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Registration number: OC426854

The Cross House LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

The Cross House LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 10

Balance Sheet

4

Notes to the Financial Statements

6

 

The Cross House LLP

Limited liability partnership information

Designated members

Mr R J Doubleday

Mrs L J Driver
 

Registered office

Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

Accountants

Burton Sweet (Thornbury)
Chartered Certified Acountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

The Cross House LLP

Members' Report for the Year Ended 31 March 2024

The members present their report and the unaudited financial statements for the year ended 31 March 2024.

Designated members

The members who held office during the year were as follows:

Mr R J Doubleday

Mrs L J Driver

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 11 September 2024 and signed on its behalf by:

.........................................
Mr R J Doubleday
Designated member

 

Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
The Cross House LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of The Cross House LLP for the year ended 31 March 2024 set out on pages 4 to 10 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the members of The Cross House LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Cross House LLP and state those matters that we have agreed to state to the members of The Cross House LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Cross House LLP and its members as a body for our work or for this report.

It is your duty to ensure that The Cross House LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Cross House LLP. You consider that The Cross House LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Cross House LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet (Thornbury)
Chartered Certified Acountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

11 September 2024

 

The Cross House LLP

(Registration number: OC426854)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

205,182

230,093

Current assets

 

Stocks

4

13,138

11,967

Debtors

5

17,923

3,977

Cash and short-term deposits

 

46,057

6,874

 

77,118

22,818

Creditors: Amounts falling due within one year

6

(94,673)

(93,715)

Net current liabilities

 

(17,555)

(70,897)

Net assets attributable to members

 

187,627

159,196

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

195,303

195,314

Other reserves

 

(7,676)

(36,118)

 

187,627

159,196

   

187,627

159,196

Total members' interests

 

Equity

 

187,627

159,196

   

187,627

159,196

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

The Cross House LLP

(Registration number: OC426854)
Balance Sheet as at 31 March 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of The Cross House LLP (registered number OC426854) were approved by the Board and authorised for issue on 11 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R J Doubleday
Designated member

 

The Cross House LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of The Cross House LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

The Cross House LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Office Equipment

20% reducing balance

Fixtures & fittings

15% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

The Cross House LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 23 (2023 - 36).

 

The Cross House LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Cost

At 1 April 2023

119,134

130,090

46,455

26,000

Additions

-

2,874

133

-

Disposals

-

-

-

(26,000)

At 31 March 2024

119,134

132,964

46,588

-

Depreciation

At 1 April 2023

-

58,933

21,816

13,000

Charge for the year

-

11,104

3,716

-

Eliminated on disposals

-

-

-

(13,000)

At 31 March 2024

-

70,037

25,532

-

Net book value

At 31 March 2024

119,134

62,927

21,056

-

At 31 March 2023

119,134

71,157

24,639

13,000

Office equipment
 £

Total
£

Cost

At 1 April 2023

4,072

325,751

Additions

418

3,425

Disposals

-

(26,000)

At 31 March 2024

4,490

303,176

Depreciation

At 1 April 2023

1,909

95,658

Charge for the year

516

15,336

Eliminated on disposals

-

(13,000)

At 31 March 2024

2,425

97,994

Net book value

At 31 March 2024

2,065

205,182

At 31 March 2023

2,163

230,093

 

The Cross House LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Stocks

2024
£

2023
£

Stocks

13,138

11,967

5

Debtors

2024
£

2023
£

Trade debtors

17,923

3,977

Total current trade and other debtors

17,923

3,977

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

26,289

21,839

Other creditors

16,132

25,023

Accruals and deferred income

4,081

2,900

Taxation and social security

48,171

43,953

94,673

93,715

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.