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REGISTERED NUMBER: OC320310
Watermark Design and Print LLP
Filleted Unaudited Financial Statements
30 September 2023
Watermark Design and Print LLP
Financial Statements
Year ended 30 September 2023
Contents
Page
Members' report
1
Statement of financial position
2
Notes to the financial statements
4
Watermark Design and Print LLP
Members' Report
Year ended 30 September 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 30 September 2023 .
Principal activities
The principal activity of the company during the year was that of printing services.
Designated members
The designated members who served the LLP during the year were as follows:
Mrs C Loftus
Mr R Loftus
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 8 August 2024 and signed on behalf of the members by:
Mr R Loftus
Designated Member
Registered office:
Random Hall
Stane Street
Slinfold
Horsham
West Sussex
England
RH13 0QX
Watermark Design and Print LLP
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,822
726
Current assets
Debtors
6
85,530
84,082
Cash at bank and in hand
2,478
37
--------
--------
88,008
84,119
Creditors: amounts falling due within one year
7
2,926
7,819
--------
--------
Net current assets
85,082
76,300
--------
--------
Total assets less current liabilities
89,904
77,026
Creditors: amounts falling due after more than one year
8
5,986
8,130
--------
--------
Net assets
83,918
68,896
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
9
83,918
68,896
--------
--------
Members' other interests
Other reserves
--------
--------
83,918
68,896
--------
--------
Total members' interests
Amounts due from members
(84,663)
(76,552)
Loans and other debts due to members
9
83,918
68,896
Members' other interests
--------
--------
(745)
(7,656)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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) relating to small LLPs.
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 financial statements .
Watermark Design and Print LLP
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the members and authorised for issue on 8 August 2024 , and are signed on their behalf by:
Mr R Loftus
Designated Member
Registered number: OC320310
Watermark Design and Print LLP
Notes to the Financial Statements
Year ended 30 September 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Random Hall, Stane Street, Slinfold, Horsham, West Sussex, RH13 0QX, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Is being amortised evenly over its estimated useful life of ten years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
4.
Intangible assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
5,800
-------
Amortisation
At 1 October 2022 and 30 September 2023
5,800
-------
Carrying amount
At 30 September 2023
-------
At 30 September 2022
-------
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2022
1,886
24,995
4,800
31,681
Additions
4,990
4,990
-------
--------
-------
--------
At 30 September 2023
1,886
29,985
4,800
36,671
-------
--------
-------
--------
Depreciation
At 1 October 2022
1,733
24,422
4,800
30,955
Charge for the year
23
871
894
-------
--------
-------
--------
At 30 September 2023
1,756
25,293
4,800
31,849
-------
--------
-------
--------
Carrying amount
At 30 September 2023
130
4,692
4,822
-------
--------
-------
--------
At 30 September 2022
153
573
726
-------
--------
-------
--------
6.
Debtors
2023
2022
£
£
Trade debtors
758
7,530
Other debtors
84,772
76,552
--------
--------
85,530
84,082
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,126
3,043
Social security and other taxes
4,776
Other creditors
1,800
-------
-------
2,926
7,819
-------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,986
8,130
-------
-------
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
83,918
68,896
--------
--------
10.
Average number of members'
The average number of members' in the financial year was 2 (2022-2)