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REGISTERED NUMBER: OC434154
Octopus Gates Automated Access LLP
Unaudited Financial Statements
30 November 2023
Octopus Gates Automated Access LLP
Financial Statements
Year ended 30 November 2023
Contents
Page
Designated members and professional advisers
1
Chartered accountants report to the members on the preparation of the unaudited statutory financial statements
2
Income statement
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
Octopus Gates Automated Access LLP
Designated Members and Professional Advisers
Designated members
Mr M. Leach
Mr A. Leach
Registered office
54 Mithras Gardens
Wavendon Gate
Milton Keynes
MK7 7SY
Accountants
Chestnut Green Ltd.
Chartered Accountants
Studio 6
Capability House
Wrest Park
Silsoe
Beds
MK45 4HS
Bankers
Starling Bank Ltd.
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP
Octopus Gates Automated Access LLP
Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Octopus Gates Automated Access LLP
Year ended 30 November 2023
As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 30 November 2023, which comprise the income statement, statement of financial position, reconciliation of members' interests and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Chestnut Green Ltd. Chartered Accountants
Studio 6 Capability House Wrest Park Silsoe Beds MK45 4HS
Octopus Gates Automated Access LLP
Income Statement
Year ended 30 November 2023
2023
2022
Note
£
£
Turnover
77,478
53,670
Raw material and consumables
24,103
28,285
Depreciation and other amounts written off tangible and intangible fixed assets
1,450
1,938
Other operating expenses
7,908
8,075
--------
--------
Operating profit
4
44,017
15,372
--------
--------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
44,017
15,372
--------
--------
All the activities of the LLP are from continuing operations.
The LLP has no other recognised items of income and expenses other than the results for the year as set out above.
Octopus Gates Automated Access LLP
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,340
5,790
Current assets
Debtors
6
3,253
100
Cash at bank and in hand
6,025
7,664
-------
-------
9,278
7,764
Creditors: amounts falling due within one year
7
2,136
-------
-------
Net current assets
7,142
7,764
--------
--------
Total assets less current liabilities
11,482
13,554
Accruals and deferred income
984
1,560
--------
--------
Net assets
10,498
11,994
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
10,498
11,994
--------
--------
Members' other interests
Other reserves
--------
--------
10,498
11,994
--------
--------
Total members' interests
Amounts due from members
(2,945)
Loans and other debts due to members
8
10,498
11,994
Members' other interests
--------
--------
7,553
11,994
--------
--------
These financial statements have been prepared 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'.
For the year ending 30 November 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 .
Octopus Gates Automated Access LLP
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the members and authorised for issue on 15 August 2024 , and are signed on their behalf by:
Mr M. Leach
Designated Member
Registered number: OC434154
Octopus Gates Automated Access LLP
Reconciliation of Members' Interests
Year ended 30 November 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Amounts due to members
11,994
11,994
Amounts due from members
--------
--------
Balance at 1 December 2022
11,994
11,994
11,994
Profit for the financial year available for discretionary division among members
44,017
44,017
44,017
--------
--------
--------
--------
--------
Members' interests after profit for the year
44,017
44,017
11,994
11,994
56,011
Other division of profits
(44,017)
(44,017)
44,017
44,017
Drawings
(48,458)
(48,458)
(48,458)
--------
--------
Amounts due to members
10,498
10,498
Amounts due from members
(2,945)
(2,945)
--------
--------
--------
--------
--------
Balance at 30 November 2023
7,553
7,553
7,553
--------
--------
--------
--------
--------
Octopus Gates Automated Access LLP
Reconciliation of Members' Interests (continued)
Year ended 30 November 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
Balance at 1 December 2021
28,090
28,090
28,090
Profit for the financial year available for discretionary division among members
15,372
15,372
15,372
--------
--------
--------
--------
--------
Members' interests after profit for the year
15,372
15,372
28,090
28,090
43,462
Other division of profits
(15,372)
(15,372)
15,372
15,372
Drawings
(31,468)
(31,468)
(31,468)
--------
--------
--------
--------
--------
Balance at 30 November 2022
11,994
11,994
11,994
--------
--------
--------
--------
--------
Octopus Gates Automated Access LLP
Notes to the Financial Statements
Year ended 30 November 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 54 Mithras Gardens, Wavendon Gate, Milton Keynes, MK7 7SY.
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.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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 income statement 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 income statement 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 income statement 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'.
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:
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Operating profit
Operating profit or loss is stated after crediting:
2023
2022
£
£
5.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
9,900
308
10,208
-------
----
--------
Depreciation
At 1 December 2022
4,340
78
4,418
Charge for the year
1,390
60
1,450
-------
----
--------
At 30 November 2023
5,730
138
5,868
-------
----
--------
Carrying amount
At 30 November 2023
4,170
170
4,340
-------
----
--------
At 30 November 2022
5,560
230
5,790
-------
----
--------
6.
Debtors
2023
2022
£
£
Trade debtors
308
100
Other debtors
2,945
-------
----
3,253
100
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,136
-------
----
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
10,498
11,994
--------
--------