,373) | (158,813) | |||
Members' other interests | ||||
Members' capital classified as equity | 2 | 2 | ||
2 | 2 | |||
(174,371) | (158,811) | |||
Total members' interests | ||||
Loans and other debts due to members | (174,373) | (158,813) | ||
Members' other interests | 2 | 2 | ||
(174,371) | (158,811) |
Members' responsibilities:
The financial statements of Thorney Aggregates LLP (registered number:
Universal Exports 2021 Ltd
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Thorney Aggregates LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Trademarks, patents and licences | not amortised |
The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 July 2022 |
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At 30 June 2023 |
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Accumulated amortisation | |||
At 01 July 2022 |
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At 30 June 2023 |
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Net book value | |||
At 30 June 2023 |
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At 30 June 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to associates |
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Other creditors |
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Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Amount payable in respect of rent due to one of the designated members of Thorney Aggregates LLP | 12,500 | 12,500 | |
Total amount due to this designated member at the year end | 164,400 | 151,600 |