11 false false false false false false false false false false false false false true false true true No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC389738 2023-04-01 2024-03-31 OC389738 2024-03-31 OC389738 2023-03-31 OC389738 2022-04-01 2023-03-31 OC389738 2023-03-31 OC389738 2022-03-31 OC389738 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 OC389738 core:PlantMachinery 2023-04-01 2024-03-31 OC389738 core:FurnitureFittings 2023-04-01 2024-03-31 OC389738 core:MotorVehicles 2023-04-01 2024-03-31 OC389738 bus:Director1 2023-04-01 2024-03-31 OC389738 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 OC389738 core:PlantMachinery 2023-03-31 OC389738 core:FurnitureFittings 2023-03-31 OC389738 core:MotorVehicles 2023-03-31 OC389738 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 OC389738 core:PlantMachinery 2024-03-31 OC389738 core:FurnitureFittings 2024-03-31 OC389738 core:MotorVehicles 2024-03-31 OC389738 core:WithinOneYear 2024-03-31 OC389738 core:WithinOneYear 2023-03-31 OC389738 core:AfterOneYear 2024-03-31 OC389738 core:BetweenOneFiveYears 2024-03-31 OC389738 core:BetweenOneFiveYears 2023-03-31 OC389738 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 OC389738 core:PlantMachinery 2023-03-31 OC389738 core:FurnitureFittings 2023-03-31 OC389738 core:MotorVehicles 2023-03-31 OC389738 bus:SmallEntities 2023-04-01 2024-03-31 OC389738 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC389738 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC389738 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC389738 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC389738
Shankar (UK) LLP
Filleted Unaudited Financial Statements
31 March 2024
Shankar (UK) LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
278,167
276,175
Current assets
Stocks
122,176
82,482
Debtors
6
299,860
220,519
Cash at bank and in hand
16,532
28,652
---------
---------
438,568
331,653
Creditors: amounts falling due within one year
7
537,706
530,929
---------
---------
Net current liabilities
99,138
199,276
---------
---------
Total assets less current liabilities
179,029
76,899
Creditors: amounts falling due after more than one year
8
26,101
---------
--------
Net assets
152,928
76,899
---------
--------
Represented by:
Loans and other debts due to members
Other amounts
9
759,190
717,088
Members' other interests
Members' capital classified as equity
(606,262)
(640,189)
Other reserves
---------
---------
152,928
76,899
---------
---------
Total members' interests
Loans and other debts due to members
9
759,190
717,088
Members' other interests
(606,262)
(640,189)
---------
---------
152,928
76,899
---------
---------
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 .
Shankar (UK) LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 2 August 2024 , and are signed on their behalf by:
B R Main
Designated Member
Registered number: OC389738
Shankar (UK) 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 63 Major Street, Wolverhampton, West Midlands, WV2 2BL.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Short leasehold property
-
20% straight line
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
33% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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. 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.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 11 (2023: 9 ).
5.
Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
158,301
150,888
180,974
78,250
568,413
Additions
1,596
93,510
40,950
136,056
Disposals
( 27,000)
( 27,000)
---------
---------
---------
--------
---------
At 31 March 2024
159,897
244,398
180,974
92,200
677,469
---------
---------
---------
--------
---------
Depreciation
At 1 April 2023
58,577
49,322
154,839
29,500
292,238
Charge for the year
28,825
51,275
24,664
22,550
127,314
Disposals
( 20,250)
( 20,250)
---------
---------
---------
--------
---------
At 31 March 2024
87,402
100,597
179,503
31,800
399,302
---------
---------
---------
--------
---------
Carrying amount
At 31 March 2024
72,495
143,801
1,471
60,400
278,167
---------
---------
---------
--------
---------
At 31 March 2023
99,724
101,566
26,135
48,750
276,175
---------
---------
---------
--------
---------
6.
Debtors
2024
2023
£
£
Trade debtors
237,995
206,022
Other debtors
61,865
14,497
---------
---------
299,860
220,519
---------
---------
Included in debtors is an amount of £235,674 (2023 £249,223) subject to a factoring agreement. The amount due to factors of £163,109 (2023 £154,332) is included in creditors due within one year.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
182,780
204,800
Social security and other taxes
103,350
63,691
Other loans
30,000
2,330
Other creditors
221,576
260,108
---------
---------
537,706
530,929
---------
---------
The amount due to factors of £163,109 (2023 £154,332)included in other creditors, is secured by way of a fixed and floating charge over the LLP's assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
26,101
--------
----
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
759,190
717,088
---------
---------
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,264
Later than 1 year and not later than 5 years
6,433
7,462
-------
--------
6,433
11,726
-------
--------
11.
Related party transactions
During the year the company paid rent of £71,250 to a partnership controlled by B R Main and P Main.
12.
Controlling party
The LLP is controlled by B R Main and P Main.