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REGISTERED NUMBER: OC391764
The Oakley Partnership LLP
Filleted Unaudited Financial Statements
31 March 2024
The Oakley Partnership LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Chartered certified accountants report to the members on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Reconciliation of members' interests
4
Notes to the financial statements
6
The Oakley Partnership LLP
Chartered Certified Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of The Oakley Partnership LLP
Year ended 31 March 2024
As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of financial position, reconciliation of members' interests and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
LINDLEY & CO Chartered Certified Accountants
Suite 4 Europa House Europa Way Britannia Enterprise Park Lichfield Staffordshire WS14 9TZ
24 September 2024
The Oakley Partnership LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
76,920
121,889
Current assets
Stocks
11,772
11,772
Debtors
6
6,776
17,235
Cash at bank and in hand
29,725
68,384
--------
--------
48,273
97,391
Creditors: amounts falling due within one year
7
43,662
67,938
--------
--------
Net current assets
4,611
29,453
--------
---------
Total assets less current liabilities
81,531
151,342
Creditors: amounts falling due after more than one year
8
43,108
66,426
--------
---------
Net assets
38,423
84,916
--------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
38,423
84,916
--------
--------
Members' other interests
Other reserves
--------
--------
38,423
84,916
--------
--------
Total members' interests
Loans and other debts due to members
9
38,423
84,916
Members' other interests
--------
--------
38,423
84,916
--------
--------
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 .
The Oakley Partnership LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 24 September 2024 , and are signed on their behalf by:
Dr D Eccleston
Designated Member
Registered number: OC391764
The Oakley Partnership LLP
Reconciliation of Members' Interests
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Balance at 1 April 2023
84,916
84,916
84,916
Profit for the financial year available for discretionary division among members
66,312
66,312
66,312
--------
--------
--------
--------
---------
Members' interests after profit for the year
66,312
66,312
84,916
84,916
151,228
Other division of profits
(66,312)
(66,312)
66,312
66,312
Drawings
(112,805)
(112,805)
(112,805)
--------
--------
---------
---------
---------
Balance at 31 March 2024
38,423
38,423
38,423
--------
--------
---------
---------
---------
The Oakley Partnership LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 April 2022
62,078
62,078
62,078
Profit for the financial year available for discretionary division among members
145,838
145,838
145,838
---------
---------
--------
--------
---------
Members' interests after profit for the year
145,838
145,838
62,078
62,078
207,916
Other division of profits
(145,838)
(145,838)
145,838
145,838
Drawings
(123,000)
(123,000)
(123,000)
---------
---------
---------
---------
---------
Balance at 31 March 2023
84,916
84,916
84,916
---------
---------
---------
---------
---------
The Oakley Partnership 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 Suite 4 Europa House, Europa Way, Britannia Enterprise Park, Lichfield, Staffordshire, WS14 9TZ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised when the provision of service is complete.
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'.
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:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Equipment
-
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 6 (2023: 6 ).
5.
Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
16,749
5,878
156,018
11,167
189,812
Disposals
( 58,296)
( 58,296)
--------
-------
---------
--------
---------
At 31 March 2024
16,749
5,878
97,722
11,167
131,516
--------
-------
---------
--------
---------
Depreciation
At 1 April 2023
5,359
51,397
11,167
67,923
Charge for the year
221
20,433
20,654
Disposals
( 33,981)
( 33,981)
--------
-------
---------
--------
---------
At 31 March 2024
5,580
37,849
11,167
54,596
--------
-------
---------
--------
---------
Carrying amount
At 31 March 2024
16,749
298
59,873
76,920
--------
-------
---------
--------
---------
At 31 March 2023
16,749
519
104,621
121,889
--------
-------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
59,873
--------
At 31 March 2023
104,621
---------
6.
Debtors
2024
2023
£
£
Trade debtors
5,155
14,550
Other debtors
1,621
2,685
-------
--------
6,776
17,235
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,000
14,000
Trade creditors
14,327
16,051
Social security and other taxes
717
1,369
Other creditors
14,618
36,518
--------
--------
43,662
67,938
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,821
12,046
Other creditors
39,287
54,380
--------
--------
43,108
66,426
--------
--------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
38,423
84,916
--------
--------
10.
Controlling party
The LLP is controlled by D Eccleston and I Spare.