Gutlin Clocks & Antiques LLP OC433901 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Sale of second hand Goods including Clocks & Antiques, and also clock repairs Digita Accounts Production Advanced 6.30.9574.0 true OC433901 2022-07-01 2023-06-30 OC433901 2023-06-30 OC433901 core:CurrentFinancialInstruments 2023-06-30 OC433901 core:WithinOneYear 2023-06-30 OC433901 bus:SmallEntities 2022-07-01 2023-06-30 OC433901 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 OC433901 bus:FilletedAccounts 2022-07-01 2023-06-30 OC433901 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 OC433901 bus:RegisteredOffice 2022-07-01 2023-06-30 OC433901 bus:PartnerLLP1 2022-07-01 2023-06-30 OC433901 bus:PartnerLLP2 2022-07-01 2023-06-30 OC433901 bus:LimitedLiabilityPartnershipLLP 2022-07-01 2023-06-30 OC433901 countries:AllCountries 2022-07-01 2023-06-30 OC433901 2021-07-01 2022-06-30 OC433901 2022-06-30 OC433901 core:CurrentFinancialInstruments 2022-06-30 OC433901 core:WithinOneYear 2022-06-30 iso4217:GBP xbrli:pure

Registration number: OC433901

Gutlin Clocks & Antiques LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Gutlin Clocks & Antiques LLP

Contents

Limited liability partnership information

1

Statement of Members' Responsibilities

2

Financial Statements

3 to 6

Balance Sheet

3

Notes to the Financial Statements

4

 

Gutlin Clocks & Antiques LLP

Limited liability partnership information

Designated members

Mr Mark Coxhead

Members

Mrs Ursula Coxhead

Registered office

606 Kings Road
London
SW6 2DX

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Gutlin Clocks & Antiques LLP

Statement of Members' Responsibilities for the Year Ended 30 June 2023

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

 

Gutlin Clocks & Antiques LLP

(Registration number: OC433901)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Stocks

3

154,768

154,390

Debtors

4

7,578

5,720

Cash and short-term deposits

 

28,038

7,899

 

190,384

168,009

Creditors: Amounts falling due within one year

5

(32,198)

(36,819)

Net assets attributable to members

 

158,186

131,190

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

158,186

131,190

   

158,186

131,190

Total members' interests

 

Loans and other debts due to members

 

158,186

131,190

   

158,186

131,190

For the year ending 30 June 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Gutlin Clocks & Antiques LLP (registered number OC433901) were approved by the Board and authorised for issue on 21 February 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Mark Coxhead
Designated member

 

Gutlin Clocks & Antiques LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Gutlin Clocks & Antiques LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Gutlin Clocks & Antiques LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2022 - 2).

 

Gutlin Clocks & Antiques LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Stocks

2023
£

2022
£

Finished goods

154,768

154,390

4

Debtors

2023
£

2022
£

Other debtors

7,578

5,720

Total current trade and other debtors

7,578

5,720

5

Creditors: Amounts falling due within one year

2023
£

2022
£

Other creditors

26,512

30,625

Accruals and deferred income

2,000

2,000

Taxation and social security

3,686

4,194

32,198

36,819

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.