Registered number
OC367455
EASTLANE UK LLP
Filleted Accounts
31 March 2023
EASTLANE UK LLP
Registered number: OC367455
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Current assets
Stocks 296,024 296,024
Cash at bank and in hand 1,358 2,720
297,382 298,744
Creditors: amounts falling due within one year 3 (93,338) (89,311)
Net current assets 204,044 209,433
Total assets less current liabilities 204,044 209,433
Creditors: amounts falling due after more than one year 4 (21,664) (31,501)
Net assets attributable to members 182,380 177,932
Represented by:
Loans and other debts due to members 5 83,434 83,434
Members' other interests
Other reserves 98,946 94,498
182,380 177,932
Total members' interests
Loans and other debts due to members 5 83,434 83,434
Members' other interests 98,946 94,498
182,380 177,932
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 24 December 2023 and signed on their behalf by:
Mr J Dhillon
Designated member
EASTLANE UK LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
3 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,836 10,999
Other creditors 82,502 78,312
93,338 89,311
4 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,664 31,501
5 Loans and other debts due to members 2023 2022
£ £
Loans from members 83,434 83,434
Amounts falling due within one year 83,434 83,434
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
EASTLANE UK LLP is a limited liability partnership incorporated in England. Its registered office is:
61 Culver Grove
Stanmore
Middlesex
HA7 2NJ
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