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REGISTERED NUMBER: OC349742
Stud UKEuro LLP
Filleted Unaudited Financial Statements
30 October 2023
Stud UKEuro LLP
Financial Statements
Year ended 30 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Stud UKEuro LLP
Statement of Financial Position
30 October 2023
2023
2022
Note
£
£
£
Current assets
Stocks
104,977
82,706
Debtors
6
6,403
28,950
Cash at bank and in hand
329
234
---------
---------
111,709
111,890
Creditors: amounts falling due within one year
7
24,273
51,536
---------
---------
Net current assets
87,436
60,354
--------
--------
Total assets less current liabilities
87,436
60,354
--------
--------
Net assets
87,436
60,354
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
87,436
60,354
--------
--------
Members' other interests
Other reserves
--------
--------
87,436
60,354
--------
--------
Total members' interests
Loans and other debts due to members
8
87,436
60,354
Members' other interests
--------
--------
87,436
60,354
--------
--------
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.
For the year ending 30 October 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 .
Stud UKEuro LLP
Statement of Financial Position (continued)
30 October 2023
These financial statements were approved by the members and authorised for issue on 30 July 2024 , and are signed on their behalf by:
Mr R S B Phillips
Designated Member
Registered number: OC349742
Stud UKEuro LLP
Notes to the Financial Statements
Year ended 30 October 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Shoats Barn, Shelvin Farm, Shelvin, Wootton, Canterbury, CT4 6RL, Kent.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 maybe entitled to receive remuneration which is paid regardless of the existence of, or level of profits and without any decision or agreement to divide the profits. Any such remuneration is treated as 'salaried remuneration' and is included as an expense and deducted in arriving at the profit available for division amongst members.
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 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: Plant and machinery - 5 years straight line Office equipment - 3 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the partnership in the year amounted to nil (2022: nil).
5.
Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 31 October 2022 and 30 October 2023
2,283
4,794
7,077
-------
-------
-------
Depreciation
At 31 October 2022 and 30 October 2023
2,283
4,794
7,077
-------
-------
-------
Carrying amount
At 30 October 2023
-------
-------
-------
At 30 October 2022
-------
-------
-------
6.
Debtors
2023
2022
£
£
Trade debtors
6,403
28,950
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,873
1,380
Other creditors
21,400
50,156
--------
--------
24,273
51,536
--------
--------
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
87,436
60,354
--------
--------