Registered number
OC308623
Fragrant Finds LLP
Unaudited Filleted Accounts
31 March 2024
Fragrant Finds LLP
Registered number: OC308623
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 437,440 402,375
Current assets
Stocks 50,000 80,000
Debtors 4 89,042 160,559
Cash at bank and in hand 84,300 17,527
223,342 258,086
Creditors: amounts falling due within one year 5 (40,553) (69,263)
Net current assets 182,789 188,823
Total assets less current liabilities 620,229 591,198
Creditors: amounts falling due after more than one year 6 (92,685) (113,175)
Net assets attributable to members 527,544 478,023
Represented by:
Loans and other debts due to members 7 527,544 478,023
527,544 478,023
Total members' interests
Loans and other debts due to members 7 527,544 478,023
527,544 478,023
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 8 May 2024 and signed on their behalf by:
A J Dore
Designated member
Fragrant Finds 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. 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
Each member shared, by mutual agreement, in the profits and losses for the year available for division among members, after an agreed annual salary to AJ Dore and Mrs A Dore.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 10% reducing balance basis
Motor vehicles 25% reducing balance basis
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.
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.
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 7 9
3 Tangible fixed assets
Property and improvements Solar Panels Plant and machinery etc Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 330,088 8,367 185,325 44,657 568,437
Additions - 24,684 1,216 68,490 94,390
Disposals - - - (31,675) (31,675)
At 31 March 2024 330,088 33,051 186,541 81,472 631,152
Depreciation
At 1 April 2023 45,469 - 81,153 39,440 166,062
Charge for the year 6,601 - 10,541 10,508 27,650
At 31 March 2024 52,070 - 91,694 49,948 193,712
Net book value
At 31 March 2024 278,018 33,051 94,847 31,524 437,440
At 31 March 2023 284,619 8,367 104,172 5,217 402,375
Freehold land and buildings: 2024 2023
£ £
Historical cost 330,088 330,088
Cumulative depreciation based on historical cost 52,070 45,469
278,018 284,619
4 Debtors 2024 2023
£ £
Trade debtors 75,430 133,924
Other debtors and prepayments 13,612 26,635
89,042 160,559
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,039 21,471
Obligations under finance lease and hire purchase contracts 1,450 1,603
Trade creditors 12,217 39,017
Other taxes and social security costs 1,612 3,141
Other creditors 3,235 4,031
40,553 69,263
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 91,135 113,175
Obligations under finance lease and hire purchase contracts 1,550 -
92,685 113,175
7 Loans and other debts due to members 2024 2023
£ £
Loans from members 488,023 482,917
Amounts due to members in respect of profits 39,521 (4,894)
527,544 478,023
Amounts falling due within one year 527,544 478,023
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Controlling party
The LLP is under the control of AFW Dore, Mrs MJ Dore, AJ Dore and Mrs A Dore who are the only four members of the LLP.
9 Other information
Fragrant Finds LLP is a limited liability partnership incorporated in England. Its registered office is:
Farthingmead
Lower Union Road
Kingsbridge
Devon
TQ7 1EF
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