Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC411873 Chatsworth Land Limited Axiom Land Limited Ronnoco Group Ltd iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC411873 2023-03-31 OC411873 2024-03-31 OC411873 2023-04-01 2024-03-31 OC411873 frs-core:CurrentFinancialInstruments 2024-03-31 OC411873 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC411873 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC411873 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC411873 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC411873 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC411873 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC411873 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC411873 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC411873 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC411873 frs-bus:PartnerLLP3 2023-04-01 2024-03-31 OC411873 2022-03-31 OC411873 2023-03-31 OC411873 2022-04-01 2023-03-31 OC411873 frs-core:CurrentFinancialInstruments 2023-03-31
Registered number: OC411873
Portdevon (Tadworth) LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
Elco Accounting Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC411873
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 - 520,000
Debtors 5 254,428 167,338
Cash at bank and in hand 1,028 15,537
255,456 702,875
Creditors: Amounts Falling Due Within One Year 6 (10,500 ) (702,875 )
NET CURRENT ASSETS (LIABILITIES) 244,956 -
TOTAL ASSETS LESS CURRENT LIABILITIES 244,956 -
NET ASSETS ATTRIBUTABLE TO MEMBERS 244,956 -
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 245,240 -
245,240 -
Equity
Members' other interests
Members' capital (284) -
(284) -
244,956 -
TOTAL MEMBERS' INTEREST
Amounts due from members (209,472) (166,212)
Loans and other debts due to members within one year 245,240 -
Members' other interests (284) -
35,484 (166,212)
Page 1
Page 2
For the year ending 31 March 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Chatsworth Land Limited
Designated Member
06/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Portdevon (Tadworth) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC411873 . The Registered Office is Rossmore House, 1a Hale Grove Gardens, London, NW7 3LR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realised the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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 company 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.
Classification of financial liabilities
...CONTINUED
Page 3
Page 4
2.4. Financial Instruments - continued
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.5. Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and
other short-term highly liquid investments that mature in no more than three months from the date of acquisition
and that are readily convertible to known amounts of cash with insignificant risk of change in value.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 3 (2023: 3)
3 3
4. Stocks
2024 2023
£ £
Stock - 520,000
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 254,428 167,338
254,428 167,338
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 (1 )
Other creditors 10,499 702,876
10,500 702,875
Page 4