Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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1,704,067 | 1,704,110 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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164,514 | 72,747 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets/(liabilities) | 85,784 | (8,927) | ||
Total assets less current liabilities | 1,789,851 | 1,695,183 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 247,033 | 134,212 | ||
247,033 | 134,212 | |||
Members' other interests | ||||
Members' capital classified as equity | 1,358,093 | 1,358,093 | ||
1,358,093 | 1,358,093 | |||
1,605,126 | 1,492,305 | |||
Total members' interests | ||||
Loans and other debts due to members | 247,033 | 134,212 | ||
Members' other interests | 1,358,093 | 1,358,093 | ||
1,605,126 | 1,492,305 |
Members' responsibilities:
The financial statements of Yelverton Care LLP (registered number:
Mr P J Gaffney
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
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Members' capital (classified as equity) | Other amounts | Total | |
£ | £ | £ | |
Amounts due to members | 61,593 | ||
Balance at 01 August 2021 | 1,358,093 | 61,593 | 1,419,686 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 139,388 | 139,388 |
Members' interest after result for the financial year | 1,358,093 | 200,981 | 1,559,074 |
Drawings | 0 | (112,237) | (112,237) |
Introduced by members | 0 | 45,468 | 45,468 |
Amounts due to members | 134,212 | ||
Balance at 31 July 2022 | 1,358,093 | 134,212 | 1,492,305 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 284,754 | 284,754 |
Members' interest after result for the financial year | 1,358,093 | 418,966 | 1,777,059 |
Drawings | 0 | (179,486) | (179,486) |
Funds introduced | 0 | 7,202 | 7,202 |
Amounts due to members | 247,033 | ||
Balance at 31 July 2023 | 1,358,093 | 247,033 | 1,605,126 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Yelverton Care LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Yelverton Residential Home 2-4, Greenbank Terrace, Yelverton, PL20 6DR, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Defined contribution schemes
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Land and buildings | not depreciated |
Fixtures and fittings |
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Office equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Land and buildings | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 August 2022 |
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Additions |
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At 31 July 2023 |
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Accumulated depreciation | |||||||
At 01 August 2022 |
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Charge for the financial year |
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At 31 July 2023 |
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Net book value | |||||||
At 31 July 2023 |
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At 31 July 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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