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REGISTERED NUMBER: OC395071 (England and Wales)















LSET HIRE LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






LSET HIRE LLP (REGISTERED NUMBER: OC395071)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LSET HIRE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: J P Trevor
Rotorfuel Ltd





REGISTERED OFFICE: Burley Hayes
Arley Road
Appleton
Warrington
Cheshire
WA4 4RS





REGISTERED NUMBER: OC395071 (England and Wales)





ACCOUNTANTS: Murray Smith LLP
Chartered Accountants
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

LSET HIRE LLP (REGISTERED NUMBER: OC395071)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 363,306 392,334

CURRENT ASSETS
Debtors 5 232,711 294,073

CREDITORS
Amounts falling due within one year 6 168,274 123,217
NET CURRENT ASSETS 64,437 170,856
TOTAL ASSETS LESS CURRENT
LIABILITIES

427,743

563,190

CREDITORS
Amounts falling due after more than one year 7 213,992 265,366
NET ASSETS ATTRIBUTABLE TO
MEMBERS

213,751

297,824

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

213,751

297,824

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 213,751 297,824

LSET HIRE LLP (REGISTERED NUMBER: OC395071)

BALANCE SHEET - continued
31 MARCH 2023


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 11 December 2023 and were signed by:





J P Trevor - Designated member

LSET HIRE LLP (REGISTERED NUMBER: OC395071)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

LSET Hire LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amount receivable for goods and services provided during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment -between 6.2% and 12.28% on cost
Fixtures and Fittings - 20% on cost

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Cash and cash equivalent
Cash in the statement of financial position comprises cash at banks and on hand.

Financial liabilities
A financial liability is recorded at transaction price and is derecognised when the obligation under the liability is discharged or cancelled or expires.

Trade debtors
Trade debtors are recognised at cost less provision for doubtful debts. The recoverability of trade debtors is reviewed on an ongoing basis. A provision for doubtful debtors is established when collection of the full nominal amount is no longer probable. Bad debts are written off as incurred.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

LSET HIRE LLP (REGISTERED NUMBER: OC395071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
Equipment fittings Totals
£    £    £   
COST
At 1 April 2022 565,000 7,787 572,787
Additions - 7,807 7,807
At 31 March 2023 565,000 15,594 580,594
DEPRECIATION
At 1 April 2022 175,000 5,453 180,453
Charge for year 35,000 1,835 36,835
At 31 March 2023 210,000 7,288 217,288
NET BOOK VALUE
At 31 March 2023 355,000 8,306 363,306
At 31 March 2022 390,000 2,334 392,334

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,718 3,123
VAT debtor 7,917 3,650
Other debtors 51,950 51,950
Amounts owed by related parties 162,791 232,900
Prepayments 2,335 2,450
232,711 294,073

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,705 19,831
Hire purchase contracts 42,858 42,857
Trade creditors 49,568 2,551
Other creditors 56,900 56,900
Accrued expenses 7,243 1,078
168,274 123,217

LSET HIRE LLP (REGISTERED NUMBER: OC395071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 9,809 10,648
Bank loans - 2-5 years 16,028 23,704
Hire purchase contracts 188,155 231,014
213,992 265,366

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are payable after the settlement of other creditors of the LLP.