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Registered number: OC404511
Broome Brothers LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
SAS Accounting Services Ltd
The Colchester Centre
Hawkins Road
Colchester
CO2 8JX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: OC404511
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,001,430 1,001,906
1,001,430 1,001,906
CURRENT ASSETS
Debtors 6 - 3,584
Cash at bank and in hand 9,882 21,183
9,882 24,767
Creditors: Amounts Falling Due Within One Year 7 (41,100 ) (33,600 )
NET CURRENT ASSETS (LIABILITIES) (31,218 ) (8,833 )
TOTAL ASSETS LESS CURRENT LIABILITIES 970,212 993,073
NET ASSETS ATTRIBUTABLE TO MEMBERS 970,212 993,073
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 970,212 993,073
970,212 993,073
970,212 993,073
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 970,212 993,073
970,212 993,073
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 Income Statement.
On behalf of the members
Mrs Julie Broome
Partner
Mr Stuart Broome
Partner
15th 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. General Information
Broome Brothers LLP is a limited liability partnership, incorporated in England & Wales, registered number OC404511 . The Registered Office is 31 Broomfield House, Lanswoodpark, Colchester, Essex, CO7 7FD.
2. Accounting Policies
2.1. 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.
2.2. 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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
2.4. 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:
Freehold NIL
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: 2)
- 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1
As at 31 March 2024 1
Amortisation
As at 1 April 2023 1
As at 31 March 2024 1
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 1,000,001 1,500 4,491 1,005,992
As at 31 March 2024 1,000,001 1,500 4,491 1,005,992
Depreciation
As at 1 April 2023 - 1,305 2,781 4,086
Provided during the period - 49 427 476
As at 31 March 2024 - 1,354 3,208 4,562
Net Book Value
As at 31 March 2024 1,000,001 146 1,283 1,001,430
As at 1 April 2023 1,000,001 195 1,710 1,001,906
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 3,584
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 40,500 33,000
Accruals and deferred income 600 600
41,100 33,600
Page 4