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Registered number: OC414820
Keoghs Nicholls Lindsell & Harris LLP
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Allen Mills Howard & Co
Chartered Accountants
Lewis House
56 Manchester Road
Altrincham
Cheshire
WA14 4PJ
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: OC414820
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 5,487 4,985
5,487 4,985
CURRENT ASSETS
Stocks 212,494 230,783
Debtors 410,205 350,553
Cash at bank and in hand 224 604
622,923 581,940
Creditors: Amounts Falling Due Within One Year (460,216 ) (299,592 )
NET CURRENT ASSETS (LIABILITIES) 162,707 282,348
TOTAL ASSETS LESS CURRENT LIABILITIES 168,194 287,333
Creditors: Amounts Falling Due After More Than One Year (121,833 ) (207,833 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 46,361 79,500
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 38,561 71,700
Other amounts 7,800 7,800
46,361 79,500
46,361 79,500
TOTAL MEMBERS' INTEREST
Amounts due from members (343,045) (279,971)
Loans and other debts due to members within one year 46,361 79,500
(296,684) (200,471)
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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 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.
All of the LLP's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the members
Mrs R C Faulkner
Designated Member
Mrs L Wilkinson
Designated Member
10th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Keoghs Nicholls Lindsell & Harris LLP is a limited liability partnership, incorporated in England & Wales, registered number OC414820 . The Registered Office is 21-23 Market Street, Altrincham, Cheshire, WA14 1QT.
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 .... 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:
Fixtures & Fittings 5 years
Computer Equipment 3 years
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.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 20 (2023: 19)
20 19
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4. Intangible Assets
Total
£
Cost
As at 1 April 2023 150,000
As at 31 March 2024 150,000
Amortisation
As at 1 April 2023 150,000
As at 31 March 2024 150,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 April 2023 91,917
Additions 3,904
As at 31 March 2024 95,821
Depreciation
As at 1 April 2023 86,932
Provided during the period 3,402
As at 31 March 2024 90,334
Net Book Value
As at 31 March 2024 5,487
As at 1 April 2023 4,985
6. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 505,555 383,814
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7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 110,912 110,912
Later than one year and not later than five years 355,826 384,331
Later than five years 944,700 1,027,206
1,411,438 1,522,449
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