Registered number
OC331399
LIBERTY HALL STUDIO LLP
Filleted Accounts
30 September 2023
LIBERTY HALL STUDIO LLP
Registered number: OC331399
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 87,180 88,137
Current assets
Stocks 2,810 2,620
Debtors 4 11,250 11,250
Cash at bank and in hand 3,482 4,769
17,542 18,639
Creditors: amounts falling due within one year 5 (151,528) (150,366)
Net current liabilities (133,986) (131,727)
Total assets less current liabilities (46,806) (43,590)
Net liabilities attributable to members (46,806) (43,590)
Represented by:
Members' other interests
Other reserves (46,806) (43,590)
(46,806) (43,590)
Total members' interests
Members' other interests (46,806) (43,590)
(46,806) (43,590)
For the year ended 30 September 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 10 September 2024 and signed on their behalf by:
ARJAN DUSHAJ
ARIF DUSHAJ
Designated members
LIBERTY HALL STUDIO LLP
Notes to the Accounts
for the year ended 30 September 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 83,350 28,536 111,886
At 30 September 2023 83,350 28,536 111,886
Depreciation
At 1 October 2022 - 23,749 23,749
Charge for the year - 957 957
At 30 September 2023 - 24,706 24,706
Net book value
At 30 September 2023 83,350 3,830 87,180
At 30 September 2022 83,350 4,787 88,137
4 Debtors 2023 2022
£ £
Other debtors 11,250 11,250
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,588 6,782
Member's Loan Account 111,028 110,895
Other creditors 33,912 32,689
151,528 150,366
6 Other information
LIBERTY HALL STUDIO LLP is a limited liability partnership incorporated in England. Its registered office is:
286B CHASE ROAD
LONDON
N14 6HF
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