Registered number
OC400140
Kingsmead Centre LLP
Filleted Accounts
31 December 2023
Kingsmead Centre LLP
Registered number: OC400140
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 72,734 78,090
Current assets
Debtors 4 7,868 5,087
Cash at bank and in hand 3,886 7,174
11,754 12,261
Creditors: amounts falling due within one year 5 (14,965) (11,406)
Net current (liabilities)/assets (3,211) 855
Total assets less current liabilities 69,523 78,945
Creditors: amounts falling due after more than one year 6 (6,729) (11,479)
Net assets attributable to members 62,794 67,466
Represented by:
Loans and other debts due to members 7 62,794 67,466
62,794 67,466
Total members' interests
Loans and other debts due to members 7 62,794 67,466
62,794 67,466
For the year ended 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 13 September 2024 and signed on their behalf by:
J A Purvis
Designated member
Kingsmead Centre LLP
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings 2% straight line
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 64,708 60,678 125,386
At 31 December 2023 64,708 60,678 125,386
Depreciation
At 1 January 2023 3,021 44,275 47,296
Charge for the year 1,255 4,101 5,356
At 31 December 2023 4,276 48,376 52,652
Net book value
At 31 December 2023 60,432 12,302 72,734
At 31 December 2022 61,687 16,403 78,090
4 Debtors 2023 2022
£ £
Trade debtors 5,620 3,649
Other debtors 2,248 1,438
7,868 5,087
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,750 4,750
Trade creditors 3,553 4,250
Other taxes and social security costs 2,823 1,055
Other creditors 3,839 1,351
14,965 11,406
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,729 11,479
7 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 62,794 67,466
Amounts falling due within one year 62,794 67,466
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Kingsmead Centre LLP is a limited liability partnership incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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