Delta Engineering Plymouth LLP
Registered number: OC304346
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 709,304 660,015
Current assets
Debtors 4 758,607 634,711
Cash at bank and in hand 633,764 322,423
1,392,371 957,134
Creditors: amounts falling due within one year 5 (818,907) (695,931)
Net current assets 573,464 261,203
Total assets less current liabilities 1,282,768 921,218
Creditors: amounts falling due after more than one year 6 (26,214) (50,274)
Net assets attributable to members 1,256,554 870,944
Represented by:
Loans and other debts due to members 8 1,256,554 870,944
1,256,554 870,944
Total members' interests
Loans and other debts due to members 8 1,256,554 870,944
1,256,554 870,944
For the year ended 31 March 2024 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 25 September 2024 and signed on their behalf by:
Mr D Desforges
Designated member
Delta Engineering Plymouth LLP
Notes to the Accounts
for the year ended 31 March 2024
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:
Freehold buildings straight line over 15 years
Plant and machinery 10% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 30 30
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 106,593 1,992,120 120,645 2,219,358
Additions - 131,809 - 131,809
At 31 March 2024 106,593 2,123,929 120,645 2,351,167
Depreciation
At 1 April 2023 105,339 1,365,432 88,572 1,559,343
Charge for the year 254 75,852 6,414 82,520
At 31 March 2024 105,593 1,441,284 94,986 1,641,863
Net book value
At 31 March 2024 1,000 682,645 25,659 709,304
At 31 March 2023 1,254 626,688 32,073 660,015
4 Debtors 2024 2023
£ £
Trade debtors 758,607 634,711
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 29,000 34,075
Obligations under finance lease and hire purchase contracts 35,221 59,089
Trade creditors 457,821 389,421
Other taxes and social security costs 136,714 67,066
Other creditors 160,151 146,280
818,907 695,931
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 29,350
Obligations under finance lease and hire purchase contracts 26,214 20,924
26,214 50,274
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 29,000 63,425
Bank loans are secured on the property at Darklake View, Plymouth
8 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 1,256,554 870,944
Amounts falling due within one year 1,256,554 870,944
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 67,775 94,810
10 Other information
Delta Engineering Plymouth LLP is a limited liability partnership incorporated in England. Its registered office is:
19 Darklake View
Estover
Plymouth
PL6 7TL
Delta Engineering Plymouth LLP OC304346 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr D Desforges No description of principal activity OC304346 2022-04-01 2023-03-31 OC304346 core:WithinOneYear 2023-03-31 OC304346 core:AfterOneYear 2023-03-31 OC304346 1 2023-03-31 OC304346 core:AllPeriods 2023-03-31 OC304346 2023-04-01 2024-03-31 OC304346 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC304346 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC304346 bus:PartnerLLP20 2023-04-01 2024-03-31 OC304346 3 2023-04-01 2024-03-31 OC304346 1 2023-04-01 2024-03-31 OC304346 2 2023-04-01 2024-03-31 OC304346 4 2023-04-01 2024-03-31 OC304346 core:LandBuildings 2023-04-01 2024-03-31 OC304346 core:PlantMachinery 2023-04-01 2024-03-31 OC304346 core:Vehicles 2023-04-01 2024-03-31 OC304346 countries:England 2023-04-01 2024-03-31 OC304346 bus:FRS102 2023-04-01 2024-03-31 OC304346 bus:FilletedAccounts 2023-04-01 2024-03-31 OC304346 2024-03-31 OC304346 core:WithinOneYear 2024-03-31 OC304346 core:AfterOneYear 2024-03-31 OC304346 1 2024-03-31 OC304346 core:LandBuildings 2024-03-31 OC304346 core:PlantMachinery 2024-03-31 OC304346 core:Vehicles 2024-03-31 OC304346 core:AllPeriods 2024-03-31 OC304346 2023-03-31 OC304346 core:LandBuildings 2023-03-31 OC304346 core:PlantMachinery 2023-03-31 OC304346 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure