Registered number
OC438106
SDR Metal Fabrications LLP
Filleted Accounts
31 March 2024
SDR Metal Fabrications LLP
Registered number: OC438106
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 75,669 17,947
Current assets
Stocks 1,000 1,000
Debtors 4 143,708 22,901
Cash at bank and in hand 1,571 37,779
146,279 61,680
Creditors: amounts falling due within one year 5 (101,234) (27,748)
Net current assets 45,045 33,932
Total assets less current liabilities 120,714 51,879
Creditors: amounts falling due after more than one year 6 (59,544) (22,597)
Provisions for liabilities (4,091) -
Net assets attributable to members 57,079 29,282
Represented by:
Members' other interests
Other reserves 57,079 29,282
57,079 29,282
Total members' interests
Members' other interests 57,079 29,282
57,079 29,282
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 on their behalf by:
Shawn Rodman
Designated member
SDR Metal Fabrications 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.
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:
Plant and machinery At 25% depreciating value
Motor vehicles At 25% depreciating value
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.
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.
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 5 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 27,503 201 27,704
Additions 5,166 111,092 116,258
Disposals - (33,315) (33,315)
At 31 March 2024 32,669 77,978 110,647
Depreciation
At 1 April 2023 9,707 50 9,757
Charge for the year 5,740 27,810 33,550
On disposals - (8,329) (8,329)
At 31 March 2024 15,447 19,531 34,978
Net book value
At 31 March 2024 17,222 58,447 75,669
At 31 March 2023 17,796 151 17,947
4 Debtors 2024 2023
£ £
Trade debtors 138,583 21,060
Other debtors 5,125 1,841
143,708 22,901
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Obligations under finance lease and hire purchase contracts 15,219 3,767
Trade creditors 48,543 14,133
Other taxes and social security costs 31,472 733
Other creditors - 3,115
101,234 27,748
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,006 16,006
Obligations under finance lease and hire purchase contracts 49,538 6,591
59,544 22,597
7 Other information
SDR Metal Fabrications LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 8 & 9 Ram Hill Business Park
Coalpit Heath
Bristol
South Gloucestershire
BS36 2TX
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