Registered number: SO304437 | ||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||
Prepared By: | ||||||||
Robert Kemp | ||||||||
4 Cuthill Towers | ||||||||
Milnathort | ||||||||
Kinross | ||||||||
KY13 9SE |
Thrums Produce LLP | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||
DESIGNATED MEMBERS | ||||||||
REGISTERED OFFICE | ||||||||
Angus | ||||||||
COMPANY NUMBER | ||||||||
BANKERS | ||||||||
Royal Bank of Scotland | ||||||||
ACCOUNTANT | ||||||||
Robert Kemp | ||||||||
4 Cuthill Towers | ||||||||
Milnathort | ||||||||
Kinross | ||||||||
KY13 9SE |
Thrums Produce LLP | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Report of the Members | 3 | |||||||
Report of the Accountant | 4 | |||||||
Profit and Loss Account | 5 | |||||||
Balance Sheet | 6 | |||||||
Notes to the Accounts | 7 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading and Profit and Loss Account | 11 | |||||||
Profit and Loss Account Summaries | 12 | |||||||
Capital Accounts | - | |||||||
Current Accounts | 12 | |||||||
Thrums Produce LLP | ||||||||
MEMBERS' REPORT | ||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||
The members present their report and accounts for the year ended 30 June 2023 | ||||||||
PRINCIPAL ACTIVITIES | ||||||||
The principal activity of the LLP in the year under review was potato merchant . | ||||||||
DESIGNATED MEMBERS | ||||||||
The designated members who served during the year were as follows: | ||||||||
W D Mitchell | ||||||||
J Milne | ||||||||
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS | ||||||||
The profit for the year before members' remuneration and profit shares was £(1,988) (2022 £(5,116)). | ||||||||
DRAWINGS POLICY | ||||||||
The LLP operates a drawings policy which has regard to a cautious estimate of expected profits. Drawings are restricted to prudent levels, taking into account working capital performance, until the results for the year and individual members' allocations have been determined. | ||||||||
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 as modified by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs. | ||||||||
This report was approved on behalf of the members on 26 July 2023 | ||||||||
J Milne | ||||||||
Designated member |
Thrums Produce LLP | ||||||||
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS | ||||||||
OF THRUMS PRODUCE LLP, FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||
In order to assist you to fulfill your duties under the Companies Act 2006 as applied to LLP's, I have prepared for your approval the accounts of Thrums Produce LLP for the year ended 30 June 2023 as set out on pages 5 to 10 from the entity's accounting records and from information and explanations you have given me. | ||||||||
This report is made solely to the members of Thrums Produce LLP, as a body, in accordance with the terms of my engagement. My work has been undertaken solely to prepare for your approval the accounts of Thrums Produce LLP and state those matters that I have agreed to state to the Board of Directors of Thrums Produce LLP, as a body, in this report, in accordance with the requirements of the as detailed on their website. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Thrums Produce LLP and its Board of Directors as a body for my work or for this report. | ||||||||
It is your duty to ensure that Thrums Produce LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profitability of Thrums Produce LLP. You consider that Thrums Produce LLP is exempt from the statutory audit requirement for the year. | ||||||||
I have not been instructed to carry out a review of the accounts of Thrums Produce LLP. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts. | ||||||||
Robert Kemp | ||||||||
4 Cuthill Towers | ||||||||
Milnathort | ||||||||
Kinross | ||||||||
KY13 9SE | ||||||||
28 July 2023 | ||||||||
Thrums Produce LLP | ||||||||
PROFIT AND LOSS ACCOUNT | ||||||||
FOR THE YEAR ENDED30 JUNE 2023 | ||||||||
Notes | 2023 | 2022 | ||||||
£ | £ | |||||||
TURNOVER | 3 | 38,402 | 36,158 | |||||
Cost of sales | (32,028) | (33,606) | ||||||
GROSS PROFIT | 6,374 | 2,552 | ||||||
Administrative expenses | 4 | (8,362) | (7,668) | |||||
OPERATING LOSS | (1,988) | (5,116) | ||||||
LOSS FOR THE FINANCIALYEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | (1,988) | (5,116) | ||||||
Thrums Produce LLP | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 6 | |||||||||
CURRENT ASSETS | ||||||||||
Debtors | 7 | |||||||||
Cash at bank and in hand | ||||||||||
4,230 | 4,970 | |||||||||
CREDITORS: Amounts falling due within one year | 8 | |||||||||
NET CURRENT ASSETS | 61 | |||||||||
NET ASSETS ATTRIBUTABLE TO MEMBERS | 3,496 | 282 | ||||||||
LOANS AND OTHER DEBTS DUE TO MEMBERS | 10 | 3,496 | 282 | |||||||
MEMBERS ' OTHER INTERESTS | ||||||||||
3,496 | 282 | |||||||||
TOTAL MEMBERS' INTERESTS | ||||||||||
Loans and other debts due to members | 10 | 3,496 | 282 | |||||||
Amounts due from members | 7 | - | (566) | |||||||
3,496 | (284) | |||||||||
Approved by the members on | ||||||||||
............................. | ||||||||||
Designated Member | ||||||||||
Thrums Produce LLP | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||||
1. ACCOUNTING POLICIES |
1b. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. |
1b. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. |
1c. Depreciation | ||||||||
Equipment | reducing balance 25% |
1d. Turnover | ||||||||
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. |
2. INFORMATION IN RELATION TO MEMBERS | 2023 | 2022 | ||||
The average number of members during the year was | 2 | 2 | ||||
Thrums Produce LLP | ||||||||
3. TURNOVER | ||||||||
The turnover and pre-tax result is attributable to potato merchant. | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Potato sales | 38,402 | 36,158 | ||||||
38,402 | 36,158 | |||||||
4. OTHER OPERATING EXPENSES | 2023 | 2022 | ||||
£ | £ | |||||
Selling and marketing costs | 271 | 434 | ||||
Administrative expenses | 8,036 | 7,161 | ||||
Costs relating to the purchase, use, and disposal of assets | 55 | 73 | ||||
8,362 | 7,668 | |||||
5. OPERATING PROFIT | ||||||
2023 | 2022 | |||||
£ | £ | |||||
Operating Profit is stated after charging: | ||||||
Depreciation | 55 | 73 | ||||
55 | 73 | |||||
6. TANGIBLE FIXED ASSETS | ||||
Equipment | Total | |||
£ | £ | |||
Cost | ||||
At 1 July 2022 | 1,518 | 1,518 | ||
At 30 June 2023 | 1,518 | 1,518 | ||
Depreciation | ||||
At 1 July 2022 | 1,297 | 1,297 | ||
For the year | 55 | 55 | ||
At 30 June 2023 | 1,352 | 1,352 | ||
Net Book Amounts | ||||
At 30 June 2023 | 166 | |||
At 30 June 2022 | 221 | |||
Thrums Produce LLP | ||||||||
7. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year: | ||||||||
VAT | 82 | 137 | ||||||
Amounts due from members | - | 566 | ||||||
82 | 703 | |||||||
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Trade creditors | - | 4,409 | ||||||
Other creditors | 900 | 500 | ||||||
900 | 4,909 | |||||||
9. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
10. LOANS AND OTHER DEBTS DUE TO MEMBERS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts due to members | 3,496 | 282 | ||||||
The loans and debts due to members rank equally with debts due to ordinary creditors in a winding up. | ||||||||
Thrums Produce LLP | ||||||||
11. MEMBERS INTERESTS | ||||||||||
Members' capital (classified as equity) | Reserves | Total | Loans and other debts due to/(from) members | Total | ||||||
£ | £ | £ | £ | £ | ||||||
Amount due to members | 282 | |||||||||
Amount due from members | (566) | |||||||||
Balance at 1 July 2022 | - | - | - | (284) | (284) | |||||
Profit for the financial year available for discretionary division among members | (1,988) | (1,988) | - | (1,988) | ||||||
Members' interests after profit for the year | - | (1,988) | (1,988) | (284) | (2,272) | |||||
Other divisions of profit | 1,988 | 1,988 | (1,988) | |||||||
Capital Introduced | 5,768 | 5,768 | ||||||||
Amount due to members | 3,496 | |||||||||
Balance at 30 June 2023 | - | - | - | 3,496 | 3,496 | |||||
Thrums Produce LLP | ||||||||
TRADING AND PROFIT AND LOSS ACCOUNT | ||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Turnover | 38,402 | 36,158 | ||||||||
Cost of Sales: | ||||||||||
Purchases | 32,028 | 33,606 | ||||||||
32,028 | 33,606 | |||||||||
Gross Profit | ||||||||||
6,374 | 2,552 | |||||||||
Less: | ||||||||||
Distribution costs | ||||||||||
Administrative expenses | ||||||||||
8,362 | 7,668 | |||||||||
Net loss for the year before taxation | ( | ( | ||||||||
Net loss for the year after taxation | ( | ( | ||||||||
Retained losses carried forward | (1,988) | (5,116) | ||||||||
This page does not form part of the Company's Statutory Accounts and is prepared for the information of the Directors only. |
Thrums Produce LLP | ||||||||
PROFIT AND LOSS ACCOUNT SUMMARIES | ||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Cost of sales - purchases: | ||||||||||
Potato purchases | 31,675 | 29,769 | ||||||||
Haulage | 353 | 3,837 | ||||||||
32,028 | 33,606 | |||||||||
Distribution Costs: | ||||||||||
Business entertaining | 271 | 434 | ||||||||
Administrative Expenses: | ||||||||||
Heat and light | 363 | 363 | ||||||||
Motor expenses | 4,280 | 4,490 | ||||||||
Accountancy fees | 900 | 200 | ||||||||
Postage | - | 17 | ||||||||
Stationery & office supplies | 24 | 45 | ||||||||
Telephone | 1,782 | 1,624 | ||||||||
Computer costs | 613 | 392 | ||||||||
Bank charges | 74 | 30 | ||||||||
Depreciation and Amortisation: | ||||||||||
Depreciation of equipment | 55 | 73 | ||||||||
This page does not form part of the Company's Statutory Accounts and is prepared for the information of the Directors only. |
12. MEMBERS' CURRENT ACCOUNTS | ||||||
W D Mitchell | J Milne | Total | ||||
£ | £ | £ | ||||
At 1 July 2022 | 282 | (566) | (284) | |||
Introductions | 2,834 | 2,934 | 5,768 | |||
3,116 | 2,368 | 5,484 | ||||
Share of loss | 994 | 994 | 1,988 | |||
At 30 June 2023 | 2,122 | 1,374 | 3,496 |