Registered number
OC366860
A. Infantino & Co. LLP
Filleted Accounts
31 March 2024
A. Infantino & Co. LLP
Registered number: OC366860
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 101,200 106,549
Current assets
Work-in-progress 43,000 33,000
Debtors 4 254,563 193,948
Cash at bank and in hand 79,026 152,386
376,589 379,334
Creditors: amounts falling due within one year 5 (98,238) (98,184)
Net current assets 278,351 281,150
Total assets less current liabilities 379,551 387,699
Creditors: amounts falling due after more than one year 6 (69,526) (88,024)
Net assets attributable to members 310,025 299,675
Represented by:
Loans and other debts due to members 7 272,525 249,675
Members' other interests
Members' capital classified as equity 37,500 50,000
310,025 299,675
Total members' interests
Loans and other debts due to members 7 272,525 249,675
Members' other interests 37,500 50,000
310,025 299,675
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 10 July 2024 and signed on their behalf by:
Antonio Infantino
Designated member
A. Infantino & Co. 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:
Leasehold land and buildings not provided
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 14 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 7,655 18,159 96,777 122,591
Additions - 7,445 - 7,445
At 31 March 2024 7,655 25,604 96,777 130,036
Depreciation
At 1 April 2023 - 11,205 4,837 16,042
Charge for the year - 3,600 9,194 12,794
At 31 March 2024 - 14,805 14,031 28,836
Net book value
At 31 March 2024 7,655 10,799 82,746 101,200
At 31 March 2023 7,655 6,954 91,940 106,549
4 Debtors 2024 2023
£ £
Trade debtors 254,563 193,948
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,204 9,952
Obligations under finance lease and hire purchase contracts 8,294 7,961
Trade creditors 3,896 11,672
Other taxes and social security costs 73,841 66,838
Other creditors 2,003 1,761
98,238 98,184
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,231 22,435
Obligations under finance lease and hire purchase contracts 57,295 65,589
69,526 88,024
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 272,525 249,675
Amounts falling due within one year 272,525 249,675
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
A. Infantino & Co. LLP is a limited liability partnership incorporated in England. Its registered office is:
1st Floor
87-89 High Street
Hoddesdon
Herts
EN11 8TL
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