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Registered number: OC305530
NorthStar Creative Design & Advertising LLP
Unaudited Financial Statements
For The Year Ended 22 December 2023
Positive Practice
C/O Positive Practice
1 Primet Hill
Colne
Lancashire
BB8 9NF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC305530
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,000 6,000
Tangible Assets 5 1,691 1,255
7,691 7,255
CURRENT ASSETS
Debtors 6 11,115 15,095
Cash at bank and in hand 9,805 19,408
20,920 34,503
Creditors: Amounts Falling Due Within One Year 7 (65,213 ) (63,373 )
NET CURRENT ASSETS (LIABILITIES) (44,293 ) (28,870 )
TOTAL ASSETS LESS CURRENT LIABILITIES (36,602 ) (21,615 )
NET LIABILITIES ATTRIBUTABLE TO MEMBERS (36,602 ) (21,615 )
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 145,475 141,102
145,475 141,102
Equity
Members' other interests
Members' capital (159,804) (140,444)
Other reserves (22,273) (22,273)
(182,077) (162,717)
(36,602) (21,615)
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 145,475 141,102
Members' other interests (182,077) (162,717)
(36,602) (21,615)
Page 1
Page 2
For the year ending 22 December 2023 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr Gerard Lamle
Partner
22/07/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
NorthStar Creative Design & Advertising LLP is a limited liability partnership, incorporated in England & Wales, registered number OC305530 . The Registered Office is Suite 1, The Exchange, Spring Lane, Colne, Lancashire, BB8 9BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was:
2023 2022
Office and administration 2 2
2 2
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 23 December 2022 6,000
As at 22 December 2023 6,000
Net Book Value
As at 22 December 2023 6,000
As at 23 December 2022 6,000
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 23 December 2022 7,540 27,250 6,489 41,279
Additions - 1,000 - 1,000
As at 22 December 2023 7,540 28,250 6,489 42,279
Depreciation
As at 23 December 2022 7,540 25,995 6,489 40,024
Provided during the period - 564 - 564
As at 22 December 2023 7,540 26,559 6,489 40,588
Net Book Value
As at 22 December 2023 - 1,691 - 1,691
As at 23 December 2022 - 1,255 - 1,255
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,088 5,125
Other debtors 8 8
VAT 10,019 9,962
11,115 15,095
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 36,673 41,143
Bank loans and overdrafts 21,977 15,667
Other taxes and social security 6,563 6,563
65,213 63,373
Page 4