0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,493 2,277 185 2,462 31 216 xbrli:pure xbrli:shares iso4217:GBP OC351688 2023-04-01 2024-03-31 OC351688 2024-03-31 OC351688 2023-03-31 OC351688 2022-04-01 2023-03-31 OC351688 2023-03-31 OC351688 2022-03-31 OC351688 bus:Director1 2023-04-01 2024-03-31 OC351688 bus:Director4 2023-04-01 2024-03-31 OC351688 bus:Director5 2023-04-01 2024-03-31 OC351688 bus:Director6 2023-04-01 2024-03-31 OC351688 core:WithinOneYear 2024-03-31 OC351688 core:WithinOneYear 2023-03-31 OC351688 bus:SmallEntities 2023-04-01 2024-03-31 OC351688 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC351688 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC351688 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC351688 bus:FullAccounts 2023-04-01 2024-03-31 OC351688 core:OfficeEquipment 2023-04-01 2024-03-31 OC351688 core:OfficeEquipment 2024-03-31 OC351688 core:OfficeEquipment 2023-03-31
REGISTERED NUMBER: OC351688
Engineering & Sales Consultants LLP
Filleted Unaudited Financial Statements
31 March 2024
Engineering & Sales Consultants LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Engineering & Sales Consultants LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
31
216
Current assets
Debtors
6
52,340
48,910
Cash at bank and in hand
78,477
57,093
---------
---------
130,817
106,003
Creditors: amounts falling due within one year
7
7,322
11,719
---------
---------
Net current assets
123,495
94,284
---------
--------
Total assets less current liabilities
123,526
94,500
---------
--------
Net assets
123,526
94,500
---------
--------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
8
11,826
11,826
Other amounts
8
111,700
82,674
---------
--------
123,526
94,500
---------
--------
Members' other interests
Other reserves
---------
--------
123,526
94,500
---------
--------
Total members' interests
Loans and other debts due to members
8
123,526
94,500
Members' other interests
---------
--------
123,526
94,500
---------
--------
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 year ending 31 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 .
Engineering & Sales Consultants LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 18 October 2024 , and are signed on their behalf by:
S E Douglas
L A Floyd
Designated Member
Designated Member
L J O'Toole
P M O'Toole
Designated Member
Designated Member
Registered number: OC351688
Engineering & Sales Consultants LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
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).
3.
Accounting policies
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Equipment
-
33% straight line
4.
Average number of employees
The average number of employees during the year, including members with contracts of employment, was 4 (2023: 4).
5.
Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
2,493
2,493
-------
-------
Depreciation
At 1 April 2023
2,277
2,277
Charge for the year
185
185
-------
-------
At 31 March 2024
2,462
2,462
-------
-------
Carrying amount
At 31 March 2024
31
31
-------
-------
At 31 March 2023
216
216
-------
-------
6.
Debtors
2024
2023
£
£
Trade debtors
50,183
47,490
Other debtors
2,157
1,420
--------
--------
52,340
48,910
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,688
2,801
Other creditors
4,634
8,918
-------
--------
7,322
11,719
-------
--------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
111,700
82,674
Other amounts
11,826
11,826
---------
--------
123,526
94,500
---------
--------
In the event of a winding up, 'other amounts' due to members rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no further formal protection afforded to creditors in the event of a winding up.
There are no such restrictions or limitations existing on the ability of the members to reduce the amount of ‘Members’ other interests.'