Limited Liability Partnership registration number OC413531 (England and Wales)
CRAB PARTNERSHIP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CRAB PARTNERSHIP LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr B J McGowan
Mrs C McGowan
Mr R E McGowan
LLP registration number
OC413531
Registered office
7 Chequers Parade
London
United Kingdom
SE9 1DD
Accountants
Omer & Company Accountants Ltd
7 Chequers Parade
London
SE9 1DD
CRAB PARTNERSHIP LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,387
-
Tangible assets
4
1,222
1,946
5,609
1,946
Current assets
Debtors
1,144
4,920
Cash at bank and in hand
14,347
17,500
15,491
22,420
Creditors: amounts falling due within one year
(2,166)
(2,731)
Net current assets
13,325
19,689
Total assets less current liabilities and net assets attributable to members
18,934
21,635
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(19,990)
(17,583)
Members' other interests
Members' capital classified as equity
17,999
17,999
Other reserves classified as equity
20,925
21,219
18,934
21,635

In accordance with section 444 of the Companies Act 2006 as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008, all of the members of the limited liability partnership have consented to the abridgement of the financial statements pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations (SI 2008/1912)(a).

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial Period ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

CRAB PARTNERSHIP LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 12 August 2024 and are signed on their behalf by:
12 August 2024
Mr R E McGowan
Designated member
Limited Liability Partnership Registration No. OC413531
CRAB PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Crab Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is 7 Chequers Parade, London, United Kingdom, SE9 1DD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. The entity's reporting period has been extended by 6 months to 31st March 2024 to coincide with Basis Period Reform legislation and the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

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.

CRAB PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Intangible fixed assets other than goodwill
Franchise fee
10 Year Straightline
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 Year Straighline
Fixtures and fittings
5 Year Straightline

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CRAB PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the Period was:

2024
2022
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Total
£
Cost
At 1 October 2022
-
Additions
4,875
At 31 March 2024
4,875
Amortisation and impairment
At 1 October 2022
-
Amortisation charged for the Period
488
At 31 March 2024
488
Carrying amount
At 31 March 2024
4,387
At 30 September 2022
-
4
Tangible fixed assets
Total
£
Cost
At 1 October 2022
3,643
Additions
527
At 31 March 2024
4,170
Depreciation and impairment
At 1 October 2022
1,697
Depreciation charged in the Period
1,251
At 31 March 2024
2,948
Carrying amount
At 31 March 2024
1,222
At 30 September 2022
1,946
CRAB PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
5
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.

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