6 false false false false false false false false false false false false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 250,000 250,000 250,000 100 100 100 xbrli:pure xbrli:shares iso4217:GBP OC304427 2022-10-01 2023-09-30 OC304427 2023-09-30 OC304427 2022-09-30 OC304427 2021-10-01 2022-09-30 OC304427 2022-09-30 OC304427 2021-09-30 OC304427 core:FurnitureFittings 2022-10-01 2023-09-30 OC304427 core:MotorVehicles 2022-10-01 2023-09-30 OC304427 core:NetGoodwill 2022-10-01 2023-09-30 OC304427 bus:Director1 2022-10-01 2023-09-30 OC304427 bus:Director2 2022-10-01 2023-09-30 OC304427 core:FurnitureFittings 2022-09-30 OC304427 core:MotorVehicles 2022-09-30 OC304427 core:FurnitureFittings 2023-09-30 OC304427 core:MotorVehicles 2023-09-30 OC304427 core:WithinOneYear 2023-09-30 OC304427 core:WithinOneYear 2022-09-30 OC304427 core:AfterOneYear 2023-09-30 OC304427 core:AfterOneYear 2022-09-30 OC304427 core:NetGoodwill 2023-09-30 OC304427 core:NetGoodwill 2022-09-30 OC304427 core:CostValuation core:Non-currentFinancialInstruments 2023-09-30 OC304427 core:Non-currentFinancialInstruments 2023-09-30 OC304427 core:Non-currentFinancialInstruments 2022-09-30 OC304427 core:FurnitureFittings 2022-09-30 OC304427 core:MotorVehicles 2022-09-30 OC304427 bus:SmallEntities 2022-10-01 2023-09-30 OC304427 bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 OC304427 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 OC304427 bus:LimitedLiabilityPartnershipLLP 2022-10-01 2023-09-30 OC304427 bus:FullAccounts 2022-10-01 2023-09-30 OC304427 core:OfficeEquipment 2022-10-01 2023-09-30 OC304427 core:OfficeEquipment 2022-09-30 OC304427 core:OfficeEquipment 2023-09-30
REGISTERED NUMBER: OC304427
TWJ Partnership LLP
Filleted Unaudited Financial Statements
30 September 2023
TWJ Partnership LLP
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
250,000
250,000
Tangible assets
6
39,253
47,066
Investments
7
100
100
---------
---------
289,353
297,166
Current assets
Work in progress
5,000
5,000
Debtors
8
170,852
155,813
Cash at bank and in hand
13,687
1,427
---------
---------
189,539
162,240
Creditors: amounts falling due within one year
9
94,619
90,924
---------
---------
Net current assets
94,920
71,316
---------
---------
Total assets less current liabilities
384,273
368,482
Creditors: amounts falling due after more than one year
10
179,085
128,503
---------
---------
Net assets
205,188
239,979
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
11
204,888
239,679
Members' other interests
Members' capital classified as equity
300
300
Other reserves
---------
---------
205,188
239,979
---------
---------
Total members' interests
Amounts due from members
(117,615)
(124,902)
Loans and other debts due to members
11
204,888
239,679
Members' other interests
300
300
---------
---------
87,573
115,077
---------
---------
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.
TWJ Partnership LLP
Statement of Financial Position (continued)
30 September 2023
For the year ending 30 September 2023 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 .
These financial statements were approved by the members and authorised for issue on 19 April 2024 , and are signed on their behalf by:
Mr A R Whitehead
Mr R Jenkinson
Designated Member
Designated Member
Registered number: OC304427
TWJ Partnership LLP
Notes to the Financial Statements
Year ended 30 September 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is "The Moorings", Dane Road, Sale, Cheshire, M33 7BP.
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 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 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
Goodwill
Goodwill is initially recorded at cost, and subsequently stated at cost less any accumulated amortisation and impairment losses. Any goodwill carried at a revalued amount, is recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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:
Fixtures & fittings
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Work in progress
Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 6 (2022: 6 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
250,000
---------
Amortisation
At 1 October 2022 and 30 September 2023
---------
Carrying amount
At 30 September 2023
250,000
---------
At 30 September 2022
250,000
---------
Under the provisions of FRS 102, an entity shall assume that the residual value of an intangible asset is £NIL unless there is an active market for the asset and (i) residual value can be determined by reference to that market and (ii) it is probable that such a market will exists at the end of the asset's useful life.
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2022
16,736
48,670
6,000
71,406
Additions
818
818
-------
-------
------
-------
At 30 September 2023
16,736
48,670
6,818
72,224
-------
-------
------
-------
Depreciation
At 1 October 2022
13,739
4,891
5,710
24,340
Charge for the year
1,579
6,522
530
8,631
-------
-------
------
-------
At 30 September 2023
15,318
11,413
6,240
32,971
-------
-------
------
-------
Carrying amount
At 30 September 2023
1,418
37,257
578
39,253
-------
-------
------
-------
At 30 September 2022
2,997
43,779
290
47,066
-------
-------
------
-------
7.
Investments
Shares in group undertakings
£
Cost
At 1 October 2022 and 30 September 2023
100
----
Impairment
At 1 October 2022 and 30 September 2023
----
Carrying amount
At 30 September 2023
100
----
At 30 September 2022
100
----
8.
Debtors
2023
2022
£
£
Trade debtors
41,338
14,003
Other debtors
129,514
141,810
---------
---------
170,852
155,813
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,998
5,858
Trade creditors
17,755
16,373
Social security and other taxes
22,427
14,699
Other creditors
48,439
53,994
-------
-------
94,619
90,924
-------
-------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,031
39,344
Other creditors
145,054
89,159
---------
---------
179,085
128,503
---------
---------
11.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
204,888
239,679
---------
---------