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Registered number: OC303324
The Ipswich School of Dancing LLP
Unaudited Financial Statements
For The Year Ended 30 April 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC303324
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,305 9,325
7,305 9,325
CURRENT ASSETS
Stocks 5 2,659 3,116
Debtors 6 2,853 6,915
Cash at bank and in hand 21,559 15,911
27,071 25,942
Creditors: Amounts Falling Due Within One Year 7 (9,299 ) (7,274 )
NET CURRENT ASSETS (LIABILITIES) 17,772 18,668
TOTAL ASSETS LESS CURRENT LIABILITIES 25,077 27,993
Creditors: Amounts Falling Due After More Than One Year 8 (36,250 ) (41,250 )
NET LIABILITIES ATTRIBUTABLE TO MEMBERS (11,173 ) (13,257 )
REPRESENTED BY:
Members capital accounts
Members' capital classified as a liability 8,757 -
Other amounts 8,430 6,346
17,187 6,346
Equity
Members' other interests
Other reserves (28,360) (19,603)
(28,360) (19,603)
(11,173) (13,257)
TOTAL MEMBERS' INTEREST
Amounts due from members (1,619) (5,790)
Members capital accounts 17,187 6,346
Members' other interests (28,360) (19,603)
(12,792) (19,047)
Page 1
Page 2
For the year ending 30 April 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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mrs R Watson
Designated Member
5th April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Ipswich School of Dancing LLP is a limited liability partnership, incorporated in England and Wales, registered number OC303324. The Registered Office is 22 Bond Street, Ipswich Suffolk, IP4 1JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Fixtures & Fittings 25% of reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Pensions
The LLP operates a defined pension contribution scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 4 (2022: 4)
4 4
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4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2022 17,085 6,374 23,459
As at 30 April 2023 17,085 6,374 23,459
Depreciation
As at 1 May 2022 9,001 5,133 14,134
Provided during the period 1,709 311 2,020
As at 30 April 2023 10,710 5,444 16,154
Net Book Value
As at 30 April 2023 6,375 930 7,305
As at 1 May 2022 8,084 1,241 9,325
5. Stocks
2023 2022
£ £
Stocks 2,659 3,116
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 1,234 862
VAT - 263
Amounts due from members 1,619 5,790
2,853 6,915
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - (1 )
Bank loans and overdrafts 5,000 5,000
Other taxes and social security 248 217
VAT 526 -
Net wages 277 -
Pension contributions due 83 43
Accruals and deferred income 3,165 2,015
9,299 7,274
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 36,250 41,250
36,250 41,250
Page 5