Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true302023-04-01falseNo description of principal activity32truefalse OC301687 2023-04-01 2024-03-31 OC301687 2022-04-01 2023-03-31 OC301687 2024-03-31 OC301687 2023-03-31 OC301687 c:PlantMachinery 2023-04-01 2024-03-31 OC301687 c:PlantMachinery 2024-03-31 OC301687 c:PlantMachinery 2023-03-31 OC301687 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC301687 c:FurnitureFittings 2023-04-01 2024-03-31 OC301687 c:FurnitureFittings 2024-03-31 OC301687 c:FurnitureFittings 2023-03-31 OC301687 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC301687 c:OfficeEquipment 2023-04-01 2024-03-31 OC301687 c:OfficeEquipment 2024-03-31 OC301687 c:OfficeEquipment 2023-03-31 OC301687 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC301687 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC301687 c:CurrentFinancialInstruments 2024-03-31 OC301687 c:CurrentFinancialInstruments 2023-03-31 OC301687 c:CurrentFinancialInstruments 1 2024-03-31 OC301687 c:CurrentFinancialInstruments 1 2023-03-31 OC301687 c:Non-currentFinancialInstruments 2024-03-31 OC301687 c:Non-currentFinancialInstruments 2023-03-31 OC301687 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC301687 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC301687 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC301687 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC301687 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC301687 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC301687 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC301687 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 OC301687 e:FRS102 2023-04-01 2024-03-31 OC301687 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC301687 e:FullAccounts 2023-04-01 2024-03-31 OC301687 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC301687 2 2023-04-01 2024-03-31 OC301687 e:PartnerLLP1 2023-04-01 2024-03-31 OC301687 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC301687 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC301687 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC301687










RED LOFT LIMITED LIABILITY PARTNERSHIP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
REGISTERED NUMBER: OC301687

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,917
4,061

  
4,917
4,061

Current assets
  

Stocks
  
381,771
527,010

Debtors: amounts falling due within one year
 5 
612,084
555,485

Cash at bank and in hand
  
449,897
501,284

  
1,443,752
1,583,779

Creditors: Amounts Falling Due Within One Year
 6 
(818,773)
(1,022,351)

Net current assets
  
 
 
624,979
 
 
561,428

Total assets less current liabilities
  
629,896
565,489

Creditors: amounts falling due after more than one year
 7 
(58,333)
(108,333)

  
571,563
457,156

  

Net assets
  
571,563
457,156


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
571,563
457,156

  
571,563
457,156

  

  
571,563
457,156


Total members' interests
  

Loans and other debts due to members
 9 
571,563
457,156

  
571,563
457,156


Page 1

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
REGISTERED NUMBER: OC301687
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 September 2024.




D Sutcliffe
Designated member

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 

 
RED LOFT LIMITED LIABILITY PARTNERSHIP


 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024




Equity
Members' other interests
Debt
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Other amounts
Total

£
£
£

Amounts due to members
457,156

Balance at 31 March 2023
-
457,156
457,156

Profit for the year available for discretionary division among members
 
879,046
-
879,046

Members' interests after profit for the year
879,046
457,156
1,336,202

Other division of profits
(879,046)
879,046
-

Drawings on account and distribution of profit
-
(764,639)
(764,639)

Amounts due to members
571,563

Balance at 31 March 2024 
-
571,563
571,563

The notes on pages 4 to 10 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentational currency of the LLP is GBP.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

 
1.8

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
1.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


2.


General information

Red Loft Limited Liability Partnership is incorporated in the United Kingdom as a limited liability partnership under the Limited Liability Partnerships Act 2000.
Its registered number is OC301687.
Its Registered office is:
Fifth Floor
Crystal Gate
28-30 Worship Street
London
England
EC2A 2AH


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 32).

Page 6

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
1,665
64,368
67,180
133,213


Additions
910
-
5,673
6,583


Disposals
-
-
(3,167)
(3,167)



At 31 March 2024

2,575
64,368
69,686
136,629



Depreciation


At 1 April 2023
1,665
64,368
63,119
129,152


Charge for the year on owned assets
228
-
5,002
5,230


Disposals
-
-
(2,670)
(2,670)



At 31 March 2024

1,893
64,368
65,451
131,712



Net book value



At 31 March 2024
682
-
4,235
4,917



At 31 March 2023
-
-
4,061
4,061

Page 7

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
567,488
502,563

Other debtors
300
6,250

Prepayments and accrued income
44,296
46,672

612,084
555,485



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,000
50,000

Trade creditors
319,394
406,271

Amounts owed to related parties
31,694
114,987

Other taxation and social security
206,987
241,244

Factoring creditor
134,352
143,022

Other creditors
14,284
8,319

Accruals and deferred income
62,062
58,508

818,773
1,022,351



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
58,333
108,333

58,333
108,333


Page 8

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 2-5 years

Bank loans
8,333
58,333


8,333
58,333


108,333
158,333


Page 9

 
RED LOFT LIMITED LIABILITY PARTNERSHIP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
571,563
457,156

571,563
457,156

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
571,563
457,156

571,563
457,156

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 10