Registered number
OC417258
Brock and Houlford LLP
Filleted Accounts
31 March 2024
Brock and Houlford LLP
Registered number: OC417258
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,772 2,362
Tangible assets 4 19,486 18,469
21,258 20,831
Current assets
Stocks 69,870 69,267
Debtors 5 12,323 7,418
Cash at bank and in hand 77,005 60,222
159,198 136,907
Creditors: amounts falling due within one year 6 (26,838) (36,178)
Net current assets 132,360 100,729
Total assets less current liabilities 153,618 121,560
Net assets attributable to members 153,618 121,560
Represented by:
Loans and other debts due to members 7 68,310 36,252
Members' other interests
Members' capital classified as equity 85,308 85,308
153,618 121,560
Total members' interests
Loans and other debts due to members 7 68,310 36,252
Members' other interests 85,308 85,308
153,618 121,560
For the year ended 31 March 2024 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 31 July 2024 and signed on their behalf by:
M Houlford
Designated member
Brock and Houlford LLP
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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.
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 3,150
At 31 March 2024 3,150
Amortisation
At 1 April 2023 788
Provided during the year 590
At 31 March 2024 1,378
Net book value
At 31 March 2024 1,772
At 31 March 2023 2,362
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 28,448
Additions 5,059
At 31 March 2024 33,507
Depreciation
At 1 April 2023 9,979
Charge for the year 4,042
At 31 March 2024 14,021
Net book value
At 31 March 2024 19,486
At 31 March 2023 18,469
5 Debtors 2024 2023
£ £
Other debtors 12,323 7,418
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 25,876 34,979
Other creditors 962 1,199
26,838 36,178
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 68,310 36,252
Amounts falling due within one year 68,310 36,252
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Brock and Houlford LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 12 Westway Farm
Wick Farm
Bishop Sutton
Bristol
BS39 5XP
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