Registered number
OC359351
Pipeview LLP
Unaudited Filleted Accounts
5 April 2024
Pipeview LLP
Registered number: OC359351
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 354,004 374,344
Current assets
Debtors 4 18,183 25,943
Cash at bank and in hand 17,626 23,045
35,809 48,988
Creditors: amounts falling due within one year 5 (77,774) (72,308)
Net current liabilities (41,965) (23,320)
Total assets less current liabilities 312,039 351,024
Creditors: amounts falling due after more than one year 6 (93,114) (115,356)
Provisions for liabilities (1,450) (1,400)
Net assets attributable to members 217,475 234,268
Represented by:
Loans and other debts due to members 8 150,847 152,747
Members' other interests
Members' capital classified as equity 1,000 1,000
Other reserves 65,628 80,521
66,628 81,521
217,475 234,268
Total members' interests
Loans and other debts due to members 8 150,847 152,747
Members' other interests 66,628 81,521
217,475 234,268
For the year ended 5 April 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 20 August 2024 and signed on their behalf by:
Mr M Woods
Designated member
Pipeview LLP
Notes to the Accounts
for the year ended 5 April 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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, other than freehold land, 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 3-4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
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 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 6 April 2023 301,358 133,969 141,113 576,440
Additions - 3,367 - 3,367
At 5 April 2024 301,358 137,336 141,113 579,807
Depreciation
At 6 April 2023 - 113,043 89,053 202,096
Charge for the year - 8,333 15,374 23,707
At 5 April 2024 - 121,376 104,427 225,803
Net book value
At 5 April 2024 301,358 15,960 36,686 354,004
At 5 April 2023 301,358 20,926 52,060 374,344
4 Debtors 2024 2023
£ £
Trade debtors 14,051 24,160
Other debtors 4,132 1,783
18,183 25,943
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,471 17,135
Obligations under finance lease and hire purchase contracts 8,189 8,189
Trade creditors 33,123 27,703
Other taxes and social security costs 18,991 19,281
77,774 72,308
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 80,149 94,202
Obligations under finance lease and hire purchase contracts 12,965 21,154
93,114 115,356
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 75,954 79,670
The mortgage is secured by a floating charge over the property or undertaking of the company
8 Loans and other debts due to members 2024 2023
£ £
Loans from members 72,000 92,000
Amounts due to members in respect of profits 78,847 60,747
150,847 152,747
Amounts falling due within one year 150,847 152,747
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other information
Pipeview LLP is a limited liability partnership incorporated in England. Its registered office is:
29 Farm Road
Farnborough
Hampshire
GU12 4UQ
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