Registered No. OC420043 (England and Wales)
LITTLE EXPLORERS BARROW LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LITTLE EXPLORERS BARROW LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
5 - 10
LITTLE EXPLORERS BARROW LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
3,536
Current assets
Debtors
4
149,033
149,034
Cash at bank and in hand
12,792
93,121
161,825
242,155
Creditors: amounts falling due within one year
5
(36,439)
(57,206)
Net current assets
125,386
184,949
Total assets less current liabilities
125,386
188,485
Creditors: amounts falling due after more than one year
6
-
(30,000)
Net assets attributable to members
125,386
158,485
Represented by:
Loans and other debts due to members within one year
7
Members' capital classified as a liability
(529,850)
60,150
Members' other interests
7
Other reserves classified as equity
655,236
98,335
125,386
158,485

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

LITTLE EXPLORERS BARROW LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 2 October 2024 and are signed on their behalf by:
02 October 2024
J C Hindle
Designated member
Limited Liability Partnership registration number OC420043 (England and Wales)
LITTLE EXPLORERS BARROW LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
98,335
60,150
60,150
158,485
Profit for the financial year available for discretionary division among members
556,901
-
-
556,901
Members' interests after profit for the year
655,236
60,150
60,150
715,386
Repayment of debt (including members' capital classified as a liability)
-
(590,000)
(590,000)
(590,000)
Members' interests at 31 March 2024
655,236
(529,850)
(529,850)
125,386
LITTLE EXPLORERS BARROW LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2023
£
£
£
Members' interests at 1 April 2022
(34,600)
126,900
126,900
92,300
Profit for the financial year available for discretionary division among members
132,935
-
-
132,935
Members' interests after profit for the year
98,335
126,900
126,900
225,235
Repayment of debt (including members' capital classified as a liability)
-
(66,750)
(66,750)
(66,750)
Members' interests at 31 March 2023
98,335
60,150
60,150
158,485
LITTLE EXPLORERS BARROW LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Little Explorers Barrow LLP is a limited liability partnership incorporated in England and Wales. The registered office is C/o Chorley Business and Technology Centre, Euxton Lane, Chorley, Lancashire, PR7 6TE.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts received for children's nursery fees, recognised evenly over the duration of a school term.

1.3
Members' participating interests

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. 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 charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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 due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LITTLE EXPLORERS BARROW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line
Fixtures and fittings
33% straight line
IT Equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

LITTLE EXPLORERS BARROW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
19
29
LITTLE EXPLORERS BARROW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
IT Equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,361
1,629
2,019
6,009
Disposals
(2,361)
(1,629)
(2,019)
(6,009)
At 31 March 2024
-
-
-
-
Depreciation and impairment
At 1 April 2023
1,180
789
504
2,473
Eliminated in respect of disposals
(1,180)
(789)
(504)
(2,473)
At 31 March 2024
-
-
-
-
Carrying amount
At 31 March 2024
-
-
-
-
At 31 March 2023
1,181
840
1,515
3,536
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,204
50,205
Other debtors
98,829
98,829
149,033
149,034
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
10,000
Trade creditors
-
3,609
Taxation and social security
-
7,158
Other creditors
36,439
36,439
36,439
57,206

The bank loan is secured by a guarantee from the UK Government under Bounce Back Loan Scheme.

LITTLE EXPLORERS BARROW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
30,000

The bank loan is secured by a guarantee from the UK Government under Bounce Back Loan Scheme.

7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
98,335
60,150
60,150
158,485
Profit for the financial year available for discretionary division among members
556,901
-
-
556,901
Members' interests after profit for the year
655,236
60,150
60,150
715,386
Repayment of debt (including members' capital classified as a liability)
-
(590,000)
(590,000)
(590,000)
Members' interests at 31 March 2024
655,236
(529,850)
(529,850)
125,386
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

LITTLE EXPLORERS BARROW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
9
Related party transactions
Transactions with related parties

Included within Trade Debtors is a total of £50,205 (2022 - £50,205) due from entities controlled by J C Hindle, an LLP member..

 

Included within Other Debtors is a total of £98,829 (2022 - £98,829) due from entities controlled by J C Hindle, an LLP member.

 

Included within Other Creditors is a total of £36,439 (2022 - £36,439) due to entities controlled by J C Hindle, an LLP member.

 

These amounts are interest free. There are no formal repayment terms attaching to the remaining balances.

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