Registered number
OC413014
Formations No 217 LLP
Filleted Accounts
For the Year Ended
31 July 2023
Formations No 217 LLP
Registered number: OC413014
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,458,932 1,490,295
Current assets
Debtors 4 834,972 568,888
Cash at bank and in hand 63,568 11,558
898,540 580,446
Creditors: amounts falling due within one year 5 (49,527) (56,693)
Net current assets 849,013 523,753
Total assets less current liabilities 2,307,945 2,014,048
Creditors: amounts falling due after more than one year 6 (1,965,768) (1,920,243)
Net assets attributable to members 342,177 93,805
Represented by:
Members' other interests
Other reserves 342,177 93,805
342,177 93,805
Total members' interests
Members' other interests 342,177 93,805
342,177 93,805
For the year ended 31 July 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 8 April 2024 and signed on their behalf by:
A Bradshaw
Designated member
Formations No 217 LLP
Notes to the Accounts
for the year ended 31 July 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 rendering of services.
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:
Land and buildings nil
Fixtures and fittings 20% straight line
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 1 August 2022 1,490,295 3,964 1,494,259
Disposals (31,363) - (31,363)
At 31 July 2023 1,458,932 3,964 1,462,896
Depreciation
At 1 August 2022 - 3,964 3,964
At 31 July 2023 - 3,964 3,964
Net book value
At 31 July 2023 1,458,932 - 1,458,932
At 31 July 2022 1,490,295 - 1,490,295
4 Debtors 2023 2022
£ £
Other debtors 834,972 568,888
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,825 24,702
Other creditors 41,702 31,991
49,527 56,693
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,965,768 1,920,243
7 Other information
Formations No 217 LLP is a limited liability partnership incorporated in England. Its registered office is:
Suite 9 Pine Court Business Centre
36 Gervis Road
Bournemouth
Dorset
BH1 3DH
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