REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BUCKINGHAM & BUCKINGHAM LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BUCKINGHAM & BUCKINGHAM LLP |
BUCKINGHAM & BUCKINGHAM LLP (REGISTERED NUMBER: OC437772) |
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 |
BUCKINGHAM & BUCKINGHAM LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Number 5 |
The Business Quarter |
Eco Park Road |
Ludlow |
Shropshire |
SY8 1FD |
BUCKINGHAM & BUCKINGHAM LLP (REGISTERED NUMBER: OC437772) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
52,920 |
75,541 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
52,918 |
75,539 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2 |
52,920 | 75,541 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 52,918 | 75,539 |
Members' other interests | 2 | 2 |
52,920 | 75,541 |
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. |
BUCKINGHAM & BUCKINGHAM LLP (REGISTERED NUMBER: OC437772) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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 |
BUCKINGHAM & BUCKINGHAM LLP (REGISTERED NUMBER: OC437772) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Buckingham & Buckingham 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. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a going concern basis |
The financial statements are prepared in Sterling (£), rounded to the nearest £1. |
Turnover |
Turnover represents net invoiced sales of services and accrued income in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
The LLP only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in the profit and loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
Basic financial liabilities including trade and other trade creditors are initially recognised at transaction price |
and subsequently carried at amortised cost. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Pension costs and other post-retirement benefits |
Members are entitled to 3% pension contributions of fixed draw per annum. |
Amounts recoverable on contract |
Contracts for services have been accounted for as long term contracts where contract activity falls into different accounting periods, in accordance with provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The amount recorded as turnover is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs. |
BUCKINGHAM & BUCKINGHAM LLP (REGISTERED NUMBER: OC437772) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Members' participating rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' |
agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from |
the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A |
member's participation rights including amounts subscribed or otherwise contributed by members, for example |
members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to |
members, in which case they are classified as equity. |
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due |
to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' |
remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are |
classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are |
presented as debtors and shown as amounts due from members within members’ interests. |
Where there exists an asset and liability component in respect of an individual member’s participation rights, |
they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the |
recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts |
simultaneously, in which case they are presented net. |
Once an unavoidable obligation has been created in favour of members through allocation of profits or other |
means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to |
members’ to the extent they exceed debts due from a specific member. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
BUCKINGHAM & BUCKINGHAM LLP (REGISTERED NUMBER: OC437772) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Prepayments |
7. | CURRENT ASSET INVESTMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Other |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Loans |
Trade creditors |
VAT |
Other creditors |
Client ledger balances | - |
Accruals and deferred income |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank |
equally with unsecured creditors. |