REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st January 2024 |
for |
Beaconsfield Fine Jewellery LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st January 2024 |
for |
Beaconsfield Fine Jewellery LLP |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Contents of the Financial Statements |
for the Year Ended 31st January 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
Beaconsfield Fine Jewellery LLP |
General Information |
for the Year Ended 31st January 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Lexicon |
Mount Street |
Manchester |
M2 5NT |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Report of the Members |
for the Year Ended 31st January 2024 |
The members present their report with the financial statements of the LLP for the year ended 31st January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of jewellery retail. |
During the year, the LLP closed its retail store and the director advised the entity is winding down the trade of the company. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £56,407 (2023 - £18,447 loss). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
ON BEHALF OF THE MEMBERS: |
Chartered Certified Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Beaconsfield Fine Jewellery LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Beaconsfield Fine Jewellery LLP for the year ended 31st January 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the members of Beaconsfield Fine Jewellery LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Beaconsfield Fine Jewellery LLP and state those matters that we have agreed to state to the members of Beaconsfield Fine Jewellery LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Beaconsfield Fine Jewellery LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Beaconsfield Fine Jewellery LLP. You consider that Beaconsfield Fine Jewellery LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Beaconsfield Fine Jewellery LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
The Lexicon |
Mount Street |
Manchester |
M2 5NT |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Income Statement |
for the Year Ended 31st January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS LOSS | ( |
) | ( |
) |
Administrative expenses |
(52,747 | ) | (16,972 | ) |
Other operating income |
OPERATING LOSS | ( |
) | ( |
) |
Interest receivable and similar income |
(52,747 | ) | (14,872 | ) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(56,407 |
) |
(18,447 |
) |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(56,407 |
) |
(18,447 |
) |
Members' remuneration charged as an expense |
4 |
56,407 |
18,447 |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Balance Sheet |
31st January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 6,931 | - |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
6,931 |
- |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 6,931 | - |
Amounts due from members | 5 | (29,942 | ) | (26,633 | ) |
(23,011 | ) | (26,633 | ) |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Reconciliation of Members' Interests |
for the Year Ended 31st January 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | - |
Amount due from members | (26,633 | ) |
Balance at 1st February 2023 | - | (26,633 | ) | (26,633 | ) |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
(56,407 |
) |
(56,407 |
) |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year |
- |
(83,040 |
) |
(83,040 |
) |
Introduced by members | - | 101,818 | 101,818 |
Drawings on account and distributions of profit |
- |
(41,789 |
) |
(41,789 |
) |
Amount due to members | 6,931 |
Amount due from members | (29,942 | ) |
Balance at 31st January 2024 | - | (23,011 | ) | (23,011 | ) |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Reconciliation of Members' Interests |
for the Year Ended 31st January 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 64,703 |
Amount due from members | - |
Balance at 1st February 2022 | - | 64,703 | 64,703 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
(18,447 |
) |
(18,447 |
) |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year |
- |
46,256 |
46,256 |
Introduced by members | - | 66,184 | 66,184 |
Drawings on account and distributions of profit |
- |
(139,073 |
) |
(139,073 |
) |
Amount due to members | - |
Amount due from members | (26,633 | ) |
Balance at 31st January 2023 | - | (26,633 | ) | (26,633 | ) |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
1. | STATUTORY INFORMATION |
Beaconsfield Fine Jewellery 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 the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Due to the timing of when these accounts were prepared, the entity had closed its shop for a considerable amount of time and the stock system records were lost. As such the stock figure included in the account is an estimate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Going concern |
During the year the LLP closed its retail store and sold all stock. The director advised the entity is repaying its debts and is winding down its trade. The director has advised that there is no intention to close the entity, as there may be opportunity to capitalise on the entity's contacts in the future. |
Due to the above the members are of the opinion that the entity is a going concern for the foreseeable future. |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Members' participating interests |
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. |
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests. |
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member. |
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | INFORMATION IN RELATION TO MEMBERS |
31.1.24 | 31.1.23 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of loss | (56,407 | ) | (18,447 | ) |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Amounts owed by associates |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
The entity was granted a Bounce Back Loan. The loan is unsecured. |
Beaconsfield Fine Jewellery LLP (Registered number: OC361083) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
At Companies House there is a debenture charge which entitles Lloyds TSB Bank plc security over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. This was created on 4 March 2011 and is outstanding. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |