Registration number:
My Baba Family LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2024
My Baba Family LLP
Contents
Limited liability partnership information |
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Statement of Members' Responsibilities |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
My Baba Family LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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My Baba Family LLP
Statement of Members' Responsibilities for the Year Ended 31 March 2024
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
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select suitable accounting policies and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.
My Baba Family LLP
(Registration number: OC392026)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
37,102 |
39,899 |
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37,102 |
39,899 |
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Total members' interests |
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Loans and other debts due to members |
37,102 |
39,899 |
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37,102 |
39,899 |
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
My Baba Family LLP
(Registration number: OC392026)
Balance Sheet as at 31 March 2024
The financial statements of My Baba Family LLP (registered number OC392026) were approved by the
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My Baba Family LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and The Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
My Baba Family LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Asset class |
Depreciation method and rate |
Website development |
20% on cost |
Office equipment |
25% on cost |
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
My Baba Family LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Loss for the year before members' remuneration and profit shares |
2024 |
2023 |
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Depreciation |
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Tangible fixed assets |
Website development |
Office equipment |
Total |
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Cost |
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At 1 April 2023 |
19,763 |
4,258 |
24,021 |
Disposals |
- |
(1,263) |
(1,263) |
At 31 March 2024 |
19,763 |
2,995 |
22,758 |
Depreciation |
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At 1 April 2023 |
19,383 |
3,991 |
23,374 |
Charge for the year |
369 |
255 |
624 |
Eliminated on disposals |
- |
(1,258) |
(1,258) |
At 31 March 2024 |
19,752 |
2,988 |
22,740 |
Net book value |
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At 31 March 2024 |
11 |
7 |
18 |
At 31 March 2023 |
380 |
267 |
647 |
Investments held as fixed assets |
2024 |
2023 |
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Other investments |
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My Baba Family LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Other investments
Unlisted investments |
Total |
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Cost |
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At 1 April 2023 |
50 |
50 |
At 31 March 2024 |
50 |
50 |
Net book value |
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At 31 March 2024 |
50 |
50 |
At 31 March 2023 |
50 |
50 |
Stocks |
2024 |
2023 |
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Stock |
399 |
740 |
399 |
740 |
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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25,216 |
23,924 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
- |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was