Registered number
OC404006
The Ibberton LLP
Unaudited Filleted Accounts
31 January 2024
The Ibberton LLP
Registered number: OC404006
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 13,830 17,095
Current assets
Stocks 2,800 2,900
Debtors 4 142,406 129,365
Cash at bank and in hand 2,440 2,653
147,646 134,918
Creditors: amounts falling due within one year 5 (43,261) (36,091)
Net current assets 104,385 98,827
Total assets less current liabilities 118,215 115,922
Net assets attributable to members 118,215 115,922
Represented by:
Loans and other debts due to members 6 118,215 115,922
Total members' interests
Amounts due from members included in debtors 4 (140,804) (127,563)
Loans and other debts due to members 6 118,215 115,922
(22,589) (11,641)
(22,589) (11,641)
For the year ended 31 January 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 29 October 2024 and signed on their behalf by:
Cornerways (Ringwood) Ltd
Designated member
The Ibberton LLP
Notes to the Accounts
for the year ended 31 January 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.
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 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:
Plant and machinery etc 15% reducing balance and 10% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 49,836
At 31 January 2024 49,836
Depreciation
At 1 February 2023 32,741
Charge for the year 3,265
At 31 January 2024 36,006
Net book value
At 31 January 2024 13,830
At 31 January 2023 17,095
4 Debtors 2024 2023
£ £
Amounts due from members 140,804 127,563
Other debtors 1,602 1,802
142,406 129,365
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 43,261 36,091
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 118,215 115,922
Amounts falling due within one year 118,215 115,922
Cornerways (Ringwood) Ltd has loaned the partnership £118,215 which is secured by a floating debenture. No provision has been made for £8,830 of interest which has been deferred subject to future criteria.
7 Other information
The Ibberton LLP is a limited liability partnership incorporated in England. Its registered office is:
Vicarage Farm
Daggons Road
Alderholt, Fordingbridge
Hampshire
SP6 3DN
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