Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 31 March 2024 31 March 2024 OC389430 Robert Douglas Katherine Douglas iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC389430 2022-11-30 OC389430 2024-03-31 OC389430 2022-12-01 2024-03-31 OC389430 frs-core:CurrentFinancialInstruments 2024-03-31 OC389430 frs-core:FurnitureFittings 2024-03-31 OC389430 frs-core:FurnitureFittings 2022-12-01 2024-03-31 OC389430 frs-core:FurnitureFittings 2022-11-30 OC389430 frs-core:MotorVehicles 2024-03-31 OC389430 frs-core:MotorVehicles 2022-12-01 2024-03-31 OC389430 frs-core:MotorVehicles 2022-11-30 OC389430 frs-core:PlantMachinery 2024-03-31 OC389430 frs-core:PlantMachinery 2022-12-01 2024-03-31 OC389430 frs-core:PlantMachinery 2022-11-30 OC389430 frs-bus:LimitedLiabilityPartnershipLLP 2022-12-01 2024-03-31 OC389430 frs-bus:LimitedLiabilityPartnershipsSORP 2022-12-01 2024-03-31 OC389430 frs-bus:FilletedAccounts 2022-12-01 2024-03-31 OC389430 frs-bus:SmallEntities 2022-12-01 2024-03-31 OC389430 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2024-03-31 OC389430 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2024-03-31 OC389430 frs-core:CurrentFinancialInstruments 1 2024-03-31 OC389430 frs-countries:EnglandWales 2022-12-01 2024-03-31 OC389430 frs-bus:PartnerLLP1 2022-12-01 2024-03-31 OC389430 frs-bus:PartnerLLP2 2022-12-01 2024-03-31 OC389430 2021-11-30 OC389430 2022-11-30 OC389430 2021-12-01 2022-11-30 OC389430 frs-core:CurrentFinancialInstruments 2022-11-30 OC389430 frs-core:OtherReservesSubtotal 2021-11-30 OC389430 frs-core:CurrentFinancialInstruments 1 2022-11-30
Registered number: OC389430
AB Key LLP
Unaudited Financial Statements
For the Period 1 December 2022 to 31 March 2024
Bruce Allen LLP
Ground floor Suite
Crown House , 40 North Street
Hornchurch
Essex
RM11 1EW
Contents
Page
Balance Sheet 1—2
Reconciliation of Members' Interests 3—4
Notes to the Financial Statements 4—5
Page 1
Balance Sheet
Registered number: OC389430
31 March 2024 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 111,950 106,905
111,950 106,905
CURRENT ASSETS
Stocks 5 15,785 21,450
Debtors 6 288,015 294,505
Cash at bank and in hand 183,777 77,830
487,577 393,785
Creditors: Amounts Falling Due Within One Year 7 (300,594 ) (229,006 )
NET CURRENT ASSETS (LIABILITIES) 186,983 164,779
TOTAL ASSETS LESS CURRENT LIABILITIES 298,933 271,684
NET ASSETS ATTRIBUTABLE TO MEMBERS 298,933 271,684
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 1,732,279 980,550
1,732,279 980,550
Equity
Members' other interests
Members' capital (1,433,346) (708,866)
(1,433,346) (708,866)
298,933 271,684
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 1,732,279 980,550
Members' other interests (1,433,346) (708,866)
298,933 271,684
Page 1
Page 2
For the period 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.
On behalf of the members
Robert Douglas
Designated Member
4th September 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 2
Page 3
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Members'Capital classified as Equity Other Reserves Total Equity Other amounts Total members' interest
£ £ £ £ £
Amounts due to members - - - 562,199 -
Balance at 1 December 2021 (299,565) - (299,565) 562,199 262,634
Profit/(loss) for the financial year available for discretionary division among members - 418,351 418,351 - 418,351
Members' interests after profit/(loss) for the year (299,565) 418,351 118,786 562,199 680,985
Other divisions of profits (losses) - (418,351) (418,351) 418,351 -
Drawings (409,301) - (409,301) - (409,301)
Amounts due to members - - - 980,550 -
As at 30 November 2022 and 1 December 2022 (708,866) - (708,866) 980,550 271,684
Profit/(loss) for the financial year available for discretionary division among members - 751,729 751,729 - 751,729
Members' interests after profit/(loss) for the year (708,866) 751,729 42,863 980,550 1,023,413
Other divisions of profits (losses) - (751,729) (751,729) 751,729 -
Drawings (724,480) - (724,480) - (724,480)
Amounts due to members - - - 1,732,279 -
As at 31 March 2024 (1,433,346) - (1,433,346) 1,732,279 298,933
Page 3
Page 4
Notes to the Financial Statements
1. General Information
AB Key LLP is a limited liability partnership, incorporated in England & Wales, registered number OC389430 . The Registered Office is Bruce Allen Llp Ground Floor Suite, Crown House, 40 North Street, Hornchurch, Essex, RM11 1EW.
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. 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:
Plant & Machinery 25% per annum reducing balance
Motor Vehicles 25% per annum reducing balance
Fixtures & Fittings 25% per annum reducing balance
2.4. 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 period was: 10 (2022: 9)
10 9
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 1,732 200,234 3,834 205,800
Additions - 106,061 231 106,292
Disposals - (52,981 ) - (52,981 )
As at 31 March 2024 1,732 253,314 4,065 259,111
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 December 2022 433 95,614 2,848 98,895
Provided during the period 433 55,136 405 55,974
Disposals - (7,708 ) - (7,708 )
As at 31 March 2024 866 143,042 3,253 147,161
Net Book Value
As at 31 March 2024 866 110,272 812 111,950
As at 1 December 2022 1,299 104,620 986 106,905
5. Stocks
31 March 2024 30 November 2022
£ £
Materials 15,785 21,450
6. Debtors
31 March 2024 30 November 2022
£ £
Due within one year
Trade debtors 275,386 281,906
Prepayments and accrued income - 2,426
Other debtors 12,629 88
Other taxes and social security - 10,085
288,015 294,505
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 30 November 2022
£ £
Trade creditors 61,409 40,606
Bank loans and overdrafts 25,000 38,333
Other taxes and social security 4,642 -
VAT 165,237 114,452
Other creditors 1,489 -
Company credit card 39,217 33,715
Accruals 3,600 1,900
300,594 229,006
Page 5