Limited Liability Partnership registration number OC392409 (England and Wales)
UNION STREET PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UNION STREET PARTNERS LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 8
UNION STREET PARTNERS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,686
40,901
Current assets
Debtors
4
606,714
334,765
Cash at bank and in hand
431,314
455,727
1,038,028
790,492
Creditors: amounts falling due within one year
5
(225,867)
(183,915)
Net current assets
812,161
606,577
Total assets less current liabilities and net assets attributable to members
843,847
647,478
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
252,180
166,301
Members' other interests
Members' capital classified as equity
10,000
10,000
Other reserves classified as equity
581,667
471,177
843,847
647,478

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 1 October 2024 and are signed on their behalf by:
01 October 2024
Mr Ben Fisher
Designated member
Limited Liability Partnership registration number OC392409 (England and Wales)
UNION STREET PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
10,000
471,177
481,177
166,301
166,301
647,478
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
360,000
360,000
360,000
Profit for the financial year available for discretionary division among members
-
581,667
581,667
-
-
581,667
Members' interests after profit and remuneration for the year
10,000
1,052,844
1,062,844
526,301
526,301
1,589,145
Other divisions of profits
-
(471,177)
(471,177)
471,177
471,177
-
Drawings on account and distributions of profit
-
-
-
(745,298)
(745,298)
(745,298)
Members' interests at 31 March 2024
10,000
581,667
591,667
252,180
252,180
843,847
UNION STREET PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
10,000
1,088,616
1,098,616
(8,631)
(8,631)
1,089,985
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
360,000
360,000
360,000
Profit for the financial year available for discretionary division among members
-
471,177
471,177
-
-
471,177
Members' interests after profit and remuneration for the year
10,000
1,559,793
1,569,793
351,369
351,369
1,921,162
Other divisions of profits
-
(1,088,616)
(1,088,616)
1,088,616
1,088,616
-
Drawings on account and distributions of profit
-
-
-
(1,273,684)
(1,273,684)
(1,273,684)
Members' interests at 31 March 2023
10,000
471,177
481,177
166,301
166,301
647,478
UNION STREET PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Union Street Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Castle Lane, London, SW1E 6DR.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

UNION STREET PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5 years straight line
Plant and equipment
5 years straight line
Fixtures and fittings
3 - 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

UNION STREET PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.8
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
5
5
UNION STREET PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
103,830
92,196
196,026
Additions
2,852
5,480
8,332
At 31 March 2024
106,682
97,676
204,358
Depreciation and impairment
At 1 April 2023
90,683
64,442
155,125
Depreciation charged in the year
3,858
13,689
17,547
At 31 March 2024
94,541
78,131
172,672
Carrying amount
At 31 March 2024
12,141
19,545
31,686
At 31 March 2023
13,147
27,754
40,901
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
391,653
243,924
Other debtors
215,061
90,841
606,714
334,765
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,811
43,690
Taxation and social security
80,964
71,949
Other creditors
125,092
68,276
225,867
183,915
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

UNION STREET PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Related party transactions

The LLP had the following related party transactions within the year:

 

Mr Mark Anstey, designated member of the LLP, is also a Partner at Farebrother "FB". During the year the Partnership received £50,955 (2023: £89,962) in fees from FB, and incurred expenses of £17,353 (2023: £33,596). At the year end, there was a balance of £5,000 (2023: £5,000) due to FB for members capital. The LLP also owes FB £4,219 (2023: £1,233) for management fees and expenses at the year end, which is within creditors due within one year. The LLP is owed £1,556 (2023: £1,929) from FB relating to recharges, at the year end. At the balance sheet date, the LLP also owed FB £48,594 (2023: £69,020) of members' interests classed as debt.

 

Tuckerman Commercial Limited "TCL" is the other designated member of the LLP. During the year the Partnership received £77,742(2023: £65,589) in fees from Tuckerman, and incurred expenses of £39,477 (2023: £44,095). At the year end, there was a balance of £5,000 (2023: £5,000) due to TCL for members capital. The LLP also owes TCL £nil (2023: £2,682) for management fees and expenses at the year end, which is within creditors due within one year. The LLP is owed £510 (2023: £10,106) from TCL relating to recharges, at the year end. At the balance sheet date, the LLP also owed TCL £143,537 (2023: £69,020) of members' interests classed as debt.

2024-03-312023-04-01false01 October 2024CCH SoftwareCCH Accounts Production 2024.100falsefalseOC3924092023-04-012024-03-31OC3924092024-03-31OC392409bus:PartnerLLP62023-04-012024-03-31OC3924092022-04-012023-03-31OC392409bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC392409bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC392409bus:FRS1022023-04-012024-03-31OC392409bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC392409bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares