REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 5 APRIL 2024 |
FOR |
OURCO LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
Disposals | ( |
) |
At 5 April 2024 |
AMORTISATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 31 March 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 5 April 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 31 March 2023 |
6. | INVENTORIES |
2024 | 2023 |
£ | £ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from members | 78,545 | 320,648 |
Other debtors |
Amounts due under an invoice |
finance agreement |
Prepayments and accrued income | ( |
) |
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 |
Social security and other taxes |
Other creditors |
Accruals |
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. |