Patel JG & KG LLP
Registered number: OC336566
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 81,659 81,659
Tangible assets 4 19,456 24,320
101,115 105,979
Current assets
Stocks 73,490 87,740
Debtors 5 258,468 307,459
Cash at bank and in hand 399,423 349,472
731,381 744,671
Creditors: amounts falling due within one year 6 (556,803) (527,860)
Net current assets 174,578 216,811
Total assets less current liabilities 275,693 322,790
Net assets attributable to members 275,693 322,790
Represented by:
Loans and other debts due to members 7 275,693 322,790
275,693 322,790
Total members' interests
Loans and other debts due to members 7 275,693 322,790
275,693 322,790
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 30 October 2024 and signed on their behalf by:
Mr. J. G. Patel
Designated member
Patel JG & KG 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:
Fixtures, fittings and equipment 20% reducing balance
Motor vehicles 20% reducing balance
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.
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.
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 Intangible fixed assets £
Cost
At 1 April 2023 81,659
At 31 March 2024 81,659
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 81,659
At 31 March 2023 81,659
4 Tangible fixed assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 95,919 113,833 209,752
At 31 March 2024 95,919 113,833 209,752
Depreciation
At 1 April 2023 89,697 95,735 185,432
Charge for the year 1,244 3,620 4,864
At 31 March 2024 90,941 99,355 190,296
Net book value
At 31 March 2024 4,978 14,478 19,456
At 31 March 2023 6,222 18,098 24,320
5 Debtors 2024 2023
£ £
Other debtors 258,468 307,459
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 556,803 527,860
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 275,693 322,790
Amounts falling due within one year 275,693 322,790
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
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