REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
VITAE REACTIVE LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
VITAE REACTIVE LLP |
VITAE REACTIVE LLP (REGISTERED NUMBER: OC401271) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Profit and Loss Account | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
VITAE REACTIVE LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Rae House |
Dane Street |
Bishops Stortford |
Herts |
CM23 3BT |
VITAE REACTIVE LLP (REGISTERED NUMBER: OC401271) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 August 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of asbestos removal. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £4,217 (2022 - £11,897 profit). |
MEMBERS' INTERESTS |
Drawings are paid to members at levels agreed in advance and are on account of their share of the profits of the LLP. Any drawings made in excess of their profit share are repayable to the LLP. |
Loans from members are made and agreed in order to support the working capital requirements of the LLP. |
ON BEHALF OF THE MEMBERS: |
VITAE REACTIVE LLP (REGISTERED NUMBER: OC401271) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
31.8.23 | 31.8.22 |
£ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
VITAE REACTIVE LLP (REGISTERED NUMBER: OC401271) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 28,597 | 24,443 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 7 | 28,597 | 24,443 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 28,597 | 24,443 |
Amounts due from members | 5 | - | (63 | ) |
28,597 | 24,380 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
The financial statements were approved by the members of the LLP and authorised for issue on |
VITAE REACTIVE LLP (REGISTERED NUMBER: OC401271) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Vitae Reactive LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes the continued support of the LLP's creditors and members. If this assumption proves invalid the preparation of these financial statements on a going concern basis may prove to have been inappropriate, in which case adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. Fixed assets would then be reclassified as current assets. |
The members believe that it is appropriate to prepare the accounts on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
VITAE REACTIVE LLP (REGISTERED NUMBER: OC401271) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank pari passu with other creditors and amounts payable. |