Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC361894 R Rager iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC361894 2023-03-31 OC361894 2024-03-31 OC361894 2023-04-01 2024-03-31 OC361894 frs-core:Non-currentFinancialInstruments 2024-03-31 OC361894 frs-core:ComputerEquipment 2024-03-31 OC361894 frs-core:ComputerEquipment 2023-04-01 2024-03-31 OC361894 frs-core:ComputerEquipment 2023-03-31 OC361894 frs-core:FurnitureFittings 2024-03-31 OC361894 frs-core:FurnitureFittings 2023-04-01 2024-03-31 OC361894 frs-core:FurnitureFittings 2023-03-31 OC361894 frs-core:MotorVehicles 2023-04-01 2024-03-31 OC361894 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC361894 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC361894 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC361894 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC361894 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC361894 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC361894 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC361894 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC361894 2022-03-31 OC361894 2023-03-31 OC361894 2022-04-01 2023-03-31 OC361894 frs-core:CurrentFinancialInstruments 2023-03-31 OC361894 frs-core:Non-currentFinancialInstruments 2023-03-31 OC361894 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: OC361894
Talbot Fashions LLP
Financial Statements
For The Year Ended 31 March 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC361894
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 - 6,979
- 6,979
CURRENT ASSETS
Stocks 4 - 119,549
Debtors 5 - 82,538
Cash at bank and in hand - 36,799
- 238,886
Creditors: Amounts Falling Due Within One Year 6 - (79,052 )
NET CURRENT ASSETS (LIABILITIES) - 159,834
TOTAL ASSETS LESS CURRENT LIABILITIES - 166,813
Creditors: Amounts Falling Due After More Than One Year 7 - (88,472 )
NET ASSETS ATTRIBUTABLE TO MEMBERS - 78,341
REPRESENTED BY:
Equity
Members' other interests
Members' capital - 78,341
- 78,341
TOTAL MEMBERS' INTEREST
Members' other interests - 78,341
- 78,341
Page 1
Page 2
For the year ending 31 March 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
R Rager
Designated Member
1 October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2. Average Number of Employees
Average number of employees, including members, during the year was as follows: 1 (2023: 4)
1 4
3. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 19,149 37,320 56,469
Disposals (19,149 ) (37,320 ) (56,469 )
Depreciation
As at 1 April 2023 15,063 34,427 49,490
Disposals (15,063 ) (34,427 ) (49,490 )
As at 31 March 2024 - - -
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 March 2024 - - -
As at 1 April 2023 4,086 2,893 6,979
4. Stocks
2024 2023
£ £
Finished goods - 119,549
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 53,075
Prepayments and accrued income - 23,613
Other debtors - 5,850
- 82,538
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 30,055
Other taxes and social security - 2,001
VAT - 9,776
Pension creditor - 479
Amount due to former partners - 28,526
Accruals and deferred income - 8,215
- 79,052
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 88,472
- 88,472
8. Pension Commitments
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £552 (2023 - £2,609). At the balance sheet date unpaid contributions of £Nil (2023 - £479) were due to the fund. They are included in Other Creditors.
9. General Information
Talbot Fashions LLP is a limited liability partnership, incorporated in England & Wales, registered number OC361894 . The Registered Office is Unit 34 Bolney Grange Industrial Park, Stairbridge Lane, Bolney, Haywards Heath, RH17 5PB.
Page 4