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REGISTERED NUMBER: OC413344
LJM Engineering LLP
Filleted Unaudited Financial Statements
31 May 2023
LJM Engineering LLP
Financial Statements
Year ended 31 May 2023
Contents
Page
Designated members and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
LJM Engineering LLP
Designated Members and Professional Advisers
Designated members
Mrs A O'Toole
Mr L O'Toole
Registered office
146 New London Road
Chelmsford
Essex
England
CM2 0AW
Accountants
Edmund Carr LLP
Chartered Accountants
146 New London Road
Chelmsford
Essex
CM2 0AW
LJM Engineering LLP
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
67,499
89,123
Current assets
Debtors
6
100,599
89,278
Cash at bank and in hand
91,970
173,562
---------
---------
192,569
262,840
Creditors: amounts falling due within one year
7
22,510
24,355
---------
---------
Net current assets
170,059
238,485
---------
---------
Total assets less current liabilities
237,558
327,608
Creditors: amounts falling due after more than one year
8
62,288
78,188
---------
---------
Net assets
175,270
249,420
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
9
1,000
1,000
Other amounts
9
174,270
248,420
---------
---------
175,270
249,420
---------
---------
Members' other interests
Other reserves
---------
---------
175,270
249,420
---------
---------
Total members' interests
Loans and other debts due to members
9
175,270
249,420
Members' other interests
---------
---------
175,270
249,420
---------
---------
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.
LJM Engineering LLP
Statement of Financial Position (continued)
31 May 2023
For the year ending 31 May 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 .
These financial statements were approved by the members and authorised for issue on 16 February 2024 , and are signed on their behalf by:
Miss H O'Toole
Mrs A O'Toole
Member
Designated Member
Miss E O'Toole
Mr L O'Toole
Member
Designated Member
Registered number: OC413344
LJM Engineering LLP
Notes to the Financial Statements
Year ended 31 May 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, 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 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'.
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.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
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.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2022: 4 ).
5.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
114,981
9,840
124,821
---------
-------
---------
Depreciation
At 1 June 2022
32,426
3,272
35,698
Charge for the year
20,639
985
21,624
---------
-------
---------
At 31 May 2023
53,065
4,257
57,322
---------
-------
---------
Carrying amount
At 31 May 2023
61,916
5,583
67,499
---------
-------
---------
At 31 May 2022
82,555
6,568
89,123
---------
-------
---------
6.
Debtors
2023
2022
£
£
Trade debtors
96,532
87,133
Other debtors
4,067
2,145
---------
--------
100,599
89,278
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
360
2,730
Other creditors
22,150
21,625
--------
--------
22,510
24,355
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
62,288
78,188
--------
--------
Included within the figure above is £Nil (2022: £9,013) which relates to the hire purchase liability due after more than 5 years.
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
174,270
248,420
Other amounts
1,000
1,000
---------
---------
175,270
249,420
---------
---------
In the event of a winding up, 'other amounts' due to members rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no further formal protection afforded to creditors in the event of a winding up.
There are no such restrictions or limitations existing on the ability of the members to reduce the amount of ‘Members’ other interests.'