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REGISTERED NUMBER: OC354822
INDIGO RAW LLP
Filleted Unaudited Financial Statements
31 July 2023
INDIGO RAW LLP
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,121
2,652
Current assets
Debtors
6
1,079,830
341,847
Cash at bank and in hand
40,580
180,533
------------
---------
1,120,410
522,380
Creditors: amounts falling due within one year
7
1,013,187
407,584
------------
---------
Net current assets
107,223
114,796
---------
---------
Total assets less current liabilities
109,344
117,448
Creditors: amounts falling due after more than one year
8
68,895
117,448
---------
---------
Net assets
40,449
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
40,449
--------
----
Members' other interests
Other reserves
--------
----
40,449
--------
----
Total members' interests
Amounts due from members
(421,229)
(341,847)
Loans and other debts due to members
9
40,449
Members' other interests
---------
---------
(380,780)
(341,847)
---------
---------
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.
INDIGO RAW LLP
Statement of Financial Position (continued)
31 July 2023
For the year ending 31 July 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 12 April 2024 , and are signed on their behalf by:
Khalid Dalal
Serena Louise Bellamy
Designated Member
Designated Member
Registered number: OC354822
INDIGO RAW LLP
Notes to the Financial Statements
Year ended 31 July 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 107 King Street, Blackburn, BB2 2DT, England.
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.
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.
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.
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:
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
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.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil (2022: 5 ).
5.
Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
3,739
13,299
17,038
-------
--------
--------
Depreciation
At 1 August 2022
3,066
11,320
14,386
Charge for the year
135
396
531
-------
--------
--------
At 31 July 2023
3,201
11,716
14,917
-------
--------
--------
Carrying amount
At 31 July 2023
538
1,583
2,121
-------
--------
--------
At 31 July 2022
673
1,979
2,652
-------
--------
--------
6.
Debtors
2023
2022
£
£
Trade debtors
646,643
Other debtors
433,187
341,847
------------
---------
1,079,830
341,847
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,909
40,909
Trade creditors
970,778
39,810
Social security and other taxes
144,323
Other creditors
1,500
182,542
------------
---------
1,013,187
407,584
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
68,895
117,448
--------
---------
9.
Loans and other debts due to members
2023
2022
£
£
Loans from members
37,500
Amounts owed to members in respect of profits
2,949
--------
----
40,449
--------
----