16 false false false false false false false false false false false false false false false false false 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,320 1,056 132 1,188 132 264 xbrli:pure xbrli:shares iso4217:GBP OC411576 2022-04-01 2023-03-31 OC411576 2023-03-31 OC411576 2022-03-31 OC411576 2021-04-01 2022-03-31 OC411576 2022-03-31 OC411576 2021-03-31 OC411576 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 OC411576 core:PlantMachinery 2022-04-01 2023-03-31 OC411576 core:MotorVehicles 2022-04-01 2023-03-31 OC411576 bus:RegisteredOffice 2022-04-01 2023-03-31 OC411576 bus:Director1 2022-04-01 2023-03-31 OC411576 bus:Director2 2022-04-01 2023-03-31 OC411576 bus:Director3 2022-04-01 2023-03-31 OC411576 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 OC411576 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 OC411576 core:LandBuildings 2022-03-31 OC411576 core:PlantMachinery 2022-03-31 OC411576 core:MotorVehicles 2022-03-31 OC411576 core:LandBuildings 2023-03-31 OC411576 core:PlantMachinery 2023-03-31 OC411576 core:MotorVehicles 2023-03-31 OC411576 core:LandBuildings 2022-04-01 2023-03-31 OC411576 core:WithinOneYear 2023-03-31 OC411576 core:WithinOneYear 2022-03-31 OC411576 core:AfterOneYear 2023-03-31 OC411576 core:AfterOneYear 2022-03-31 OC411576 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 OC411576 core:LandBuildings 2022-03-31 OC411576 core:PlantMachinery 2022-03-31 OC411576 core:MotorVehicles 2022-03-31 OC411576 bus:SmallEntities 2022-04-01 2023-03-31 OC411576 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC411576 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC411576 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC411576 bus:FullAccounts 2022-04-01 2023-03-31
REGISTERED NUMBER: OC411576
Tramspread LLP
Filleted Unaudited Financial Statements
For the Year Ended
31 March 2023
Tramspread LLP
Financial Statements
Year Ended 31st March 2023
Contents
Page
Members' Report
1
Statement of Financial Position
2
Reconciliation of Members' Interests
4
Notes to the Financial Statements
6
Tramspread LLP
Members' Report
Year Ended 31st March 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2023 .
Principal Activities
The principal activity of the company during the year was slurry handling equipment manufacturers.
Designated Members
The designated members who served the LLP during the year were as follows:
Mr T R Baker
Mr E R Baker
Mr L J Baker
Policy Regarding Members' Drawings and the Subscription and Repayment of Amounts Subscribed or Otherwise Contributed by Members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 29 February 2024 and signed on behalf of the members by:
Mr T R Baker
Designated Member
Registered office:
Buces Farm
Mendlesham
Stowmarket
Suffolk
IP14 5NR
Tramspread LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
5
132
264
Tangible assets
6
1,345,500
1,336,087
------------
------------
1,345,632
1,336,351
Current Assets
Stocks
463,756
494,786
Debtors
7
698,116
1,421,916
Cash at bank and in hand
205,106
145,345
------------
------------
1,366,978
2,062,047
Creditors: amounts falling due within one year
8
1,956,135
2,672,014
------------
------------
Net Current Liabilities
589,157
609,967
------------
------------
Total Assets Less Current Liabilities
756,475
726,384
Creditors: amounts falling due after more than one year
9
458
5,958
Provisions
Other provisions
46,717
46,717
---------
---------
Net Assets
709,300
673,709
---------
---------
Represented by:
Loans and Other Debts due to Members
Other amounts
10
510,136
474,545
Members' Other Interests
Revaluation reserve
199,164
199,164
Other reserves
---------
---------
709,300
673,709
---------
---------
Total Members' Interests
Loans and other debts due to members
10
510,136
474,545
Members' other interests
199,164
199,164
---------
---------
709,300
673,709
---------
---------
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.
Tramspread LLP
Statement of Financial Position (continued)
31 March 2023
For the year ending 31st 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 .
These financial statements were approved by the members and authorised for issue on 29 February 2024 , and are signed on their behalf by:
Mr T R Baker
Designated Member
Registered number: OC411576
Tramspread LLP
Reconciliation of Members' Interests
Year Ended 31st March 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Revaluation reserve
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 1st April 2022
199,164
199,164
474,545
474,545
673,709
Members remuneration charged as an expense
80,000
80,000
80,000
Profit for the financial year available for discretionary division among members
72,039
72,039
72,039
---------
--------
---------
---------
---------
---------
Members' interests after profit for the year
199,164
72,039
271,203
554,545
554,545
825,748
Other division of profits
7,961
7,961
(7,961)
(7,961)
Drawings
(36,448)
(36,448)
(36,448)
---------
--------
---------
---------
---------
---------
Balance at 31st March 2023
199,164
80,000
279,164
510,136
510,136
789,300
---------
--------
---------
---------
---------
---------
Tramspread LLP
Reconciliation of Members' Interests (continued)
Year Ended 31st March 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Revaluation reserve
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Balance at 1st April 2021
199,164
199,164
275,291
275,291
474,455
Members remuneration charged as an expense
80,000
80,000
80,000
Profit for the financial year available for discretionary division among members
180,275
180,275
180,275
---------
---------
---------
---------
---------
---------
Members' interests after profit for the year
199,164
180,275
379,439
355,291
355,291
734,730
Other division of profits
(100,275)
(100,275)
100,275
100,275
Drawings
18,979
18,979
18,979
---------
---------
---------
---------
---------
---------
Balance at 31st March 2022
199,164
80,000
279,164
474,545
474,545
753,709
---------
---------
---------
---------
---------
---------
Tramspread LLP
Notes to the Financial Statements
Year Ended 31st March 2023
1.
General Information
The LLP is registered in England and Wales. The address of the registered office is Buces Farm, Mendlesham, Stowmarket, IP14 5NR, Suffolk.
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.
Tramspread LLP
Notes to the Financial Statements (continued)
Year Ended 31st March 2023
3. Accounting Policies (continued)
Members' Participation Rights (continued)
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.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
-
20% straight line
-
20% straight line
-
20 % 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
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 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 year, including the members with contracts of employment, amounted to 16 (2022: 12 ).
5.
Intangible Assets
Development costs
£
Cost
At 1st April 2022 and 31st March 2023
1,320
-------
Amortisation
At 1st April 2022
1,056
Charge for the year
132
-------
At 31st March 2023
1,188
-------
Carrying amount
At 31st March 2023
132
-------
At 31st March 2022
264
-------
6.
Tangible Assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2022
1,231,006
100,753
161,052
36,160
1,528,971
Additions
43,128
43,128
------------
---------
---------
--------
------------
At 31st March 2023
1,274,134
100,753
161,052
36,160
1,572,099
------------
---------
---------
--------
------------
Depreciation
At 1st April 2022
80,129
85,822
26,933
192,884
Charge for the year
6,987
22,302
4,426
33,715
------------
---------
---------
--------
------------
At 31st March 2023
87,116
108,124
31,359
226,599
------------
---------
---------
--------
------------
Carrying amount
At 31st March 2023
1,274,134
13,637
52,928
4,801
1,345,500
------------
---------
---------
--------
------------
At 31st March 2022
1,231,006
20,624
75,230
9,227
1,336,087
------------
---------
---------
--------
------------
7.
Debtors
2023
2022
£
£
Trade debtors
436,299
1,208,225
Other debtors
261,817
213,691
---------
------------
698,116
1,421,916
---------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
409,624
419,781
Trade creditors
1,122,027
1,205,883
Social security and other taxes
178,422
451,695
Tramspread Slurry Storage Limited
235,167
396,091
Other creditors
10,895
198,564
------------
------------
1,956,135
2,672,014
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
458
5,958
----
-------
10.
Loans and Other Debts due to Members
2023
2022
£
£
Amounts owed to members in respect of profits
510,136
474,545
---------
---------