NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Forman's Fish Island LLP is a private limited liability partnership incorporated in England and Wales. Its registered address is Stour Road, Fish Island Bow, London, E3 2NT.
The principal activity of the LLP continued to be that of event hire and catering services.
The functional & presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The members have considered the impact of going concern of the LLP's operations and are taking all necessary action to ensure that the LLP continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements. Based on their current assessment of the situation and available financial resources, the members consider it appropriate to prepare the financial statements on a going concern basis.
Turnover comprises revenue recognised by the LLP in respect of hire services during the year, exclusive of Value Added Tax.
Revenue is recognised when the service is provided. Amounts received in advance are carried forward as deferred income.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
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