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REGISTERED NUMBER: OC446441 (England and Wales)



















Unaudited Financial Statements

for the Period 21 March 2023 to 31 March 2024

for

Truffles Assets LLP

Truffles Assets LLP (Registered number: OC446441)

Contents of the Financial Statements
for the Period 21 March 2023 to 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Truffles Assets LLP

General Information
for the Period 21 March 2023 to 31 March 2024







DESIGNATED MEMBERS: P R Tompsett
Mrs J S Tompsett
Ms A Tompsett-Semakula
Mrs M McBride
Ms D Tompsett-Snell
Truffles Holdings Limited





REGISTERED OFFICE: Unit 35
Mackley Industrial Estate
Small Dole
West Sussex
BN5 9XE





REGISTERED NUMBER: OC446441 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Truffles Assets LLP (Registered number: OC446441)

Balance Sheet
31 March 2024

Notes £    £   
FIXED ASSETS
Intangible assets 4 2,880,000
Investments 5 964,135
3,844,135

CURRENT ASSETS
Debtors 6 181,300

CREDITORS
Amounts falling due within one year 7 3,250
NET CURRENT ASSETS 178,050
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

4,022,185

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

MEMBERS' OTHER INTERESTS
Capital accounts 4,372,825
Other reserves (350,640 )
4,022,185

TOTAL MEMBERS' INTERESTS
Members' other interests 4,022,185

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Truffles Assets LLP (Registered number: OC446441)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 8 November 2024 and were signed by:





P R Tompsett - Designated member

Truffles Assets LLP (Registered number: OC446441)

Notes to the Financial Statements
for the Period 21 March 2023 to 31 March 2024


1. STATUTORY INFORMATION

Truffles Assets LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intellectual property is being amortised over its useful economic life of 10 years.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Truffles Assets LLP (Registered number: OC446441)

Notes to the Financial Statements - continued
for the Period 21 March 2023 to 31 March 2024


2. ACCOUNTING POLICIES - continued

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 3,200,000
At 31 March 2024 3,200,000
AMORTISATION
Charge for period 320,000
At 31 March 2024 320,000
NET BOOK VALUE
At 31 March 2024 2,880,000

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 964,135
At 31 March 2024 964,135
NET BOOK VALUE
At 31 March 2024 964,135

Truffles Assets LLP (Registered number: OC446441)

Notes to the Financial Statements - continued
for the Period 21 March 2023 to 31 March 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 181,300

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other creditors 3,250