Limited Liability Partnership registration number OC403956 (England and Wales)
A SHUFFLEBOTHAM & SON LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
A SHUFFLEBOTHAM & SON LLP
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
A SHUFFLEBOTHAM & SON LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
41,880
46,760
Current assets
Inventories
167,255
172,775
Trade and other receivables
4
7,923
9,173
Cash and cash equivalents
177,763
136,299
352,941
318,247
Current liabilities
5
(53,064)
(32,683)
Net current assets
299,877
285,564
Total assets less current liabilities and net assets attributable to members
341,757
332,324
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
341,757
332,324

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 20 August 2024 and are signed on their behalf by:
20 August 2024
Mr R Shufflebotham
Mrs C Shufflebotham
Designated member
Designated Member
Mr J S Asquith-Reed
Mr D P Asquith-Reed
Designated Member
Designated Member
Limited Liability Partnership registration number OC403956 (England and Wales)
A SHUFFLEBOTHAM & SON LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

A Shufflebotham & Son llp is a limited liability partnership incorporated in England and Wales. The registered office is 8 Gunco Lane, Macclesfield, Cheshire, SK11 7JX.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Losses are automatically divided as they arise giving the LLP the right to seek payment from members. Therefore they are presented within members’ remuneration charged as an expense and, to the extent they remain unpaid and are considered recoverable, shown as debtors in the Statement of Financial position and as amounts due from members within members’ interests.

 

A SHUFFLEBOTHAM & SON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% reducing balance basis
Motor vehicles
20% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price. Cost comprises direct materials .

 

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

A SHUFFLEBOTHAM & SON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
4
4
4
4
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
98,856
Additions
7,876
Disposals
(22,909)
At 31 March 2024
83,823
Depreciation and impairment
At 1 April 2023
52,096
Depreciation charged in the year
8,971
Eliminated in respect of disposals
(19,124)
At 31 March 2024
41,943
Carrying amount
At 31 March 2024
41,880
At 31 March 2023
46,760
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
2,755
4,174
Other receivables
5,168
4,999
7,923
9,173
A SHUFFLEBOTHAM & SON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Current liabilities
2024
2023
£
£
Trade payables
24,550
11,788
Taxation and social security
18,763
16,607
Other payables
9,751
4,288
53,064
32,683
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
30,000
2024-03-312023-04-01false20 August 2024CCH SoftwareCCH Accounts Production 2024.100falsefalseOC4039562023-04-012024-03-31OC4039562024-03-31OC403956bus:PartnerLLP12023-04-012024-03-31OC403956bus:PartnerLLP32023-04-012024-03-31OC403956bus:PartnerLLP52023-04-012024-03-31OC403956bus:PartnerLLP62023-04-012024-03-31OC4039562022-04-012023-03-31OC403956bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC403956bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC403956bus:FRS1022023-04-012024-03-31OC403956bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC403956bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares