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Registration number: OC441263

Rowe Atlantic Development LLP

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Rowe Atlantic Development LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 6

 

Rowe Atlantic Development LLP

Limited liability partnership information

Designated members

Mr S Rowe

Mrs J Rowe

Mr C Rowe

Mrs V Rowe
 

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Rowe Atlantic Development LLP

(Registration number: OC441263)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

3

5,583,760

5,222,983

Debtors

4

17,864

3,595

Cash and short-term deposits

 

23,428

27,086

 

5,625,052

5,253,664

Creditors: Amounts falling due within one year

5

(5,086)

-

Net assets attributable to members

 

5,619,966

5,253,664

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

619,966

253,664

Members’ other interests

 

Members' capital classified as equity

 

5,000,000

5,000,000

   

5,619,966

5,253,664

Total members' interests

 

Loans and other debts due to members

 

619,966

253,664

Equity

 

5,000,000

5,000,000

   

5,619,966

5,253,664

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Rowe Atlantic Development LLP

(Registration number: OC441263)
Balance Sheet as at 31 March 2024

The financial statements of Rowe Atlantic Development LLP (registered number OC441263) were approved by the Board and authorised for issue on 22 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr S Rowe
Designated member

 

Rowe Atlantic Development LLP

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Rowe Atlantic Development LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Rowe Atlantic Development LLP

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

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Rowe Atlantic Development LLP

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

3

Stocks

2024
£

2023
£

Stocks

5,583,760

5,222,983

4

Debtors

2024
£

2023
£

Other debtors

17,864

3,595

Total current trade and other debtors

17,864

3,595

5

Creditors: Amounts falling due within one year

2024
£

Trade creditors

2,424

Accruals and deferred income

2,250

Taxation and social security

412

5,086

6

Loans and other debts due to members

Loans and other debts due to members

Other
£

Total
£

Amounts due to members

622,216

622,216

     

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.