Registered number
OC421746
Donkey & Buskins LLP
Filleted Accounts
31 March 2024
Donkey & Buskins LLP
Registered number: OC421746
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,125 7,953
Current assets
Stocks 7,000 7,000
Cash at bank and in hand 174,477 185,001
181,477 192,001
Creditors: amounts falling due within one year 4 (46,163) (44,812)
Net current assets 135,314 147,189
Total assets less current liabilities 138,439 155,142
Creditors: amounts falling due after more than one year 5 (21,667) (31,667)
Net assets attributable to members 116,772 123,475
Represented by:
Loans and other debts due to members 6 (116,772) (62,941)
Members' other interests
Members' capital classified as equity 80 80
(116,692) (62,861)
Total members' interests
Loans and other debts due to members 6 (116,772) (62,941)
Members' other interests 80 80
(116,692) (62,861)
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 7 August 2024 and signed on their behalf by:
Alan Butcher
Designated member
Donkey & Buskins 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.
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.
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment & Vehicles over 4 years
After the current year all of the above with an expected life of less than 4 years are written off
to current revenue at the date that expenditure incurred.
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
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 23 23
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 34,361 12,500 46,861
At 31 March 2024 34,361 12,500 46,861
Depreciation
At 1 April 2023 32,658 6,250 38,908
Charge for the year 1,703 3,125 4,828
At 31 March 2024 34,361 9,375 43,736
Net book value
At 31 March 2024 - 3,125 3,125
At 31 March 2023 1,703 6,250 7,953
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,223 -
Other taxes and social security costs 4,217 23,852
Other creditors 22,723 20,960
46,163 44,812
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,667 31,667
6 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits (166,872) (62,941)
Amounts falling due within one year (166,872) (62,941)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Donkey & Buskins LLP is a limited liability partnership incorporated in England. Its registered office is:
The Donkey & Buskins
Layer Road
Layer de la Haye
Colchester
CO2 0HU
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