Registered number
OC333585
Olivari LLP
Filleted Accounts
31 December 2023
Olivari LLP
Registered number: OC333585
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks 6,778 7,135
Debtors 3 15,738 3,369
Cash at bank and in hand 19,999 71,815
42,515 82,319
Creditors: amounts falling due within one year 4 (58,459) (57,267)
Net current (liabilities)/assets (15,944) 25,052
Total assets less current liabilities (15,944) 25,052
Net (liabilities)/assets attributable to members (15,944) 25,052
Represented by:
Loans and other debts due to members 5 (15,944) 25,052
(15,944) 25,052
Total members' interests
Loans and other debts due to members 5 (15,944) 25,052
(15,944) 25,052
For the year ended 31 December 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 4 September 2024 and signed on their behalf by:
J Bryan (Director of Edward Steel & Craig Limited)
Designated member
Olivari LLP
Notes to the Accounts
for the year ended 31 December 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 3 3
3 Debtors 2023 2022
£ £
Trade debtors 10,738 3,369
Other debtors 5,000 -
15,738 3,369
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,424 13,476
Other taxes and social security costs 40,003 43,769
Other creditors 32 22
58,459 57,267
5 Loans and other debts due to members 2023 2022
£ £
Loans from members (297,051) (249,330)
Amounts due to members in respect of profits 281,107 274,382
(15,944) 25,052
Amounts falling due within one year (15,944) 25,052
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Controlling party
The partners consider Edward Steel & Craig Limited, a company registered in England & Wales, to be the ultimate parent undertaking.
7 Other information
Olivari LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 6 Chancerygate Business Centre
Tallon Road
Brentwood
Essex
CM13 1TE
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