Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC430339 Mrs Geeta Patel Mr Mitulkumar Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC430339 2023-03-31 OC430339 2024-03-31 OC430339 2023-04-01 2024-03-31 OC430339 frs-core:Non-currentFinancialInstruments 2024-03-31 OC430339 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC430339 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC430339 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC430339 frs-bus:AbridgedAccounts 2023-04-01 2024-03-31 OC430339 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC430339 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC430339 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC430339 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC430339 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC430339 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC430339 2022-03-31 OC430339 2023-03-31 OC430339 2022-04-01 2023-03-31 OC430339 frs-core:Non-currentFinancialInstruments 2023-03-31
Registered number: OC430339
True Red Family LLP
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: OC430339
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,730,000 2,730,000
2,730,000 2,730,000
CURRENT ASSETS
Debtors 20,035 19,535
Cash at bank and in hand 9,856 17,408
29,891 36,943
Creditors: Amounts Falling Due Within One Year (7,613 ) (6,388 )
NET CURRENT ASSETS (LIABILITIES) 22,278 30,555
TOTAL ASSETS LESS CURRENT LIABILITIES 2,752,278 2,760,555
Creditors: Amounts Falling Due After More Than One Year (1,538,185 ) (1,546,459 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,214,093 1,214,096
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 93,781 73,784
93,781 73,784
Equity
Members' other interests
Members' capital 1,120,312 1,140,312
1,120,312 1,140,312
1,214,093 1,214,096
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 93,781 73,784
Members' other interests 1,120,312 1,140,312
1,214,093 1,214,096
Page 1
Page 2
For the year ending 31 March 2024 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.
All of the LLP's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the members
Mr Mitulkumar Patel
Designated Member
22 July 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
True Red Family LLP is a limited liability partnership, incorporated in England & Wales, registered number OC430339 . The Registered Office is 925 Finchley Road, London, NW11 7PE.
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. Going Concern Disclosure
The members have not identified any material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Freehold No Depreciation
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was:
2024 2023
Office and administration 2 2
2 2
Page 3
Page 4
4. Tangible Assets
Total
£
Cost
As at 1 April 2023 2,730,000
As at 31 March 2024 2,730,000
Net Book Value
As at 31 March 2024 2,730,000
As at 1 April 2023 2,730,000
5. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts - 1,546,459
6. Members' remuneration
Members' Remuneration Charged as an Expense:

Allocation of profits in lieu of salary £17,967 (2021 - £38,034).
Page 4