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Registration number: OC439557

North West Swimming LLP

Annual Report and Unaudited Financial Statements

for the period from 1 November 2022 to 31 March 2024

 

North West Swimming LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

North West Swimming LLP

Limited liability partnership information

Designated members

Mr Edward Vittery

Mrs Fiona Ruth Vittery
 

Members

Rebecca Jayne McBride

Michelle Lambert

Leanne Walker

Emily Liddle
 

Registered office

89 Bleaswood Road
Oxenholme
Cumbria
LA9 7EZ

 

North West Swimming LLP

(Registration number: OC439557)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 October 2022
 £
[Restated]

Fixed assets

 

Intangible assets

3

29,282

15,847

Tangible assets

4

1,115

1,417

 

30,397

17,264

Current assets

 

Debtors

5

7,386

463

Cash and short-term deposits

 

38,279

23,832

 

45,665

24,295

Creditors: Amounts falling due within one year

6

(44,733)

(37,917)

Net current assets/(liabilities)

 

932

(13,622)

Net assets attributable to members

 

31,329

3,642

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(35,311)

(16,912)

Members’ other interests

 

Other reserves

 

66,640

20,554

   

31,329

3,642

Total members' interests

 

Loans and other debts due to members

 

(35,311)

(16,912)

Equity

 

66,640

20,554

   

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 Board and authorised for issue on 23 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Edward Vittery
Designated member

.........................................
Mrs Fiona Ruth Vittery
Designated member

 

North West Swimming LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 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 & 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)

1

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 4 (2022 - 3).

 

North West Swimming LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

3

Intangible fixed assets

Other Intangibles
£

Total
£

Cost

At 1 November 2022

21,557

21,557

Additions

28,000

28,000

Disposals

(6,000)

(6,000)

At 31 March 2024

43,557

43,557

Amortisation

At 1 November 2022

5,710

5,710

Charge for the year

12,865

12,865

Eliminated on disposals

(4,300)

(4,300)

At 31 March 2024

14,275

14,275

Net book value

At 31 March 2024

29,282

29,282

At 31 October 2022

15,847

15,847

4

Tangible fixed assets

Office equipment
£

Total
£

Cost

At 1 November 2022

1,667

1,667

Additions

238

238

At 31 March 2024

1,905

1,905

Depreciation

At 1 November 2022

250

250

Charge for the year

540

540

At 31 March 2024

790

790

Net book value

At 31 March 2024

1,115

1,115

At 31 October 2022

1,417

1,417

 

North West Swimming LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

5

Debtors

31 March 2024
 £

31 October 2022
 £

Trade debtors

280

-

Other debtors

7,083

190

Prepayments and accrued income

23

273

Less non-current portion

(83)

-

Total current trade and other debtors

7,303

463

6

Creditors: Amounts falling due within one year

31 March 2024
 £

31 October 2022
 £

Trade creditors

8,435

5,915

Other creditors and deferred income

25,011

25,378

Accruals

10,910

6,167

Taxation and social security

377

457

44,733

37,917

7

Control

The limited liability partnership is controlled by Fiona Vittery and Edward Vittery. The ultimate controlling party is the same as the controlling party.