Vulcan Property Contractors LLP OC337318 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of building construction. Digita Accounts Production Advanced 6.30.9574.0 true OC337318 2022-10-01 2023-09-30 OC337318 2023-09-30 OC337318 core:WithinOneYear 2023-09-30 OC337318 bus:SmallEntities 2022-10-01 2023-09-30 OC337318 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 OC337318 bus:FilletedAccounts 2022-10-01 2023-09-30 OC337318 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 OC337318 bus:PartnerLLP1 2022-10-01 2023-09-30 OC337318 bus:LimitedLiabilityPartnershipLLP 2022-10-01 2023-09-30 OC337318 countries:AllCountries 2022-10-01 2023-09-30 OC337318 2021-10-01 2022-09-30 OC337318 2022-09-30 OC337318 core:WithinOneYear 2022-09-30 xbrli:pure iso4217:GBP

Vulcan Property Contractors LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

Registration number: OC337318

 

Vulcan Property Contractors LLP

Contents

Financial Statements

1 to 4

Balance Sheet

1

Notes to the Financial Statements

3

 

Vulcan Property Contractors LLP

(Registration number: OC337318)
Balance Sheet as at 30 September 2023

Note

2023
 £

2022
 £

Current assets

 

Debtors

362,910

362,910

Creditors: Amounts falling due within one year

4

(672,667)

(672,667)

Net liabilities attributable to members

 

(309,757)

(309,757)

Represented by:

 

Loans and other debts due from members

 

Other reserves

 

(309,757)

(309,757)

   

(309,757)

(309,757)

Total members' interests

 

Loans and other debts due from members

 

(309,757)

(309,757)

   

(309,757)

(309,757)

For the year ending 30 September 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

Vulcan Property Contractors LLP

(Registration number: OC337318)
Balance Sheet as at 30 September 2023

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Vulcan Property Contractors LLP (registered number OC337318) were approved by the Board and authorised for issue on 31 July 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr I Poulsum
Designated member

 

Vulcan Property Contractors LLP

Notes to the Financial Statements for the Year Ended 30 September 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Vulcan Property Contractors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Members' remuneration and division of profits

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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

Vulcan Property Contractors LLP

Notes to the Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2022 - 2).

3

Debtors

2023
£

2022
£

Other debtors

92,862

92,862

Prepayments and accrued income

270,048

270,048

Total current trade and other debtors

362,910

362,910

4

Creditors: Amounts falling due within one year

2023
£

2022
£

Trade creditors

5,315

5,315

Other creditors

345,450

345,450

Accruals and deferred income

240,000

240,000

Taxation and social security

81,902

81,902

672,667

672,667

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership.