Registered number
OC400821
Gift Courses LLP
Accounts
31 October 2023
WALLERSTROM
Accountancy and Taxation Services Limited
Gift Courses LLP
Report and accounts
Contents
Page
LLP information 1
Profit and loss account 2
Balance sheet 3
Reconciliation of members' interests 4
Notes to the accounts 5 to 7
Admin expenses 8
Not part of the statutory accounts
Detailed profit and loss accounts 9 to 11
Gift Courses LLP
LLP Information
Designated members
J D M Buckley
Toutatis Ltd
Accountants
Wallerstrom Accountancy and Taxation Services Ltd
33 Millfields
Writtle
Chelmsford
Essex
CM1 3LP
Registered office
7 Tower Road
Writtle
Chelmsford
Essex
CM1 3NR
Registered number
OC400821
Gift Courses LLP
Profit and Loss Account
for the year ended 31 October 2023
2023 2022
£ £
Turnover 76,726 59,558
Cost of sales (31,614) (23,137)
Gross profit 45,112 36,421
Kickstart Grant - 4,043
45,112 40,464
Administrative expenses (21,942) (27,848)
Operating profit 23,170 12,616
Interest payable (163) (171)
Profit before members' remuneration and profit share 23,007 12,445
Profit for the financial year available for discretionary division among members 23,007 12,445
Gift Courses LLP
Registered number: OC400821
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,090 5,090
Tangible assets 4 497 -
5,587 5,090
Current assets
Debtors 5 2,000 2,000
Cash at bank and in hand 4,367 6,127
6,367 8,127
Creditors: amounts falling due within one year 6 (15,386) (13,355)
Net current liabilities (9,019) (5,228)
Total assets less current liabilities (3,432) (138)
Creditors: amounts falling due after more than one year 7 (19,692) (19,692)
Net liabilities attributable to members (23,124) (19,830)
Represented by:
Loans and other debts due to members 8 (23,124) (19,830)
(23,124) (19,830)
Total members' interests
Loans and other debts due to members 8 (23,124) (19,830)
(23,124) (19,830)
For the year ended 31 October 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:
J D M Buckley
Designated member
30 July 2024
Gift Courses LLP
Notes to the Accounts
for the year ended 31 October 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
The partnership does not operate a pension scheme
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
2022
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 5,090 5,090
At 31 October 2023 5,090 5,090
Amortisation
At 31 October 2023 - -
Net book value
At 31 October 2023 5,090 5,090
At 31 October 2022 5,090 5,090
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 662
At 31 October 2023 662
Depreciation
Charge for the year 165
At 31 October 2023 165
Net book value
At 31 October 2023 497
5 Debtors 2023 2022
£ £
Other debtors 2,000 2,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,055 6,880
Other taxes and social security costs 602 82
Other creditors 8,729 6,393
15,386 13,355
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 19,692 19,692
8 Loans and other debts due to members 2023 2022
£ £
Loans from members 2883 (7,385)
Amounts due to members in respect of profits (26,007) (12,445)
(23,124) (19,830)
Amounts falling due within one year (23,124) (19,830)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other information
Gift Courses LLP is a limited liability partnership incorporated in England. Its registered office is:
7 Tower Road
Writtle
Chelmsford
Essex
CM1 3NR
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