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REGISTERED NUMBER: OC402682
Apex Tree Specialists LLP
Filleted Unaudited Financial Statements
31 March 2024
Apex Tree Specialists LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
33,041
39,271
Current assets
Debtors
5
31,625
38,405
Cash at bank and in hand
85,190
58,580
---------
--------
116,815
96,985
Creditors: amounts falling due within one year
6
12,663
11,581
---------
--------
Net current assets
104,152
85,404
---------
---------
Total assets less current liabilities
137,193
124,675
---------
---------
Net assets
137,193
124,675
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
7
137,193
124,675
---------
---------
Members' other interests
Other reserves
---------
---------
137,193
124,675
---------
---------
Total members' interests
Loans and other debts due to members
7
137,193
124,675
Members' other interests
---------
---------
137,193
124,675
---------
---------
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 .
Apex Tree Specialists LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 14 July 2024 , and are signed on their behalf by:
Mr C H Laughridge
Mr J C Laughridge
Designated Member
Designated Member
Registered number: OC402682
Apex Tree Specialists LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, Bedfordshire, MK40 2NR, United Kingdom.
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).
3.
Accounting policies
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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'.
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.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
4.
Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
44,728
26,780
770
72,278
Additions
2,480
291
2,771
--------
--------
-------
--------
At 31 March 2024
47,208
26,780
1,061
75,049
--------
--------
-------
--------
Depreciation
At 1 April 2023
21,882
10,603
522
33,007
Charge for the year
4,876
4,045
80
9,001
--------
--------
-------
--------
At 31 March 2024
26,758
14,648
602
42,008
--------
--------
-------
--------
Carrying amount
At 31 March 2024
20,450
12,132
459
33,041
--------
--------
-------
--------
At 31 March 2023
22,846
16,177
248
39,271
--------
--------
-------
--------
5.
Debtors
2024
2023
£
£
Trade debtors
20,040
28,872
Other debtors
11,585
9,533
--------
--------
31,625
38,405
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
8,918
9,156
Other creditors
3,745
2,425
--------
--------
12,663
11,581
--------
--------
7.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
137,193
124,675
---------
---------