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REGISTERED NUMBER: OC312076 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024

FOR

OURCO LLP

OURCO LLP (REGISTERED NUMBER: OC312076)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


OURCO LLP

GENERAL INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024







DESIGNATED MEMBERS: B M Gates
R J Ormond





REGISTERED OFFICE: Tower House
Vale Rise
TONBRIDGE
Kent
TN9 1TB





REGISTERED NUMBER: OC312076 (England and Wales)





ACCOUNTANTS: Wells Associates
Ground Floor Oakhurst House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

OURCO LLP (REGISTERED NUMBER: OC312076)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 184,367
Property, plant and equipment 5 - 55,938
- 240,305

CURRENT ASSETS
Inventories 6 - 1,099,520
Debtors 7 3,955,207 2,240,162
Cash at bank and in hand 584,918 165,049
4,540,125 3,504,731
CREDITORS
Amounts falling due within one year 8 (472,154 ) (260,601 )
NET CURRENT ASSETS 4,067,971 3,244,130
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

4,067,971

3,484,435

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

953,999

370,463

MEMBERS' OTHER INTERESTS
Capital accounts 3,113,972 3,113,972
4,067,971 3,484,435

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 953,999 370,463
Members' other interests 3,113,972 3,113,972
Amounts due from members 7 (78,545 ) (320,648 )
3,989,426 3,163,787

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 5 April 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

OURCO LLP (REGISTERED NUMBER: OC312076)

STATEMENT OF FINANCIAL POSITION - continued
5 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 15 October 2024 and were signed by:





R J Ormond - Designated member

OURCO LLP (REGISTERED NUMBER: OC312076)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024

1. STATUTORY INFORMATION

Ourco LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the ’liquidation’ basis with all remaining assets and liabilities remeasured to their net realisable/settlement values.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various business interests, is being amortised evenly over its estimated useful life of ten years

Property, plant and equipment
Property, plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Short leasehold - in accordance with the property
Motor vehicles - 33.3% straight line
Fixtures and fittings - 10% - 50% straight line
Plant and machinery - 10% - 50% straight line

At each statement of financial statement date, the LLP reviews the carrying amount of property, plant and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at an agreed rate of exchange and not at the rate of exchange ruling at the date of transaction. Although this is a departure from the requirements of FRS 102 the members feel that this is necessary for the financial statements to show a true and fair view of the LLP's financial performance. It is not possible to quantify the effect of this departure as it would result in undue cost and effort due to the number of transactions occurring in the LLP. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the period was NIL (2023 - NIL).

OURCO LLP (REGISTERED NUMBER: OC312076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 2,020,000
Disposals (2,020,000 )
At 5 April 2024 -
AMORTISATION
At 1 April 2023 1,835,633
Charge for period 109,420
Eliminated on disposal (1,945,053 )
At 5 April 2024 -
NET BOOK VALUE
At 5 April 2024 -
At 31 March 2023 184,367

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 36,739 5,641 115,629 111,290 269,299
Additions - 13,462 744 - 14,206
Disposals (36,739 ) (19,103 ) (116,373 ) (111,290 ) (283,505 )
At 5 April 2024 - - - - -
DEPRECIATION
At 1 April 2023 29,991 3,250 112,648 67,472 213,361
Charge for period 686 2,122 1,383 32,841 37,032
Eliminated on disposal (30,677 ) (5,372 ) (114,031 ) (100,313 ) (250,393 )
At 5 April 2024 - - - - -
NET BOOK VALUE
At 5 April 2024 - - - - -
At 31 March 2023 6,748 2,391 2,981 43,818 55,938

6. INVENTORIES
2024 2023
£    £   
Finished goods - 1,099,520

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 394,273
Amounts due from members 78,545 320,648
Other debtors 3,874,735 1,203,744
Amounts due under an invoice
finance agreement 4,722 245,378
Prepayments and accrued income (2,795 ) 76,119
3,955,207 2,240,162

OURCO LLP (REGISTERED NUMBER: OC312076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 60,404
Social security and other taxes 165,029 162,544
Other creditors 18,618 6,665
Accruals 288,507 30,988
472,154 260,601

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. Members' other interests rank pari passu with unsecured creditors.

10. CONTINGENT LIABILITIES

The LLP has provided an unlimited guarantee to Barclays Bank PLC in respect of any bank borrowings that TFC (Investment Properties) LLP may have. This guarantee will be satisfied following the disposal of the business.

11. RELATED PARTY DISCLOSURES

As at 5 April 2024, the LLP was owed £1,200,000 (2023: £1,200,000) from TFC Group (UK) Limited, a company owned and controlled by Mr R J Ormond and Mr B M Gates. This loan is unsecured, interest free and repayable on demand. This loan is to be repaid following the disposal of the business.

12. POST BALANCE SHEET EVENTS

Following the third party asset purchase on 5 April 2024, as reflected in the accounts herewith, the LLP changed its name to Ourco LLP effective from 3 May 2024.

The LLP is in the process of settling all final debts whereupon it will distribute the final funds to its members in lieu of their current and capital accounts. The members will then apply to Companies House for the LLP to be dissolved.