Tandy Racing LLP OC430329 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of motor racing team management and associated motor vehicle activities. Digita Accounts Production Advanced 6.30.9574.0 Software true OC430329 2023-02-01 2024-01-31 OC430329 2024-01-31 OC430329 core:OtherReservesSubtotal 2024-01-31 OC430329 core:CurrentFinancialInstruments 2024-01-31 OC430329 core:WithinOneYear 2024-01-31 OC430329 bus:SmallEntities 2023-02-01 2024-01-31 OC430329 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 OC430329 bus:FullAccounts 2023-02-01 2024-01-31 OC430329 bus:RegisteredOffice 2023-02-01 2024-01-31 OC430329 bus:PartnerLLP1 2023-02-01 2024-01-31 OC430329 bus:PartnerLLP2 2023-02-01 2024-01-31 OC430329 bus:LimitedLiabilityPartnershipLLP 2023-02-01 2024-01-31 OC430329 countries:AllCountries 2023-02-01 2024-01-31 OC430329 2022-02-01 2023-01-31 OC430329 2023-01-31 OC430329 core:OtherReservesSubtotal 2023-01-31 OC430329 core:CurrentFinancialInstruments 2023-01-31 OC430329 core:WithinOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: OC430329

Prepared for the registrar

Tandy Racing LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Tandy Racing LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Tandy Racing LLP

Limited liability partnership information

Designated members

S M Tandy

J M Tandy
 

Registered office

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Tandy Racing LLP

(Registration number: OC430329)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Current assets

 

Stocks

4

54,295

23,939

Debtors

5

14,049

4,669

Cash and short-term deposits

 

16,871

20,513

 

85,215

49,121

Creditors: Amounts falling due within one year

6

-

(279)

Net assets attributable to members

 

85,215

48,842

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

151,000

156,000

Members’ other interests

 

Other reserves

 

(65,785)

(107,158)

   

85,215

48,842

Total members' interests

 

Loans and other debts due to members

 

151,000

156,000

Equity

 

(65,785)

(107,158)

   

85,215

48,842

For the year ending 31 January 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Tandy Racing LLP (registered number OC430329) were approved by the members and authorised for issue on



17 October 2024.

They were signed on behalf of the LLP by:

.........................................
S M Tandy
Designated member

 

Tandy Racing LLP

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, expect where the final outcome cannot be assessed with reasonable certainty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Tandy Racing LLP

Notes to the Financial Statements for the Year Ended 31 January 2024

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 2 (2023 - 2).

 

Tandy Racing LLP

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Stocks

2024
 £

2023
 £

Stocks

54,295

23,939

5

Debtors

2024
 £

2023
 £

Other debtors

14,049

4,669

Total current trade and other debtors

14,049

4,669

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Trade creditors

-

279