Registration number:
North West Swimming LLP
for the period from 1 November 2022 to 31 March 2024
North West Swimming LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
North West Swimming LLP
Limited liability partnership information
Designated members |
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Members |
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Registered office |
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North West Swimming LLP
(Registration number: OC439557)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
31 October 2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
(35,311) |
(16,912) |
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Members’ other interests |
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Other reserves |
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31,329 |
3,642 |
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Total members' interests |
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Loans and other debts due to members |
(35,311) |
(16,912) |
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Equity |
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31,329 |
3,642 |
North West Swimming LLP
(Registration number: OC439557)
Balance Sheet as at 31 March 2024 (continued)
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, and the option not to file the Profit and Loss Account has been taken.
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 North West Swimming LLP (registered number OC439557) were approved by the
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North West Swimming LLP
Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024
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 & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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.
Taxation
The taxation payable on the partnership's profits is the personal liability of the 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.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
North West Swimming LLP
Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)
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Accounting policies (continued) |
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 5 years |
Other intangibles |
Straight line over 5 years |
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 |
Office equipment |
Straight line over 5 years |
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.
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
North West Swimming LLP
Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)
Intangible fixed assets |
Other Intangibles |
Total |
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Cost |
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At 1 November 2022 |
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Additions |
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Disposals |
( |
( |
At 31 March 2024 |
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Amortisation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposals |
( |
( |
At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 October 2022 |
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Tangible fixed assets |
Office equipment |
Total |
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Cost |
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At 1 November 2022 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 October 2022 |
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North West Swimming LLP
Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)
Debtors |
31 March 2024 |
31 October 2022 |
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Trade debtors |
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- |
Other debtors |
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Prepayments and accrued income |
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Less non-current portion |
(83) |
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Total current trade and other debtors |
7,303 |
463 |
Creditors: Amounts falling due within one year |
31 March 2024 |
31 October 2022 |
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Trade creditors |
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Other creditors and deferred income |
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Accruals |
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Taxation and social security |
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Control |
The limited liability partnership is controlled by Fiona Vittery and Edward Vittery. The ultimate controlling party is the same as the controlling party.