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REGISTERED NUMBER: OC389473
RED-NET LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
RED-NET LLP
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Current assets
Stocks
15,430
15,430
Debtors
4
281,522
272,644
Cash at bank and in hand
3,980
4,190
----------
----------
300,932
292,264
Creditors: amounts falling due within one year
5
228,685
220,017
----------
----------
Net current assets
72,247
72,247
---------
---------
Total assets less current liabilities
72,247
72,247
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
6
72,247
72,247
---------
---------
Members' other interests
Other reserves
---------
---------
72,247
72,247
---------
---------
Total members' interests
Amounts due from members
(68,214)
(59,336)
Loans and other debts due to members
6
72,247
72,247
Members' other interests
---------
---------
4,033
12,911
---------
---------
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 December 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 .
RED-NET LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 23 September 2024 , and are signed on their behalf by:
Pinloma Consulting LLP
Designated Member
Registered number: OC389473
RED-NET LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL.
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 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the LLP to continue as a going concern have been identified by the members.
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 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.
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 income statement and are equity appropriations in the Statement of financial position.
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 income statement 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'.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Debt instruments are measured at amortised cost.
4.
Debtors
2023
2022
£
£
Other debtors
281,522
272,644
----------
----------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
( 190)
( 189)
Other creditors
228,875
220,206
----------
----------
228,685
220,017
----------
----------
6.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
72,247
72,247
---------
---------
Loans and other debts due to Members rank equally with amounts due to ordinary creditors.