Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC428445 Mr Mark Goddard-Watts Mrs Helen Goddard-Watts Miss Libby Goddard-Watts iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC428445 2023-03-31 OC428445 2024-03-31 OC428445 2023-04-01 2024-03-31 OC428445 frs-core:CurrentFinancialInstruments 2024-03-31 OC428445 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC428445 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC428445 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC428445 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC428445 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC428445 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC428445 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC428445 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC428445 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC428445 frs-bus:PartnerLLP3 2023-04-01 2024-03-31 OC428445 2022-03-31 OC428445 2023-03-31 OC428445 2022-04-01 2023-03-31 OC428445 frs-core:CurrentFinancialInstruments 2023-03-31
Registered number: OC428445
LGW 1 LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC428445
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 123,455 154,835
Debtors 5 9,417 1,316
Cash at bank and in hand 21,221 15,652
154,093 171,803
Creditors: Amounts Falling Due Within One Year 6 (6,608 ) (6,006 )
NET CURRENT ASSETS (LIABILITIES) 147,485 165,797
TOTAL ASSETS LESS CURRENT LIABILITIES 147,485 165,797
NET ASSETS ATTRIBUTABLE TO MEMBERS 147,485 165,797
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 214,759 207,407
214,759 207,407
Equity
Members' other interests
Other reserves (67,274) (41,610)
(67,274) (41,610)
147,485 165,797
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 214,759 207,407
Members' other interests (67,274) (41,610)
147,485 165,797
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.
On behalf of the members
Mr Mark Goddard-Watts
Designated Member
27 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
LGW 1 LLP is a limited liability partnership, incorporated in England & Wales, registered number OC428445 . The Registered Office is Technology House, 18 Whiteladies Road, Clifton, Bristol, BS8 2LG.
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. 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.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 3 (2023: 3)
3 3
4. Stocks
2024 2023
£ £
Materials 123,455 154,835
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,265 -
Prepayments and accrued income 7,152 1,316
9,417 1,316
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,355 4,806
VAT 53 -
Accruals and deferred income 1,200 1,200
6,608 6,006
Page 4