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No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
OC413325
2022-08-01
2023-07-31
OC413325
2023-07-31
OC413325
2022-07-31
OC413325
2022-07-31
OC413325
core:PlantMachinery
2022-08-01
2023-07-31
OC413325
core:MotorVehicles
2022-08-01
2023-07-31
OC413325
bus:Director2
2022-08-01
2023-07-31
OC413325
core:PlantMachinery
2022-07-31
OC413325
core:MotorVehicles
2022-07-31
OC413325
core:PlantMachinery
2023-07-31
OC413325
core:MotorVehicles
2023-07-31
OC413325
core:WithinOneYear
2023-07-31
OC413325
core:WithinOneYear
2022-07-31
OC413325
core:AfterOneYear
2023-07-31
OC413325
core:AfterOneYear
2022-07-31
OC413325
core:BetweenOneFiveYears
2023-07-31
OC413325
core:BetweenOneFiveYears
2022-07-31
OC413325
core:MotorVehicles
2022-07-31
OC413325
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2023-07-31
OC413325
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2022-07-31
OC413325
bus:SmallEntities
2022-08-01
2023-07-31
OC413325
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
OC413325
bus:FullAccounts
2022-08-01
2023-07-31
OC413325
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
OC413325
bus:LimitedLiabilityPartnershipLLP
2022-08-01
2023-07-31
REGISTERED NUMBER:
OC413325
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 July 2023
Fixed assets
Tangible assets |
5 |
231,552 |
174,771 |
|
|
|
|
Current assets
Debtors |
6 |
1,076 |
59,103 |
Cash at bank and in hand |
165,870 |
62,683 |
|
--------- |
--------- |
|
166,946 |
121,786 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
55,498 |
54,208 |
|
--------- |
--------- |
Net current assets |
111,448 |
67,578 |
|
--------- |
--------- |
Total assets less current liabilities |
343,000 |
242,349 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
149,004 |
130,686 |
|
--------- |
--------- |
Net assets |
193,996 |
111,663 |
|
--------- |
--------- |
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
10 |
193,996 |
111,663 |
|
--------- |
--------- |
|
|
|
|
Members' other interests
Other reserves |
– |
– |
|
--------- |
--------- |
|
193,996 |
111,663 |
|
--------- |
--------- |
|
|
|
Total members' interests
Loans and other debts due to members |
10 |
193,996 |
111,663 |
Members' other interests |
– |
– |
|
--------- |
--------- |
|
193,996 |
111,663 |
|
--------- |
--------- |
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 31 July 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
.
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
members
and authorised for issue on
25 January 2024
, and are signed on their behalf by:
D A Braybrook |
Designated Member |
|
Registered number:
OC413325
Notes to the Financial Statements |
|
Year ended 31 July 2023
The LLP is registered in England and Wales. The address of the registered office is 1 Gainsborough Road, Felixstowe, IP11 7HT, 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).
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The members believe that the LLP's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding will be adequate to meet all liabilities as they fall due in the normal course of business for the foreseeable future.
Judgements and key sources of estimation uncertainty
In preparing the financial statements, management is required to make estimates and assumptions which affect the reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of the available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. Due to the simplicity of the LLP's transaction streams and year-end financial position, the members consider there to be no critical judgments, estimates or assumptions in the preparation of these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the LLP will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of comprehensive income and are equity appropriations in the statement of financial position.
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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive income.
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:
|
Plant and machinery |
- |
20% straight line |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Debtors
Short term debtors are measured at transaction price less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in the case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in in the case of a small company, or a public benefit entity concessionary loan.
The average monthly number of members, during the year was 7 (2022 - 7).
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 August 2022 |
30,100 |
304,729 |
334,829 |
Additions |
52,864 |
115,695 |
168,559 |
Disposals |
– |
(
85,515) |
(
85,515) |
|
-------- |
--------- |
--------- |
At 31 July 2023 |
82,964 |
334,909 |
417,873 |
|
-------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 August 2022 |
30,100 |
129,958 |
160,058 |
Charge for the year |
7,930 |
82,470 |
90,400 |
Disposals |
– |
(
64,137) |
(
64,137) |
|
-------- |
--------- |
--------- |
At 31 July 2023 |
38,030 |
148,291 |
186,321 |
|
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 July 2023 |
44,934 |
186,618 |
231,552 |
|
-------- |
--------- |
--------- |
At 31 July 2022 |
– |
174,771 |
174,771 |
|
-------- |
--------- |
--------- |
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 31 July 2023 |
153,808 |
|
--------- |
At 31 July 2022 |
126,212 |
|
--------- |
|
|
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
57,600 |
Other debtors |
1,076 |
1,503 |
|
------- |
-------- |
|
1,076 |
59,103 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Social security and other taxes |
19,307 |
15,203 |
Other creditors |
36,191 |
39,005 |
|
-------- |
-------- |
|
55,498 |
54,208 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
149,004 |
130,686 |
|
--------- |
--------- |
|
|
|
9. |
Finance leases and hire purchase contracts |
|
|
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
32,441 |
32,031 |
Later than 1 year and not later than 5 years |
149,004 |
130,686 |
|
--------- |
--------- |
|
181,445 |
162,717 |
|
--------- |
--------- |
|
|
|
Amounts owed under hire purchase and finance leases are secured on the motor vehicles to which they relate.
10. |
Loans and other debts due to members |
|
|
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to members in respect of profits |
193,996 |
111,663 |
|
--------- |
--------- |
|
|
|
11. |
Related party transactions |
|
|
During the year, the LLP charged Clikk Management Ltd fees of £48,000 (2022: £48,000), a company incorporated in the United Kingdom and related to the LLP by virtue of common ownership. At the end of the year Clikk Management Ltd owed the LLP £nil (2022: £57,600). During the year, the LLP charged J.L. Knight Roadworks Limited fees of £127,561 (2022: £65,980), a company incorporated in the United Kingdom and related to the LLP by virtue of common ownership. At the year end the LLP owed J.L. Knight Roadworks Limited £nil (2022: £749)