Registered number
OC340945
Valli LLP
Filleted Accounts
30 April 2023
Valli LLP
Registered number: OC340945
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 488,459 502,603
Current assets
Debtors 4 1,595,295 1,575,281
Cash at bank and in hand 53,403 98,310
1,648,698 1,673,591
Creditors: amounts falling due within one year 5 (26,359) (32,396)
Net current assets 1,622,339 1,641,195
Total assets less current liabilities 2,110,798 2,143,798
Net assets attributable to members 2,110,798 2,143,798
Represented by:
Loans and other debts due to members 6 130,358 163,358
Members' other interests
Members' capital classified as equity 1,980,440 1,980,440
2,110,798 2,143,798
Total members' interests
Loans and other debts due to members 6 130,358 163,358
Members' other interests 1,980,440 1,980,440
2,110,798 2,143,798
For the year ended 30 April 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 26 May 2023 and signed on their behalf by:
H Valli
Designated member
Valli LLP
Notes to the Accounts
for the year ended 30 April 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.
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:
Freehold buildings over 50 years
Plant and machinery 25% straight line
Motor Vehicles 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.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 5 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 697,796 1,394 699,190
At 30 April 2023 697,796 1,394 699,190
Depreciation
At 1 May 2022 195,381 1,206 196,587
Charge for the year 13,956 188 14,144
At 30 April 2023 209,337 1,394 210,731
Net book value
At 30 April 2023 488,459 - 488,459
At 30 April 2022 502,415 188 502,603
4 Debtors 2023 2022
£ £
Trade debtors 35,858 35,095
Other debtors 1,559,437 1,540,186
1,595,295 1,575,281
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,650 1,600
Other taxes and social security costs 13,185 16,167
Other creditors 11,524 14,629
26,359 32,396
6 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 130,358 163,358
Amounts falling due within one year 130,358 163,358
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Valli LLP is a limited liability partnership incorporated in England. Its registered office is:
44 Warren Street
Dewsbury
WF12 9LX
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