Registered number
OC358391
Lashmars Personal Tax LLP
Filleted Accounts
31 March 2023
Lashmars Personal Tax LLP
Registered number: OC358391
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,169 10,169
Current assets
Stocks 774 981
Debtors 4 964 210
Cash at bank and in hand 1,887 2,761
3,625 3,952
Creditors: amounts falling due within one year 5 (4,640) (3,968)
Net current liabilities (1,015) (16)
Total assets less current liabilities 9,154 10,153
Creditors: amounts falling due after more than one year 6 (1,774) (2,354)
Net assets attributable to members 7,380 7,799
Represented by:
Net members' funds 7 7,380 7,799
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 25 October 2023 and signed on their behalf by:
Incorporated Company Secretaries Limited
Designated member
Lashmars Personal Tax LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks and w.i.p.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Work in progress, where recoverable in a later accounting period, is valued at direct costs incurred plus directly attributable overheads.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2022 24,342
At 31 March 2023 24,342
Depreciation
At 1 April 2022 14,173
At 31 March 2023 14,173
Net book value
At 31 March 2023 10,169
At 31 March 2022 10,169
4 Debtors 2023 2022
£ £
Trade debtors 964 210
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,640 3,968
6 Creditors: amounts falling due after one year 2023 2022
£ £
Provisions 1,774 2,354
7 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 7,380 7,799
Amounts falling due within one year 7,380 7,799
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Lashmars Personal Tax LLP is a limited liability partnership incorporated in England. Its registered office is:
Coronation House
2 Queen Street
Lymington
Hampshire
SO41 9NH
Lashmars Personal Tax LLP OC358391 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Incorporated Company Secretaries Limited No description of principal activity OC358391 2021-04-01 2022-03-31 OC358391 core:WithinOneYear 2022-03-31 OC358391 core:AfterOneYear 2022-03-31 OC358391 1 2022-03-31 OC358391 2022-04-01 2023-03-31 OC358391 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC358391 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC358391 bus:PartnerLLP20 2022-04-01 2023-03-31 OC358391 1 2022-04-01 2023-03-31 OC358391 2 2022-04-01 2023-03-31 OC358391 4 2022-04-01 2023-03-31 OC358391 countries:England 2022-04-01 2023-03-31 OC358391 bus:FRS102 2022-04-01 2023-03-31 OC358391 bus:FullAccounts 2022-04-01 2023-03-31 OC358391 2023-03-31 OC358391 core:WithinOneYear 2023-03-31 OC358391 core:AfterOneYear 2023-03-31 OC358391 1 2023-03-31 OC358391 core:PlantMachinery 2023-03-31 OC358391 2022-03-31 OC358391 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure