Registered number
OC375500
D2L PARTNERS LLP
Filleted Accounts
5 April 2024
D2L PARTNERS LLP
Registered number: OC375500
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 14,405 3,600
Cash at bank and in hand 48,874 65,218
63,279 68,818
Creditors: amounts falling due within one year 4 (22,477) (34,243)
Net current assets 40,802 34,575
Total assets less current liabilities 40,802 34,575
Net assets attributable to members 40,802 34,575
Represented by:
Loans and other debts due to members 5 40,802 34,575
40,802 34,575
Total members' interests
Loans and other debts due to members 5 40,802 34,575
40,802 34,575
For the year ended 5 April 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 18 October 2024 and signed on their behalf by:
Nicholas Lander
Designated member
D2L PARTNERS LLP
Notes to the Accounts
for the year ended 5 April 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP - -
3 Debtors 2024 2023
£ £
Trade debtors 14,400 3,600
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,201 1,347
Other taxes and social security costs 20,276 32,896
22,477 34,243
5 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 505 1,000
Amounts due to members in respect of profits 40,297 33,575
40,802 34,575
Amounts falling due within one year 40,802 34,575
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Events after the reporting date
There are no post balance sheet events.
7 Pension commitments
There are no pension commitments.
8 Contingent liabilities
There are no contingent liabilities.
9 Off-balance sheet arrangements
There are no off-balance sheet arrangements.
10 Controlling party
D2L PARTNERS LLP is controlled by the partners, Nicholas Lander and Lorraine Lander (admitted 5 December 2023). Jonathan Lander was a partner until his death on 28 August 2023.
11 Other information
D2L PARTNERS LLP is a limited liability partnership incorporated in England. Its registered office is: Shire House, Tachbrook Road, Leamington CV31 3SF.
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