6 false false false false false false false false false false false false false false false true true No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC343114 2023-05-01 2024-03-31 OC343114 2024-03-31 OC343114 2023-04-30 OC343114 2022-05-01 2023-04-30 OC343114 2023-04-30 OC343114 2022-04-30 OC343114 core:FurnitureFittings 2023-05-01 2024-03-31 OC343114 core:MotorVehicles 2023-05-01 2024-03-31 OC343114 bus:Director1 2023-05-01 2024-03-31 OC343114 core:FurnitureFittings 2023-04-30 OC343114 core:MotorVehicles 2023-04-30 OC343114 core:FurnitureFittings 2024-03-31 OC343114 core:MotorVehicles 2024-03-31 OC343114 core:WithinOneYear 2024-03-31 OC343114 core:WithinOneYear 2023-04-30 OC343114 core:AfterOneYear 2024-03-31 OC343114 core:AfterOneYear 2023-04-30 OC343114 core:FurnitureFittings 2023-04-30 OC343114 core:MotorVehicles 2023-04-30 OC343114 bus:SmallEntities 2023-05-01 2024-03-31 OC343114 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-03-31 OC343114 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-03-31 OC343114 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC343114 bus:FullAccounts 2023-05-01 2024-03-31 OC343114 core:OfficeEquipment 2023-05-01 2024-03-31 OC343114 core:OfficeEquipment 2023-04-30 OC343114 core:OfficeEquipment 2024-03-31
REGISTERED NUMBER: OC343114
RECOVERY ASSIST LLP
Filleted Unaudited Financial Statements
31 March 2024
RECOVERY ASSIST LLP
Financial Statements
Period from 1 May 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
RECOVERY ASSIST LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
5
23,925
28,961
Current assets
Work in progress
38,125
40,875
Debtors
6
242,424
105,896
Cash at bank and in hand
355,454
513,370
---------
---------
636,003
660,141
Creditors: amounts falling due within one year
7
390,812
456,680
---------
---------
Net current assets
245,191
203,461
---------
---------
Total assets less current liabilities
269,116
232,422
Creditors: amounts falling due after more than one year
8
62,500
119,792
---------
---------
Net assets
206,616
112,630
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
206,616
112,630
---------
---------
Members' other interests
Other reserves
---------
---------
206,616
112,630
---------
---------
Total members' interests
Loans and other debts due to members
9
206,616
112,630
Members' other interests
---------
---------
206,616
112,630
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
RECOVERY ASSIST LLP
Statement of Financial Position (continued)
31 March 2024
For the period ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 19 November 2024 , and are signed on their behalf by:
M. Crausby
Designated Member
Registered number: OC343114
RECOVERY ASSIST LLP
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Dusty Miller House, 87 Crostons Road, Bury, BL8 1AL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 6 (2023: 9 ).
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
42,275
21,648
56,846
120,769
Additions
958
958
--------
--------
--------
---------
At 31 March 2024
42,275
21,648
57,804
121,727
--------
--------
--------
---------
Depreciation
At 1 May 2023
35,037
17,795
38,976
91,808
Charge for the period
1,659
883
3,452
5,994
--------
--------
--------
---------
At 31 March 2024
36,696
18,678
42,428
97,802
--------
--------
--------
---------
Carrying amount
At 31 March 2024
5,579
2,970
15,376
23,925
--------
--------
--------
---------
At 30 April 2023
7,238
3,853
17,870
28,961
--------
--------
--------
---------
6.
Debtors
31 Mar 24
30 Apr 23
£
£
Trade debtors
231,974
94,116
Other debtors
10,450
11,780
---------
---------
242,424
105,896
---------
---------
7. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
62,500
62,500
Trade creditors
223,667
284,610
Social security and other taxes
32,461
53,440
Other creditors
72,184
56,130
---------
---------
390,812
456,680
---------
---------
8. Creditors: amounts falling due after more than one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
62,500
119,792
--------
---------
9.
Loans and other debts due to members
31 Mar 24
30 Apr 23
£
£
Amounts owed to members in respect of profits
206,616
112,630
---------
---------