12 false false false false false false false false false false false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP OC412038 2022-04-01 2023-03-31 OC412038 2023-03-31 OC412038 2022-03-31 OC412038 2021-04-01 2022-03-31 OC412038 2022-03-31 OC412038 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 OC412038 core:PlantMachinery 2022-04-01 2023-03-31 OC412038 core:FurnitureFittings 2022-04-01 2023-03-31 OC412038 core:MotorVehicles 2022-04-01 2023-03-31 OC412038 bus:Director1 2022-04-01 2023-03-31 OC412038 bus:Director2 2022-04-01 2023-03-31 OC412038 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 OC412038 core:PlantMachinery 2022-03-31 OC412038 core:FurnitureFittings 2022-03-31 OC412038 core:MotorVehicles 2022-03-31 OC412038 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 OC412038 core:PlantMachinery 2023-03-31 OC412038 core:FurnitureFittings 2023-03-31 OC412038 core:MotorVehicles 2023-03-31 OC412038 core:WithinOneYear 2023-03-31 OC412038 core:WithinOneYear 2022-03-31 OC412038 core:AfterOneYear 2022-03-31 OC412038 core:BetweenOneFiveYears 2023-03-31 OC412038 core:BetweenOneFiveYears 2022-03-31 OC412038 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 OC412038 core:FurnitureFittings 2022-03-31 OC412038 core:MotorVehicles 2022-03-31 OC412038 bus:SmallEntities 2022-04-01 2023-03-31 OC412038 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC412038 bus:FullAccounts 2022-04-01 2023-03-31 OC412038 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC412038 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC412038 core:OfficeEquipment 2022-04-01 2023-03-31 OC412038 core:OfficeEquipment 2022-03-31 OC412038 core:OfficeEquipment 2023-03-31
REGISTERED NUMBER: OC412038
Wyecliffe Galleries LLP
Filleted Unaudited Financial Statements
31 March 2023
Wyecliffe Galleries LLP
Balance Sheet
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
101,056
176,297
Current assets
Stocks
120,000
140,000
Debtors
6
205,072
197,046
Cash at bank and in hand
65,106
48,334
---------
---------
390,178
385,380
Creditors: amounts falling due within one year
7
491,234
462,647
---------
---------
Net current liabilities
101,056
77,267
---------
---------
Total assets less current liabilities
99,030
Creditors: amounts falling due after more than one year
8
99,030
----
--------
Net liabilities
----
--------
Represented by:
Loans and other debts due to members
Other amounts
----
----
Members' other interests
Other reserves
----
----
----
----
Total members' interests
Amounts due from members
(187,563)
(185,360)
Loans and other debts due to members
Members' other interests
---------
---------
(187,563)
(185,360)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the profit and loss account has not been delivered.
For the period ending 31 March 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) relating to small LLPs.
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 financial statements .
Wyecliffe Galleries LLP
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 25 January 2024 , and are signed on their behalf by:
Mr B Fry
Mrs J M Fry
Designated Member
Designated Member
Registered number: OC412038
Wyecliffe Galleries LLP
Notes to the Financial Statements
Period ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 6 York Road, Weybridge, Surrey, KT13 9DT, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
10% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 12 (2022: 12 ).
5.
Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
112,002
10,000
110,289
277,687
50,061
560,039
Additions
327
2,177
2,504
---------
--------
---------
---------
--------
---------
At 31 Mar 2023
112,002
10,000
110,616
277,687
52,238
562,543
---------
--------
---------
---------
--------
---------
Depreciation
At 1 Apr 2022
71,502
10,000
100,995
157,336
43,909
383,742
Charge for the period
8,100
5,911
60,176
3,558
77,745
---------
--------
---------
---------
--------
---------
At 31 Mar 2023
79,602
10,000
106,906
217,512
47,467
461,487
---------
--------
---------
---------
--------
---------
Carrying amount
At 31 Mar 2023
32,400
3,710
60,175
4,771
101,056
---------
--------
---------
---------
--------
---------
At 31 Mar 2022
40,500
9,294
120,351
6,152
176,297
---------
--------
---------
---------
--------
---------
6.
Debtors
2023
2022
£
£
Trade debtors
17,509
5,017
Other debtors
187,563
192,029
---------
---------
205,072
197,046
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,103
Trade creditors
150,792
253,678
Social security and other taxes
23,014
49,860
Other creditors
298,325
159,109
---------
---------
491,234
462,647
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
99,030
----
--------
9.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
82,616
60,021
--------
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
468,221
511,097
---------
---------
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
62,480
62,480
Later than 1 year and not later than 5 years
187,440
249,920
---------
---------
249,920
312,400
---------
---------