Registered number
SO302797
Springfield (Leadburn) LLP
Unaudited Filleted Accounts
31 March 2023
Springfield (Leadburn) LLP
Registered number: SO302797
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,093,314 800,655
Current assets
Stocks 11,470 9,500
Debtors 4 102,810 43,296
Cash at bank and in hand 300 3,751
114,580 56,547
Creditors: amounts falling due within one year 5 (298,413) (63,337)
Net current liabilities (183,833) (6,790)
Total assets less current liabilities 909,481 793,865
Creditors: amounts falling due after more than one year 6 (186,392) (210,194)
Net assets attributable to members 723,089 583,671
Represented by:
Loans and other debts due to members 8 538,726 495,726
Members' other interests
Members' capital classified as equity 3 3
Other reserves 184,360 87,942
184,363 87,945
723,089 583,671
Total members' interests
Loans and other debts due to members 8 538,726 495,726
Members' other interests 184,363 87,945
723,089 583,671
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 30 January 2024 and signed on their behalf by:
Gavin Brown
Designated member
Springfield (Leadburn) 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.
Division of profits
Profits are treated as being available for discretionary division as per the LLP agreement and no Members’ remuneration is charged as an expense in the profit and loss account.
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:
Plant and machinery over 5 to 10 years
Stocks
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.
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. 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP incl members 3 3
3 Tangible fixed assets
Total
£
Cost
At 1 April 2022 820,940
Additions 330,123
Disposals (35,280)
At 31 March 2023 1,115,783
Depreciation
At 1 April 2022 20,285
Charge for the year 2,184
At 31 March 2023 22,469
Net book value
At 31 March 2023 1,093,314
At 31 March 2022 800,655
4 Debtors 2023 2022
£ £
Trade debtors 13,499 1,200
Other debtors 89,311 42,096
102,810 43,296
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 146,817 21,179
Trade creditors 137,860 28,022
Other creditors 13,736 14,136
298,413 63,337
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 186,392 210,194
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 100,905 121,860
100,905 121,860
Secured bank loans 207,835 231,373
The loans are secured by a specific charge on the property.
8 Loans and other debts due to members 2023 2022
£ £
Members capital classified as debt 293,665 255,665
Loans from members 245,061 240,061
538,726 495,726
Amounts falling due within one year 538,726 495,726
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other information
Springfield (Leadburn) LLP is a limited liability partnership incorporated in Scotland. Its registered office is:
Springfield Farm
Springfield Road
Penicuik
EH26 8PR
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