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REGISTERED NUMBER: OC345320 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Richard J Knaggs & Co LLP

Richard J Knaggs & Co LLP (Registered number: OC345320)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Richard J Knaggs & Co LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R J Knaggs
S Lisgo





REGISTERED OFFICE: 119 High Street
Redcar
Cleveland
TS10 3DG





REGISTERED NUMBER: OC345320 (England and Wales)





ACCOUNTANTS: Nigel Coyle & Co Limited
Office F12
Beverley Enterprise Centre
Beck View Road
Beverley
Yorkshire
HU17 0JT

Richard J Knaggs & Co LLP (Registered number: OC345320)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 180,000 -
Tangible assets 5 32,199 59,356
212,199 59,356

CURRENT ASSETS
Stocks 44,403 31,266
Debtors 6 86,907 141,910
Cash at bank and in hand 35,215 12,963
166,525 186,139
CREDITORS
Amounts falling due within one year 7 160,633 91,936
NET CURRENT ASSETS 5,892 94,203
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,091

153,559

CREDITORS
Amounts falling due after more than one
year

8

30,417

107,175
NET ASSETS ATTRIBUTABLE TO
MEMBERS

187,674

46,384

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

187,674

46,384

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 187,674 46,384

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Richard J Knaggs & Co LLP (Registered number: OC345320)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 7 August 2024 and were signed by:





R J Knaggs - Designated member

Richard J Knaggs & Co LLP (Registered number: OC345320)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Richard J Knaggs & Co LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 12 (2023 - 15 ) .

Richard J Knaggs & Co LLP (Registered number: OC345320)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 200,000
At 31 March 2024 200,000
AMORTISATION
Charge for year 20,000
At 31 March 2024 20,000
NET BOOK VALUE
At 31 March 2024 180,000

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 66,044 486,369 552,413
Additions - 1,595 1,595
At 31 March 2024 66,044 487,964 554,008
DEPRECIATION
At 1 April 2023 66,044 427,013 493,057
Charge for year - 28,752 28,752
At 31 March 2024 66,044 455,765 521,809
NET BOOK VALUE
At 31 March 2024 - 32,199 32,199
At 31 March 2023 - 59,356 59,356

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 77,455 118,393
Other debtors 9,452 23,517
86,907 141,910

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,517 16,715
Trade creditors (1 ) -
Taxation and social security 70,470 50,998
Other creditors 84,647 24,223
160,633 91,936

Richard J Knaggs & Co LLP (Registered number: OC345320)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 30,417 35,417
Other creditors - 71,758
30,417 107,175

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members will rank equally to other creditors in the absence of any agreement to the contrary.