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REGISTERED NUMBER: OC441326 (England and Wales)











Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

TT Cornwall LLP

TT Cornwall LLP (Registered number: OC441326)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


TT Cornwall LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Miss V J Hampshire
Ms K Hampshire





REGISTERED OFFICE: 1 Lambourne Avenue
Wheal Kitty
St. Agnes
TR5 0SD





REGISTERED NUMBER: OC441326 (England and Wales)





ACCOUNTANTS: Briants Chartered Accountants
Maritime House
Discovery Quay
Falmouth
Cornwall
TR11 3XA

TT Cornwall LLP (Registered number: OC441326)

Report of the Members
for the Year Ended 31 March 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of franchised swimming lessons.

DESIGNATED MEMBERS
The designated members during the year under review were:

Miss V J Hampshire
Ms K Hampshire

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £44,676 (2023 - £26,692 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





Miss V J Hampshire - Designated member


23 October 2024

TT Cornwall LLP (Registered number: OC441326)

Income Statement
for the Year Ended 31 March 2024

Period
8.3.22
Year Ended to
31.3.24 31.3.23
Notes £    £   

TURNOVER 192,073 149,920

Cost of sales (85,829 ) (85,441 )
GROSS PROFIT 106,244 64,479

Administrative expenses (61,566 ) (37,785 )
OPERATING PROFIT 4 44,678 26,694


Interest payable and similar expenses (2 ) (2 )
PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS





44,676





26,692

TT Cornwall LLP (Registered number: OC441326)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 14,365 18,785
Tangible assets 6 613 915
14,978 19,700

CURRENT ASSETS
Stocks 500 200
Debtors 7 1,502 265
Cash at bank 42,427 33,938
44,429 34,403
CREDITORS
Amounts falling due within one year 8 16,659 23,127
NET CURRENT ASSETS 27,770 11,276
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

42,748

30,976

LOANS AND OTHER DEBTS DUE
TO MEMBERS

9

42,748

30,976

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 42,748 30,976

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 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.

TT Cornwall LLP (Registered number: OC441326)

Balance Sheet - continued
31 March 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 23 October 2024 and were signed by:




Miss V J Hampshire - Designated member




Ms K Hampshire - Designated member


TT Cornwall LLP (Registered number: OC441326)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

TT Cornwall 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.

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
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2023 - 3 ) .

TT Cornwall LLP (Registered number: OC441326)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
8.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Depreciation - owned assets 302 450
Patents and licences amortisation 4,420 3,315

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 22,100
AMORTISATION
At 1 April 2023 3,315
Charge for year 4,420
At 31 March 2024 7,735
NET BOOK VALUE
At 31 March 2024 14,365
At 31 March 2023 18,785

TT Cornwall LLP (Registered number: OC441326)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 1,365
DEPRECIATION
At 1 April 2023 450
Charge for year 302
At 31 March 2024 752
NET BOOK VALUE
At 31 March 2024 613
At 31 March 2023 915

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,502 265

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 132 1,724
Other creditors 16,527 21,403
16,659 23,127

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 42,748 30,976

Falling due within one year 42,748 30,976

In the event of the cessation of an LLP, the loans due to partners are the last item to be repaid.