Registered number
OC446058
YOUNG BUSINESS CLUB, LLPOC446058
Accounts
31 March 2024
YOUNG BUSINESS CLUB, LLPOC446058
Accountants' Report
Accountants' report to the members of
YOUNG BUSINESS CLUB, LLPOC446058
You consider that the LLP is exempt from an audit for the period ended 31 March 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 (as applied by the LLP regulations) with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the LLP at the end of the financial period and of its profit or loss for the financial period.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Reconciliation of Members' Interests and the related notes from the accounting records of the LLP and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
TAXACE
Accountants
44 Broadway
London
E15 1XH
14 November 2024
YOUNG BUSINESS CLUB, LLPOC446058
Profit and Loss Account
for the period from 1 March 2023 to 31 March 2024
2024
£
Turnover 112,428
Cost of sales (10,254)
Gross profit 102,174
Distribution costs -
Administrative expenses (94,604)
Other operating income -
Operating profit 7,570
Profit on the disposal of tangible fixed assets -
Profit on the disposal of investments -
Gain on revaluation of investments -
Income from investments -
Interest receivable -
Interest payable -
Profit before members' remuneration and profit share 7,570
Members' remuneration charged as an expense -
Profit for the period available for discretionary division among members 7,570
YOUNG BUSINESS CLUB, LLPOC446058
Statement of comprehensive income
for the period from 1 March 2023 to 31 March 2024
2024
£
Profit for the period available for discretionary division among members 7,570
Gain on revaluation of land and buildings -
Gain on revaluation of subsidiaries, associates and joint ventures -
Total comprehensive income for the period 7,570
YOUNG BUSINESS CLUB, LLPOC446058
Registered number: OC446058
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Intangible assets 4 -
Tangible assets 5 -
Investments 6 -
-
Current assets
Stocks -
Debtors 7 -
Investments held as current assets 8 -
Cash at bank and in hand 7,570
7,570
Creditors: amounts falling due within one year 9 -
Net current assets 7,570
Total assets less current liabilities 7,570
Creditors: amounts falling due after more than one year 10 -
Provisions for liabilities -
Net assets attributable to members 7,570
Represented by:
Loans and other debts due to members 12 -
Members' other interests
Members' capital classified as equity -
Revaluation reserve -
Other reserves 7,570
7,570
7,570
Total members' interests
Amounts due from members included in debtors 7 -
Loans and other debts due to members 12 -
-
Members' other interests 7,570
7,570
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 14 November 2024 and signed on their behalf by:
ANDRII OSTAPCHUK
Designated member
YOUNG BUSINESS CLUB, LLPOC446058
Reconciliation of Members' Interests
for the period from 1 March 2023 to 31 March 2024
£
EQUITY DEBT TOTAL
Members' other interests Loans and other debts due to members
less any amounts due from members
in debtors
Members' capital (classified as equity) Revaluation reserve Other reserves Total Members' capital (classified as debt) Other amounts Total Total members' interests
Balance at 1 March 2023 - - - - - - - -
Members remuneration charged as an expense - - -
Profit for the financial period available for discretionary division among members 7,570 7,570 7,570
Members' interests after profit for the year - - 7,570 7,570 - - - 7,570
Other divisions of profits - - - - -
Gain on revaluation of land and buildings - - -
Gain on revaluation of subsidiaries, associates and joint ventures - - -
Introduced by members - - - - - -
Repaid to members - - - - - -
Transfer of retirement benefit liabilities to creditors in respect of those who have ceased to be members - - -
Drawings - - -
Other movements - - - - - - - -
Balance at 31 March 2024 - - 7,570 7,570 - - - 7,570
YOUNG BUSINESS CLUB, LLPOC446058
Notes to the Accounts
for the period from 1 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 (ie 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024
£
-
3 Employees 2024
Number
Average number of persons employed by the LLP 0
4 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 -
Additions -
Disposals -
At 31 March 2024 -
Amortisation
At 1 March 2023 -
Provided during the period -
On disposals -
At 31 March 2024 -
Net book value
At 31 March 2024 -
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 - - - -
Additions - - - -
Revaluation - -
Disposals - - - -
At 31 March 2024 - - - -
Depreciation
At 1 March 2023 - - - -
Charge for the period - - - -
Revaluation - -
On disposals - - - -
At 31 March 2024 - - - -
Net book value
At 31 March 2024 - - - -
At 28 February 2023 - - - -
Freehold land and buildings: 2024
£
Historical cost -
Cumulative depreciation based on historical cost -
-
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Fixed asset investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 March 2023 - - -
Additions - - -
Revaluation - - -
Disposals - - -
At 31 March 2024 - - -
Historical cost
At 1 March 2023 - -
At 31 March 2024 - -
[For revalued investments, see FRS 102 paragraphs 1AC.15, 1AC.22 and 1AC.23 for disclosures]
7 Debtors 2024
£
Trade debtors -
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest -
Amounts due from members -
Other debtors -
-
Amounts due after more than one year included above -
8 Investments held as current assets 2024
£
Fair value
Listed investments -
Unlisted investments -
-
Increase/(decrease) in fair value included in the profit and loss account for the period
Listed investments -
Unlisted investments -
-
[For revalued investments, see FRS 102 paragraphs 1AC.22 and 1AC.23 for disclosures]
9 Creditors: amounts falling due within one year 2024
£
Bank loans and overdrafts -
Obligations under finance lease and hire purchase contracts -
Trade creditors -
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest -
Other taxes and social security costs -
Other creditors -
-
10 Creditors: amounts falling due after one year 2024
£
Bank loans -
Obligations under finance lease and hire purchase contracts -
Trade creditors -
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest -
Other creditors -
-
11 Loans 2024
£
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years -
Instalments falling due for payment after more than five years -
-
Secured bank loans -
[Give an indication of the nature and form of the security for the bank loans]
12 Loans and other debts due to members 2024
£
Members capital classified as debt -
Loans from members -
Retirement benefit liabilities in respect of current members -
Amounts due to members in respect of profits -
-
Amounts falling due within one year -
Amounts falling due after more than one year -
-
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
13 Revaluation reserve 2024
£
At 1 March 2023 -
Gain on revaluation of land and buildings -
Gain on revaluation of subsidiaries, associates and joint ventures -
Other movements -
At 31 March 2024 -
14 Events after the reporting date
15 Capital commitments 2024
£
Amounts contracted for but not provided in the accounts -
16 Pension commitments
17 Other financial commitments 2024
£
Total future minimum payments under non-cancellable operating leases -
18 Contingent liabilities
19 Off-balance sheet arrangements
20 Related party transactions
21 Controlling party
22 Other information
YOUNG BUSINESS CLUB, LLPOC446058 is a limited liability partnership incorporated in England. Its registered office is:
71-75
SHELTON STREET
COVENT GARDEN
LONDON
WC2H 9JQ
YOUNG BUSINESS CLUB, LLPOC446058
Administrative expenses
for the period from 1 March 2023 to 31 March 2024
This schedule does not form part of the statutory accounts of the LLP
2024
£
Employee costs -
Premises costs -
Repairs -
General administrative expenses 15,379
Motor expenses 3,950
Travel and subsistence 1,587
Advertising, promotion and entertainment 63,084
Legal and professional costs 10,096
Bad debts -
Other finance charges 508
Depreciation and loss/(profit) on sale -
Other expenses -
94,604
YOUNG BUSINESS CLUB, LLPOC446058
Detailed profit and loss account
for the period from 1 March 2023 to 31 March 2024
This schedule is designed for completing the partnership tax return and does not form part of the statutory accounts of the LLP
2024
£
Sales 112,428
Cost of sales -
Construction industry subcontractor costs 4,488
Other direct costs 5,766
Gross profit 102,174
Other income/profits -
Expenses
Employee costs -
Premises costs -
Repairs -
General administrative expenses 15,379
Motor expenses 3,950
Travel and subsistence 1,587
Advertising, promotion and entertainment 63,084
Legal and professional costs 10,096
Bad debts -
Interest -
Other finance charges 508
Depreciation and loss/(profit) on sale -
Other expenses -
94,604
Profit before members' remuneration and profit share 7,570
YOUNG BUSINESS CLUB, LLPOC446058
Detailed profit and loss account
for the period from 1 March 2023 to 31 March 2024
This schedule does not form part of the statutory accounts of the LLP
2024
£
Sales
Sales 112,428
112,428
Cost of sales
Purchases -
Decrease/increase in stocks -
-
Construction industry subcontractor costs
Subcontractor costs 4,488
4,488
Other direct costs
Direct labour -
Discounts allowed -
Commissions payable -
Other direct costs 5,766
5,766
Other income/profits
Rental income -
Discounts received -
-
Income from investments -
Interest receivable -
-
Employee costs
Wages and salaries -
Pensions -
Bonuses -
Employer's NI -
Temps and recruitment fees -
Staff training and welfare -
-
Premises costs
Rent -
Rates -
Service charges -
Light and heat -
Cleaning -
Use of home -
-
Repairs
Repairs and maintenance -
-
General administrative expenses
Telephone and internet 779
Postage and carriage -
Stationery and printing -
Courier services -
Information and publications -
Subscriptions -
Insurance -
Equipment expensed -
Hire of equipment -
Software 14,600
15,379
Motor expenses
Motor expenses 3,950
3,950
Travel and subsistence
Travel and subsistence 1,587
1,587
Advertising, promotion and entertainment
Advertising and PR 63,084
Entertaining -
63,084
Legal and professional costs
Accountants fees 9,977
Solicitors fees -
Other -
Consultancy fees 119
Management fees -
10,096
Bad debts
Bad debts -
-
Interest payable
Interest payable -
-
Other finance charges
Bank charges 508
Hire purchase and lease interest -
508
Depreciation and loss/(profit) on sale
Depreciation -
Amortisation of goodwill -
Profit/loss on sale of fixed assets -
-
PL on disposal of plant & machinery -
PL on disposal of investments -
-
Other expenses
Sundry expenses -
-
Distribution costs -
-
-
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