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Registered number: OC413465
Ambience Creative Designs LLP
Financial Statements
For The Year Ended 31 December 2023
Cound & Co LLP
Chartered Accountants
1 Princes Court Royal Way
Loughborough
LE11 5XR
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: OC413465
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,000 24,000
Tangible Assets 5 35,273 17,126
53,273 41,126
CURRENT ASSETS
Stocks 6 1,095 -
Debtors 7 - 585
Cash at bank and in hand 175,571 145,777
176,666 146,362
Creditors: Amounts Falling Due Within One Year 8 (47,539 ) (18,363 )
NET CURRENT ASSETS (LIABILITIES) 129,127 127,999
TOTAL ASSETS LESS CURRENT LIABILITIES 182,400 169,125
Creditors: Amounts Falling Due After More Than One Year 9 (19,063 ) (29,098 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 163,337 140,027
REPRESENTED BY:
Equity
Members' other interests
Members' capital 163,337 140,027
163,337 140,027
TOTAL MEMBERS' INTEREST
Members' other interests 163,337 140,027
163,337 140,027
Page 1
Page 2
For the year ending 31 December 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 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 S Wilson
Partner
21st August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ambience Creative Designs LLP is a limited liability partnership, incorporated in England & Wales, registered number OC413465 . The Registered Office is Finney Spring House, Charley Road, Shepshed, Leicestershire, LE12 9EW.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
Page 3
Page 4
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 60,000
As at 31 December 2023 60,000
Amortisation
As at 1 January 2023 36,000
Provided during the period 6,000
As at 31 December 2023 42,000
Net Book Value
As at 31 December 2023 18,000
As at 1 January 2023 24,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 - - 19,981 1,205
Additions 6,114 6,792 - 2,840
Disposals - - - -
As at 31 December 2023 6,114 6,792 19,981 4,045
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 January 2023 - - 4,995 855
Provided during the period 306 1,698 3,746 638
Disposals - - - -
As at 31 December 2023 306 1,698 8,741 1,493
Net Book Value
As at 31 December 2023 5,808 5,094 11,240 2,552
As at 1 January 2023 - - 14,986 350
Computer Equipment Total
£ £
Cost
As at 1 January 2023 2,404 23,590
Additions 9,288 25,034
Disposals (243 ) (243 )
As at 31 December 2023 11,449 48,381
Depreciation
As at 1 January 2023 614 6,464
Provided during the period 435 6,823
Disposals (179 ) (179 )
As at 31 December 2023 870 13,108
Net Book Value
As at 31 December 2023 10,579 35,273
As at 1 January 2023 1,790 17,126
6. Stocks
2023 2022
£ £
Stock 1,095 -
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 585
- 585
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 30,018 4,614
Bank loans and overdrafts 10,036 9,788
VAT 5,213 3,086
Accruals and deferred income 2,272 875
47,539 18,363
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 19,063 29,098
19,063 29,098
Page 6