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REGISTERED NUMBER: OC309186
Cowan Drilling Services LLP
Filleted Unaudited Financial Statements
31 March 2024
Cowan Drilling Services LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
26,034
34,708
Current assets
Debtors
5
104,350
111,553
Cash at bank and in hand
35,910
26,082
---------
---------
140,260
137,635
Creditors: amounts falling due within one year
6
82,392
92,367
---------
---------
Net current assets
57,868
45,268
--------
--------
Total assets less current liabilities
83,902
79,976
Creditors: amounts falling due after more than one year
7
1,428
--------
--------
Net assets
83,902
78,548
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
68,902
63,548
Members' other interests
Members' capital classified as equity
15,000
15,000
Other reserves
--------
--------
83,902
78,548
--------
--------
Total members' interests
Loans and other debts due to members
8
68,902
63,548
Members' other interests
15,000
15,000
--------
--------
83,902
78,548
--------
--------
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 comprehensive income has not been delivered.
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) 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 .
Cowan Drilling Services LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 22 July 2024 , and are signed on their behalf by:
Mr W J Clark
Miss A J Russell
Designated Member
Designated Member
Registered number: OC309186
Cowan Drilling Services LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 40 Carvers Croft, Carvers Croft, Woolmer Green, Knebworth, SG3 6LX.
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.
Going concern
The Members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The members continue to adopt the going concern basis in preparing the annual report and accounts.
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 comprehensive income 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 comprehensive income 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 comprehensive income 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.
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:
Plant and machinery
-
25% reducing balance
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.
Financial instruments
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.
4.
Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
28,814
48,825
1,475
79,114
--------
--------
-------
--------
Depreciation
At 1 April 2023
24,772
18,361
1,273
44,406
Charge for the year
1,009
7,615
50
8,674
--------
--------
-------
--------
At 31 March 2024
25,781
25,976
1,323
53,080
--------
--------
-------
--------
Carrying amount
At 31 March 2024
3,033
22,849
152
26,034
--------
--------
-------
--------
At 31 March 2023
4,042
30,464
202
34,708
--------
--------
-------
--------
5.
Debtors
2024
2023
£
£
Trade debtors
104,350
111,553
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,724
64,587
Social security and other taxes
13,722
14,946
Other creditors
6,946
12,834
--------
--------
82,392
92,367
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,428
----
-------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
68,902
63,548
--------
--------