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REGISTERED NUMBER: OC334997 (England and Wales)














Unaudited Financial Statements

for the Year Ended 29th February 2024

for

The Old Thatch LLP

The Old Thatch LLP (Registered number: OC334997)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


The Old Thatch LLP (Registered number: OC334997)

Abridged Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 6,092 6,546

CURRENT ASSETS
Stocks 191 198
Cash at bank 7,443 9,397
7,634 9,595
CREDITORS
Amounts falling due within one year 1,475 1,737
NET CURRENT ASSETS 6,159 7,858
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

12,251

14,404

LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

12,251

14,404

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 12,251 14,404

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 year ended 29th February 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.

The Old Thatch LLP (Registered number: OC334997)

Abridged Balance Sheet - continued
29th February 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29th February 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Profit and Loss Accounts has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 14th November 2024 and were signed by:





Mr C R Whybrow - Designated member

The Old Thatch LLP (Registered number: OC334997)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

The Old Thatch LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC334997

Registered office: 4 Church Road
Shanklin
Isle of Wight
PO37 6NU

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of food, beverages and other related products is recognised at the point at which the goods have been delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on reducing balance
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The Old Thatch LLP (Registered number: OC334997)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

3. ACCOUNTING POLICIES - continued

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 cost 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st March 2023
and 29th February 2024 38,112
DEPRECIATION
At 1st March 2023 31,566
Charge for year 454
At 29th February 2024 32,020
NET BOOK VALUE
At 29th February 2024 6,092
At 28th February 2023 6,546

The Old Thatch LLP (Registered number: OC334997)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 12,251 14,404

Falling due within one year 12,251 14,404

The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP.

7. ULTIMATE CONTROLLING PARTY

During the year the company was under the control of Mrs P Whybrow.