Registered number
SO301129
R & G Associates LLP
Filleted Accounts
31 October 2023
R & G Associates LLP
Registered number: SO301129
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 67,373 67,373
Current assets
Debtors 5 27,866 27,787
Creditors: amounts falling due within one year 6 (34,889) (33,282)
Net current liabilities (7,023) (5,495)
Total assets less current liabilities 60,350 61,878
Creditors: amounts falling due after more than one year 7 (67,269) (69,537)
Net liabilities attributable to members (6,919) (7,659)
Represented by:
Loans and other debts due to members 8 89,557 89,537
Members' other interests
Members' capital classified as equity 23,652 10,064
Other reserves (120,128) (107,260)
(96,476) (97,196)
(6,919) (7,659)
Total members' interests
Loans and other debts due to members 8 89,557 89,537
Members' other interests (96,476) (97,196)
(6,919) (7,659)
For the year ended 31 October 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 31 July 2024 and signed on their behalf by:
Robert Johnston
Designated member
R & G Associates LLP
Notes to the Accounts
for the year ended 31 October 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 67,373
At 31 October 2023 67,373
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 67,373
At 31 October 2022 67,373
No amortisation has been charged on developments costs as the project is ongoing as at 31 October 2019. The partners continue to devlop the product and engage consultancts to assist in securing a licensee for manufacture.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 821
At 31 October 2023 821
Depreciation
At 1 November 2022 821
At 31 October 2023 821
Net book value
At 31 October 2023 -
5 Debtors 2023 2022
£ £
Trade debtors 23,364 23,364
Other debtors 4,502 4,423
27,866 27,787
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,362 22,501
Trade creditors 530 720
Other taxes and social security costs (136) (72)
Other creditors 10,133 10,133
34,889 33,282
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,269 19,537
Other creditors 50,000 50,000
67,269 69,537
8 Loans and other debts due to members 2023 2022
£ £
Members capital classified as debt 89,557 89,537
Amounts falling due within one year 89,557 89,537
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other information
R & G Associates LLP is a limited liability partnership incorporated in England. Its registered office is:
Ellersley House
30 Miller Road
Ayr
KA7 2AY
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