Registered number
OC402170
Wordyhub LLP
Filleted Accounts
31 March 2024
Wordyhub LLP
Registered number: OC402170
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 71,944 77,530
Current assets
Debtors 4 30,077 22,919
Cash at bank and in hand 8,483 5,727
38,560 28,646
Creditors: amounts falling due within one year 5 (14,531) (8,310)
Net current assets 24,029 20,336
Total assets less current liabilities 95,973 97,866
Creditors: amounts falling due after more than one year 6 (43,074) (47,834)
Net assets attributable to members 52,899 50,032
Represented by:
Members interests
Amount due in respect of profits 52,899 50,032
52,899 50,032
For the period 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 5 September 2024 and signed on their behalf by:
Mr Terrence Hewett
Designated member
Wordyhub LLP
Notes to the Accounts
for the period from 1 November 2023 to 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Members' capital and participating interests
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.
Members' participating 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 earning 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 charges as an expenses' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interest'. 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 to members' to the extent they exceed debts due from a specific member.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings Plant and equipment Furniture & fittings Total
£ £ £ £
Cost
At 1 November 2023 78,598 9,048 33,417 121,063
At 31 March 2024 78,598 9,048 33,417 121,063
Depreciation
At 1 November 2023 20,728 5,350 17,455 43,533
Charge for the period 2,412 385 2,789 5,586
At 31 March 2024 23,140 5,735 20,244 49,119
Net book value
At 31 March 2024 55,458 3,313 13,173 71,944
At 31 October 2023 57,870 3,698 15,962 77,530
4 Debtors 2024 2023
£ £
Trade debtors 28,827 21,669
Other debtors 1,250 1,250
30,077 22,919
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 9,992 4,796
Other creditors 4,539 3,514
14,531 8,310
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 43,074 47,834
7 Other information
Wordyhub LLP is a limited liability partnership incorporated in England. Its registered office is:
The Old Thatched Cottage
Cellar Hill
Lynsted
Kent
ME9 9QY
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