Limited Liability Partnership registration number OC362957 (England and Wales)
RIGG STREET MOTORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RIGG STREET MOTORS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RIGG STREET MOTORS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,660
5,753
Current assets
Stocks
5,000
5,000
Debtors
4
2,703
3,585
Cash at bank and in hand
165,095
135,590
172,798
144,175
Creditors: amounts falling due within one year
5
(14,723)
(14,413)
Net current assets
158,075
129,762
Total assets less current liabilities and net assets attributable to members
162,735
135,515
Represented by:
Loans and other debts due to members within one year
Other amounts
162,735
135,515

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

The financial statements were approved by the members and authorised for issue on 26 September 2024 and are signed on their behalf by:
26 September 2024
Mr I Ahmed
Designated member
Limited Liability Partnership registration number OC362957 (England and Wales)
RIGG STREET MOTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Rigg Street Motors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Brook Street, Nelson, Lancashire, BB9 9PU.

 

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
Going concern

The members are not aware of any material uncertainties affecting the limited liability partnership and consider that the limited liability partnership will have sufficient resources to continue trading for the foreseeable future. As a result the members have adopted the going concern basis in preparing the financial statements.

1.3
Reporting period

The entity has changed its accounting period to align with the fiscal year. Consequently, the accounts presented are for a 15 month period and as such may not be comparable with the prior 12 month period.

1.4
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.

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.

1.5
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.

RIGG STREET MOTORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicle
25% reducing balance

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash at bank and in hand

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.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

RIGG STREET MOTORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits and post retirement payments to members

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

2
Employees

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

 

2024
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicle
Total
£
£
£
£
Cost
At 1 January 2023 and 31 March 2024
26,193
3,060
2,393
31,646
Depreciation and impairment
At 1 January 2023
21,003
2,613
2,277
25,893
Depreciation charged in the Period
973
84
36
1,093
At 31 March 2024
21,976
2,697
2,313
26,986
Carrying amount
At 31 March 2024
4,217
363
80
4,660
At 31 December 2022
5,190
447
116
5,753
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
180
667
Other debtors
2,523
2,918
2,703
3,585
RIGG STREET MOTORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2022
£
£
Taxation and social security
6,479
7,114
Other creditors
8,244
7,299
14,723
14,413
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.

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