Registered number
OC362823
The Workspace Consultants LLP
Accounts
31 March 2024
The Workspace Consultants LLP
Registered number: OC362823
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,187 5,102
Current assets
Debtors 4 250,990 303,163
Cash at bank and in hand 108,424 618,792
359,414 921,955
Creditors: amounts falling due within one year 5 (159,410) (543,616)
Net current assets 200,004 378,339
Total assets less current liabilities 203,191 383,441
Creditors: amounts falling due after more than one year 6 (17,597) (27,671)
Net assets attributable to members 185,594 355,770
Represented by:
Loans and other debts due to members 7,9 185,594 355,770
185,594 355,770
Total members' interests
Loans and other debts due to members 7,9 185,594 355,770
185,594 355,770
For the year ended 31 March 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 17 October 2024 and signed by its order.
Vincenzo Marino
Designated member
The Workspace Consultants LLP
Notes to the Accounts
for the year ended 31 March 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less cumulative depreciation and any cumulative 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:
Office equipment 25%/10% straight line
Computer equipment 33% straight line
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 7 7
3 Tangible fixed assets
Office equipment Computer equipment Total
£ £ £
Cost
At 1 April 2023 39,973 29,145 69,118
At 31 March 2024 39,973 29,145 69,118
Depreciation
At 1 April 2023 34,889 29,127 64,016
Charge for the year 1,915 - 1,915
At 31 March 2024 36,804 29,127 65,931
Net book value
At 31 March 2024 3,169 18 3,187
At 31 March 2023 5,084 18 5,102
4 Debtors 2024 2023
£ £
Trade debtors 153,788 216,522
Other debtors, prepayments and accrued income 97,202 86,641
250,990 303,163
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,834 9,593
Trade creditors 85,459 264,610
Other taxes and social security costs 24,872 25,299
Other creditors 39,245 244,114
159,410 543,616
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,597 27,671
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 185,594 355,770
Amounts falling due within one year 185,594 355,770
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
The Workspace Consultants LLP is a limited liability partnership incorporated in England. Its registered office is:
2 Manor Farm Cottages
Church Road
Colmworth
Bedford
MK44 2JT
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