Registered number
OC391836
Subhom LLP
Filleted Accounts
31 March 2023
Subhom LLP
Registered number: OC391836
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 781,130 781,398
Current assets
Debtors 4 4,600 58,041
Cash at bank and in hand 10,867 15,947
15,467 73,988
Creditors: amounts falling due within one year 5 (57,456) (117,617)
Net current liabilities (41,989) (43,629)
Total assets less current liabilities 739,141 737,769
Creditors: amounts falling due after more than one year 6 (152,571) (168,282)
Net assets attributable to members 586,570 569,487
Represented by:
Members' other interests
Members' capital classified as equity 367,888 384,832
Other reserves 218,682 184,655
586,570 569,487
586,570 569,487
Total members' interests
Members' other interests 586,570 569,487
586,570 569,487
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 18 April 2023 and signed on their behalf by:
Mr Oveys Qanungo
Designated member
Subhom 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows.
Plant and machinery 20% reducing balance
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.
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.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Leasehold Property Freehold Property Plant & Machinery Total
£ £ £ £
Cost
At 1 April 2022 313,336 466,723 2,457 782,516
At 31 March 2023 313,336 466,723 2,457 782,516
Depreciation
At 1 April 2022 - - 1,118 1,118
Charge for the year - - 268 268
At 31 March 2023 - - 1,386 1,386
Net book value
At 31 March 2023 313,336 466,723 1,071 781,130
At 31 March 2022 313,336 466,723 1,339 781,398
4 Debtors 2023 2022
£ £
Trade debtors 4,600 58,041
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 13,666
Other taxes and social security costs 1,384 537
Other creditors 56,072 103,414
57,456 117,617
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 152,571 168,282
7 Other information
Subhom LLP is a limited liability partnership incorporated in England. Its registered office is:
17 Pier Street,
Lee-On-The-Solent
England
PO13 9LD
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