31
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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
OC334743
2023-04-01
2024-03-31
OC334743
2024-03-31
OC334743
2023-03-31
OC334743
2022-04-01
2023-03-31
OC334743
2023-03-31
OC334743
2022-03-31
OC334743
core:LandBuildings
core:LongLeaseholdAssets
2023-04-01
2024-03-31
OC334743
bus:Director4
2023-04-01
2024-03-31
OC334743
core:WithinOneYear
2024-03-31
OC334743
core:WithinOneYear
2023-03-31
OC334743
core:LandBuildings
2023-03-31
OC334743
core:LandBuildings
2024-03-31
OC334743
core:LandBuildings
2023-04-01
2024-03-31
OC334743
core:AfterOneYear
2024-03-31
OC334743
core:AfterOneYear
2023-03-31
OC334743
core:BetweenOneFiveYears
2024-03-31
OC334743
core:BetweenOneFiveYears
2023-03-31
OC334743
core:LandBuildings
2023-03-31
OC334743
bus:SmallEntities
2023-04-01
2024-03-31
OC334743
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
OC334743
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
OC334743
bus:LimitedLiabilityPartnershipLLP
2023-04-01
2024-03-31
OC334743
bus:FullAccounts
2023-04-01
2024-03-31
OC334743
core:OfficeEquipment
2023-04-01
2024-03-31
OC334743
core:OfficeEquipment
2023-03-31
OC334743
core:OfficeEquipment
2024-03-31
REGISTERED NUMBER:
OC334743
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
30,402 |
29,795 |
|
|
|
|
|
Current assets
Debtors |
6 |
753,700 |
|
736,874 |
Cash at bank and in hand |
733,986 |
|
922,861 |
|
------------ |
|
------------ |
|
1,487,686 |
|
1,659,735 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
456,507 |
|
478,517 |
|
------------ |
|
------------ |
Net current assets |
|
1,031,179 |
1,181,218 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,061,581 |
1,211,013 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
138,160 |
125,000 |
|
|
------------ |
------------ |
Net assets |
|
923,421 |
1,086,013 |
|
|
------------ |
------------ |
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
9 |
|
523,421 |
586,013 |
|
|
|
|
|
Members' other interests
Members' capital classified as equity |
|
400,000 |
500,000 |
Other reserves |
|
– |
– |
|
|
--------- |
------------ |
|
|
923,421 |
1,086,013 |
|
|
--------- |
------------ |
|
|
|
|
Total members' interests
Loans and other debts due to members |
9 |
|
523,421 |
586,013 |
Members' other interests |
|
400,000 |
500,000 |
|
|
--------- |
------------ |
|
|
923,421 |
1,086,013 |
|
|
--------- |
------------ |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
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) relating to small LLPs.
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 financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
members
and authorised for issue on
28 August 2024
, and are signed on their behalf by:
Mr J P Copper |
Designated Member |
|
Registered number:
OC334743
Notes to the Financial Statements |
|
Year ended 31 March 2024
The LLP is registered in England and Wales. The address of the registered office is 1 Harpur Street, Bedford, MK40 1PF.
2. |
Statement of compliance |
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: - the LLP has transferred the significant risks and rewards of ownership to the buyer; - the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of turnover can be measured reliably; - it is probable that the LLP will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of turnover can be measured reliably; - it is probable that the LLP will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. The LLP has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold improvements |
- |
20% straight line |
|
Equipment |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Defined contribution plans
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
31
(2023:
35
).
|
Land and buildings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 |
76,807 |
407,832 |
484,639 |
Additions |
– |
13,272 |
13,272 |
Disposals |
– |
(
16,450) |
(
16,450) |
|
-------- |
--------- |
--------- |
At 31 March 2024 |
76,807 |
404,654 |
481,461 |
|
-------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 April 2023 |
70,377 |
384,467 |
454,844 |
Charge for the year |
2,580 |
10,085 |
12,665 |
Disposals |
– |
(
16,450) |
(
16,450) |
|
-------- |
--------- |
--------- |
At 31 March 2024 |
72,957 |
378,102 |
451,059 |
|
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2024 |
3,850 |
26,552 |
30,402 |
|
-------- |
--------- |
--------- |
At 31 March 2023 |
6,430 |
23,365 |
29,795 |
|
-------- |
--------- |
--------- |
|
|
|
|
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
151,082 |
206,574 |
Amounts recoverable on contracts |
463,137 |
388,383 |
Other debtors |
139,481 |
141,917 |
|
--------- |
--------- |
|
753,700 |
736,874 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
50,000 |
50,000 |
Trade creditors |
52,703 |
38,901 |
Accruals and deferred income |
125,921 |
170,209 |
Social security and other taxes |
161,546 |
201,656 |
Other creditors |
47,472 |
– |
Other creditors |
18,865 |
17,751 |
|
--------- |
--------- |
|
456,507 |
478,517 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
75,000 |
125,000 |
Other creditors |
63,160 |
– |
|
--------- |
--------- |
|
138,160 |
125,000 |
|
--------- |
--------- |
|
|
|
9. |
Loans and other debts due to members |
|
|
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to members in respect of profits |
357,452 |
333,957 |
Other amounts |
165,969 |
252,056 |
|
--------- |
--------- |
|
523,421 |
586,013 |
|
--------- |
--------- |
|
|
|
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
45,244 |
88,163 |
Later than 1 year and not later than 5 years |
26,250 |
79,675 |
|
-------- |
--------- |
|
71,494 |
167,838 |
|
-------- |
--------- |
|
|
|