Registered number
OC401377
Groupo-Grass LLP
Filleted Accounts
31 March 2024
Groupo-Grass LLP
Registered number: OC401377
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,894 6,143
Current assets
Stocks 2,700 1,494
Debtors 4 3,151 3,679
Cash at bank and in hand 1,825 4,886
7,676 10,059
Creditors: amounts falling due within one year 5 (22,243) (6,293)
Net current (liabilities)/assets (14,567) 3,766
Total assets less current liabilities 2,327 9,909
Creditors: amounts falling due after more than one year 6 (4,825) (3,461)
Net (liabilities)/assets attributable to members (2,498) 6,448
Represented by:
Loans and other debts due to members 7 (2,498) -
Members' other interests
Members' capital classified as equity - 6,448
(2,498) 6,448
Total members' interests
Loans and other debts due to members 7 (2,498) -
Members' other interests - 6,448
(2,498) 6,448
For the period ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 8 November 2024 and signed on their behalf by:
Jacqueline Winsley-Baker
Designated member
Groupo-Grass LLP
Notes to the Accounts
for the period from 1 September 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP (including members) 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 7,862 7,000 14,862
Additions 7,594 12,500 20,094
Disposals - (7,000) (7,000)
At 31 March 2024 15,456 12,500 27,956
Depreciation
At 1 September 2023 5,431 3,288 8,719
Charge for the period 2,506 3,125 5,631
On disposals - (3,288) (3,288)
At 31 March 2024 7,937 3,125 11,062
Net book value
At 31 March 2024 7,519 9,375 16,894
At 31 August 2023 2,431 3,712 6,143
4 Debtors 2024 2023
£ £
Trade debtors 2,400 1,500
Other debtors 751 2,179
3,151 3,679
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,806 2,369
Obligations under finance lease and hire purchase contracts 294 294
Trade creditors 5,966 2,118
Other creditors 9,177 1,512
22,243 6,293
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,433 2,897
Obligations under finance lease and hire purchase contracts 392 564
4,825 3,461
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits (2,498) -
Amounts falling due within one year (2,498) -
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other financial commitments 2024 2023
£ £
Restated
Total future minimum payments under non-cancellable operating leases 910 1,213
9 Other information
Groupo-Grass LLP is a limited liability partnership incorporated in England. Its registered office is:
449 Brook Lane
Birmingham
B13 0BT
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