Blended Transportation Solutions LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC354725 (England and Wales)
Blended Transportation Solutions LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 10
Blended Transportation Solutions LLP
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44,951
38,857
Current assets
Debtors
4
10
28,800
Cash and cash equivalents
838
1,442
848
30,242
Creditors: amounts falling due within one year
5
(3,000)
(11,777)
Net current (liabilities)/assets
(2,152)
18,465
Total assets less current liabilities and net assets attributable to members
42,799
57,322
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
42,799
57,322
Total members' interests
Loans and other debts due to members
42,799
57,322

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Blended Transportation Solutions LLP
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the members and authorised for issue on 30 August 2024 and are signed on their behalf by:
30 August 2024
S McGee
Designated member
Limited Liability Partnership Registration No. OC354725
Blended Transportation Solutions LLP
Reconciliation of Members' Interests
For the year ended 31 March 2024
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
57,322
57,322
57,322
Loss for the financial year available for discretionary division among members
(13,194)
-
-
(13,194)
Members' interests after loss for the year
(13,194)
57,322
57,322
44,128
Allocation of loss for the financial year
13,194
(13,194)
(13,194)
-
Drawings
-
(1,329)
(1,329)
(1,329)
Members' interests at 31 March 2024
-
42,799
42,799
42,799
Amounts due to members
42,799
42,799
Blended Transportation Solutions LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2024
Page 4
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
-
45,114
45,114
45,114
Profit for the financial year available for discretionary division among members
7,840
-
-
7,840
Members' interests after profit for the year
7,840
45,114
45,114
52,954
Allocation of profit for the financial year
(7,840)
7,840
7,840
-
Drawings
-
4,368
4,368
4,368
Members' interests at 31 March 2023
-
57,322
57,322
57,322
Amounts due to members
57,322
57,322
Blended Transportation Solutions LLP
Notes to the Financial Statements
For the year ended 31 March 2024
Page 5
1
Accounting policies
Limited liability partnership information

Blended Transportation Solutions LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 31 March 2024, the partnership had net assets of £42,799 (2023: £57,322). These financial statements are prepared on the going concern basis. The members believe that the partnership will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding discounts, rebates, value added tax, and other sales taxes.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Blended Transportation Solutions LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

The members’ agreement limits the amount of losses that can be allocated to and recovered from members to the pro-rata amount of undrawn profits remaining in the LLP. Losses are therefore only allocated, in the profit sharing ratios, to the extent that they would not create or increase a debtor balance for any member. Where losses are in excess of undrawn profits these are retained in equity until such time as a decision is made to allocate them in accordance with the members agreement.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
33% Straight Line Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Blended Transportation Solutions LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 7

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured as fair value.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Blended Transportation Solutions LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 8
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
Blended Transportation Solutions LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
57,995
Additions
62,000
Disposals
(57,995)
At 31 March 2024
62,000
Depreciation and impairment
At 1 April 2023
19,138
Depreciation charged in the year
20,239
Eliminated in respect of disposals
(22,328)
At 31 March 2024
17,049
Carrying amount
At 31 March 2024
44,951
At 31 March 2023
38,857
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
28,800
Other debtors
10
-
10
28,800
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
-
4,774
Other creditors
-
2,603
Accruals and deferred income
3,000
4,400
3,000
11,777
Blended Transportation Solutions LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 10
6
Loans and other debts due to members
2024
2023
£
£
Amounts falling due within one year
42,799
57,322
42,799
57,322

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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