Registered number
OC397287
Shimla Burnley LLP
Filleted Accounts
30 November 2023
Shimla Burnley LLP
Registered number: OC397287
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 31,379 33,819
Current assets
Stocks 15,221 15,081
Debtors 4 - 1,601
Cash at bank and in hand 94,741 105,613
109,962 122,295
Creditors: amounts falling due within one year 5 (18,205) (24,198)
Net current assets 91,757 98,097
Total assets less current liabilities 123,136 131,916
Net assets attributable to members 123,136 131,916
Represented by:
Loans and other debts due to members 6 123,132 131,912
Members' other interests
Members' capital classified as equity 4 4
123,136 131,916
Total members' interests
Loans and other debts due to members 6 123,132 131,912
Members' other interests 4 4
123,136 131,916
For the year ended 30 November 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 14 August 2024 and signed on their behalf by:
Mohammed Ayub
Designated member
Shimla Burnley LLP
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and equipment 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 12 8
3 Tangible fixed assets
Fixtures and equipment
£
Cost
At 1 December 2022 100,424
Additions 3,098
At 30 November 2023 103,522
Depreciation
At 1 December 2022 66,605
Charge for the year 5,538
At 30 November 2023 72,143
Net book value
At 30 November 2023 31,379
At 30 November 2022 33,819
4 Debtors 2023 2022
£ £
Trade debtors - 1,601
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,623 13,692
Other taxes and social security costs 11,582 10,506
18,205 24,198
6 Loans and other debts due to members 2023 2022
£ £
Loans from members 72,629 72,629
Amounts due to members in respect of profits 50,503 59,283
123,132 131,912
Amounts falling due within one year 123,132 131,912
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Shimla Burnley LLP is a limited liability partnership incorporated in England. Its registered office is:
51 Grafton Road
Keighley
West Yorkshire
BD21 1LJ
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