Limited Liability Partnership registration number OC447117 (England and Wales)
DIP MANAGEMENT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 APRIL 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DIP MANAGEMENT LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DIP MANAGEMENT LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
46,217
Current assets
Debtors
5
4,962
Cash at bank and in hand
6,975
11,937
Creditors: amounts falling due within one year
6
(8,800)
Net current assets
3,137
Total assets less current liabilities
49,354
Creditors: amounts falling due after more than one year
7
(20,417)
Net assets attributable to members
28,937
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
28,737
Members' other interests
8
Members' capital classified as equity
200
28,937

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.

The financial statements were approved by the members and authorised for issue on 21 August 2024 and are signed on their behalf by:
21 August 2024
M P Downing
Designated member
Limited Liability Partnership registration number OC447117 (England and Wales)
DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

DIP Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

 

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

1.1
Reporting period

This is the first time the limited liability partnership has presented its financial statements since its incorporation and hence the financial statements presented are for a period of less than twelve months with no comparatives.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation.

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:

Motor vehicles
20% Reducing balance

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.

1.5
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets which include cash and bank balances are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was 0.

3
Information in relation to members
2024
Number
Average number of members during the period
2
4
Tangible fixed assets
Motor vehicles
£
Cost
At 27 April 2023
-
Additions
47,000
At 31 March 2024
47,000
Depreciation and impairment
At 27 April 2023
-
Depreciation charged in the period
783
At 31 March 2024
783
Carrying amount
At 31 March 2024
46,217
DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 4 -

The net book value of motor vehicles includes £46,217 in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amounted to £783.

 

Net obligations under hire purchase contracts are secured on the assets acquired.

5
Debtors
2024
Amounts falling due within one year:
£
Prepayments and accrued income
4,962
6
Creditors: amounts falling due within one year
2024
£
Obligations under finance leases
6,999
Accruals and deferred income
1,801
8,800
7
Creditors: amounts falling due after more than one year
2024
£
Obligations under finance leases
20,417

Included in obligations under finance lease within one year and more than one year is £27,416 in respect of hire purchase liabilities which are secured against the asset to which they relate.

DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 27 April 2023
-
-
-
-
-
-
Profit for the period available for discretionary division among members
-
62,148
62,148
-
-
62,148
Members' interests after profit for the period
-
62,148
62,148
-
-
62,148
Allocation of profit for the period
-
(62,148)
(62,148)
62,148
62,148
-
Introduced by members
200
-
200
19,000
19,000
19,200
Other movements
-
-
-
(52,411)
(52,411)
(52,411)
Members' interests at 31 March 2024
200
-
200
28,737
28,737
28,937
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