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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
OC332218
2023-01-01
2024-03-31
OC332218
2024-03-31
OC332218
2022-12-31
OC332218
2022-01-01
2022-12-31
OC332218
2022-12-31
OC332218
2021-12-31
OC332218
core:FurnitureFittings
2023-01-01
2024-03-31
OC332218
core:MotorVehicles
2023-01-01
2024-03-31
OC332218
core:LandBuildings
2022-12-31
OC332218
core:FurnitureFittings
2022-12-31
OC332218
core:MotorVehicles
2022-12-31
OC332218
core:LandBuildings
2024-03-31
OC332218
core:FurnitureFittings
2024-03-31
OC332218
core:MotorVehicles
2024-03-31
OC332218
core:LandBuildings
2023-01-01
2024-03-31
OC332218
core:WithinOneYear
2024-03-31
OC332218
core:WithinOneYear
2022-12-31
OC332218
core:AfterOneYear
2022-12-31
OC332218
core:LandBuildings
2022-12-31
OC332218
core:FurnitureFittings
2022-12-31
OC332218
core:MotorVehicles
2022-12-31
OC332218
bus:Director1
2023-01-01
2024-03-31
OC332218
bus:Director2
2023-01-01
2024-03-31
OC332218
bus:Director3
2023-01-01
2024-03-31
OC332218
bus:SmallEntities
2023-01-01
2024-03-31
OC332218
bus:AuditExempt-NoAccountantsReport
2023-01-01
2024-03-31
OC332218
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2024-03-31
OC332218
bus:LimitedLiabilityPartnershipLLP
2023-01-01
2024-03-31
OC332218
bus:FullAccounts
2023-01-01
2024-03-31
OC332218
core:AllAssociates
2023-01-01
2024-03-31
REGISTERED NUMBER:
OC332218
Filleted Unaudited Financial Statements |
|
Period from 1st January 2023 to 31st March 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 March 2024
|
31 Mar 24 |
31 Dec 22 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Fixed assets
Tangible assets |
5 |
|
1,017,326 |
|
1,017,973 |
|
|
|
|
|
|
Current assets
Debtors |
6 |
2,066,684 |
|
2,080,046 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
707,973 |
|
658,932 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
1,358,711 |
|
1,421,114 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
2,376,037 |
|
2,439,087 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
– |
|
95,588 |
|
|
------------ |
|
------------ |
Net assets |
|
2,376,037 |
|
2,343,499 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
9 |
|
2,376,037 |
|
2,343,499 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
Members' other interests
Other reserves |
|
– |
|
– |
|
|
------------ |
|
------------ |
|
|
2,376,037 |
|
2,343,499 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Total members' interests
Amounts due from members |
|
(2,058,172) |
|
(2,069,018) |
Loans and other debts due to members |
9 |
|
2,376,037 |
|
2,343,499 |
Members' other interests |
|
– |
|
– |
|
|
------------ |
|
------------ |
|
|
317,865 |
|
274,481 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period ending 31st 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) relating to small LLPs.
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 financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
members
and authorised for issue on
17 October 2024
, and are signed on their behalf by:
A. Kanj
Designated Member
Registered number:
OC332218
Notes to the Financial Statements |
|
Period from 1st January 2023 to 31st March 2024
The LLP is registered in England and Wales. The address of the registered office is The Stables, 2 Brown Street, Alderley Edge, Cheshire, SK9 7EQ.
2. |
Statement of compliance |
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue recognition, which is stated net of vat, depends on the type of revenue concerned. Interest income and expense is recognised on an accruals basis. Turnover represents total invoice value, excluding VAT, of sales invoices raised during the year.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings |
- |
5% reducing balance |
|
Motor Vehicles |
- |
30% reducing balance |
|
|
|
|
Freehold Property is not depreciated. The asset is maintained and refurbished regularly, maintaining its residual value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. |
Particulars of employees |
|
|
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to
3
(2022:
2
).
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1st January 2023 |
929,895 |
147,419 |
288,843 |
1,366,157 |
Additions |
7,005 |
7,020 |
– |
14,025 |
|
--------- |
--------- |
--------- |
------------ |
At 31st March 2024 |
936,900 |
154,439 |
288,843 |
1,380,182 |
|
--------- |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
At 1st January 2023 |
– |
87,271 |
260,913 |
348,184 |
Charge for the period |
– |
4,198 |
10,474 |
14,672 |
|
--------- |
--------- |
--------- |
------------ |
At 31st March 2024 |
– |
91,469 |
271,387 |
362,856 |
|
--------- |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
At 31st March 2024 |
936,900 |
62,970 |
17,456 |
1,017,326 |
|
--------- |
--------- |
--------- |
------------ |
At 31st December 2022 |
929,895 |
60,148 |
27,930 |
1,017,973 |
|
--------- |
--------- |
--------- |
------------ |
|
|
|
|
|
|
31 Mar 24 |
31 Dec 22 |
|
£ |
£ |
Other debtors |
2,066,684 |
2,080,046 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
31 Dec 22 |
|
£ |
£ |
Bank loans and overdrafts |
259,554 |
631,463 |
Social security and other taxes |
4,157 |
3,296 |
Other creditors |
444,262 |
24,173 |
|
--------- |
--------- |
|
707,973 |
658,932 |
|
--------- |
--------- |
|
|
|
The overdrafts are secured by an unlimited debenture over the assets of the LLP as well as a second legal charge over a property jointly owned by Mr. A. Kanj and Mrs. S. Kanj.
8.
Creditors:
amounts falling due after more than one year
|
31 Mar 24 |
31 Dec 22 |
|
£ |
£ |
Bank loans and overdrafts |
– |
77,007 |
Other creditors |
– |
18,581 |
|
---- |
-------- |
|
– |
95,588 |
|
---- |
-------- |
|
|
|
9. |
Loans and other debts due to members |
|
|
|
31 Mar 24 |
31 Dec 22 |
|
£ |
£ |
Amounts owed to members in respect of profits |
2,376,037 |
2,343,499 |
|
------------ |
------------ |
|
|
|
10. |
Related party transactions |
|
|
In the opinion of the members there is no controlling party as defined by FRS102 1a.