Registered number
OC364634
Shenkers LLP
Filleted Accounts
31 December 2023
Shenkers LLP
Registered number: OC364634
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 667
Current assets
Debtors 4 26,395 90,142
Cash at bank and in hand 4 7,730
26,399 97,872
Creditors: amounts falling due within one year 5 (183,416) (298,441)
Net current liabilities (157,017) (200,569)
Total assets less current liabilities (157,017) (199,902)
Creditors: amounts falling due after more than one year 6 (17,500) (28,995)
Net liabilities attributable to members (174,517) (228,897)
Represented by:
Loans and other debts due to members 7 (196,523) (196,523)
Members' other interests
Members' capital classified as equity 158,069 48,350
Other reserves (136,063) (80,724)
22,006 (32,374)
(174,517) (228,897)
Total members' interests
Loans and other debts due to members 7 (196,523) (196,523)
Members' other interests 22,006 (32,374)
(174,517) (228,897)
For the year ended 31 December 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 July 2024 and signed on their behalf by:
M.M. Shenker Esq
Designated member
Shenkers LLP
Notes to the Accounts
for the year ended 31 December 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 rendering of services and is recognised by reference to the stage of completion of the contract, which 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 only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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:
Leasehold land and buildings over the lease term
Computers over 4 years
Fixtures, fittings, tools and equipment over 5 years
Work-in-progress
Work-in-progress is measured at the lower of cost and estimated selling price less costs to complete. The carrying amount 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 (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.
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.
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. 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 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 2,666
Disposals (2,666)
At 31 December 2023 -
Depreciation
At 1 January 2023 1,999
On disposals (1,999)
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 667
4 Debtors 2023 2022
£ £
Trade debtors - 80,952
Amounts owed by related parties 26,395 7,552
Other debtors - 1,638
26,395 90,142
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,327 36,207
Funds held in clients' bank accounts - 6,951
Trade creditors - 137,053
Other taxes and social security costs 117,464 118,059
Other creditors 53,625 171
183,416 298,441
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,500 28,995
7 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits (196,523) (196,523)
Amounts falling due within one year (196,523) (196,523)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Shenkers LLP is a limited liability partnership incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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