Registered number
OC377784
Topp Trains LLP
Unaudited Filleted Accounts
31 March 2024
Topp Trains LLP
Registered number: OC377784
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,147 6,221
Current assets
Stocks 229,600 196,456
Debtors 4 16,716 19,338
Cash at bank and in hand 7,700 8,296
254,016 224,090
Creditors: amounts falling due within one year 5 (37,285) (22,167)
Net current assets 216,731 201,923
Total assets less current liabilities 220,878 208,144
Net assets attributable to members 220,878 208,144
Represented by:
Loans and other debts due to members 6 207,105 194,371
Members' other interests
Members' capital classified as equity 20,000 20,000
Other reserves (6,227) (6,227)
13,773 13,773
220,878 208,144
Total members' interests
Amounts due from members included in debtors 4 (16,716) (19,338)
Loans and other debts due to members 6 207,105 194,371
190,389 175,033
Members' other interests 13,773 13,773
204,162 188,806
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:
M J Topping
Designated member
Topp Trains 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:
Plant and machinery over 4 and 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 23,609 8,295 31,904
Additions 298 - 298
At 31 March 2024 23,907 8,295 32,202
Depreciation
At 1 April 2023 23,609 2,074 25,683
Charge for the year 298 2,074 2,372
At 31 March 2024 23,907 4,148 28,055
Net book value
At 31 March 2024 - 4,147 4,147
At 31 March 2023 - 6,221 6,221
4 Debtors 2024 2023
£ £
Amounts due from members 16,716 19,338
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,255 7,042
Other taxes and social security costs 600 1,525
Other creditors 29,430 13,600
37,285 22,167
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 98,338 97,714
Amounts due to members in respect of profits 108,767 96,657
207,105 194,371
Amounts falling due within one year 207,105 194,371
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Topp Trains LLP is a limited liability partnership incorporated in England. Its registered office is:
7 Boundary Close
Stone
Staffordshire
ST15 0BA
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