Registered number
OC343500
Ollie Hancock LLP
Filleted Accounts
31 March 2024
Ollie Hancock LLP
Registered number: OC343500
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 805 1
Current assets
Stocks 6,200 -
Debtors 4 5,498 1,939
Cash at bank and in hand 31,016 94,815
42,714 96,754
Creditors: amounts falling due within one year 5 (11,991) (11,540)
Net current assets 30,723 85,214
Total assets less current liabilities 31,528 85,215
Creditors: amounts falling due after more than one year 6 (15,224) (25,778)
Net assets attributable to members 16,304 59,437
Represented by:
Loans and other debts due to members 7 (45,639) (2,056)
Members' other interests
Members' capital classified as equity 61,943 61,493
16,304 59,437
Total members' interests
Loans and other debts due to (from) members 7 (45,639) (2,056)
Members' other interests 61,943 61,493
16,304 59,437
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 27 September 2024 and signed on their behalf by:
O Hancock
Designated member
Ollie Hancock LLP
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.
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 over 4 years
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 27,305
Additions 1,072
At 31 March 2024 28,377
Depreciation
At 1 March 2023 27,304
Charge for the period 268
At 31 March 2024 27,572
Net book value
At 31 March 2024 805
At 28 February 2023 1
4 Debtors 2024 2023
£ £
Trade debtors 5,498 1,939
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans (repayments due within one year) 10,560 10,860
Other taxes and social security costs 1,431 680
11,991 11,540
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (Repayments due outside of one year) 15,224 25,778
7 Loans and other debts due to (from) members 2024 2023
£ £
Loans from members (72,929) (44,535)
Amounts due to members in respect of profits 27,290 42,479
(45,639) (2,056)
Amounts falling due within one year (45,639) (2,056)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Ollie Hancock LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 2b, Henley Business Park
Pirbright Road
Normandy
Guildford, Surrey
GU3 2DX
Ollie Hancock LLP OC343500 false 2023-03-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 O Hancock No description of principal activity OC343500 2022-03-01 2023-02-28 OC343500 core:WithinOneYear 2023-02-28 OC343500 core:AfterOneYear 2023-02-28 OC343500 1 2023-02-28 OC343500 core:ShareCapital 2023-02-28 OC343500 2023-03-01 2024-03-31 OC343500 bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-03-31 OC343500 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-03-31 OC343500 bus:PartnerLLP20 2023-03-01 2024-03-31 OC343500 3 2023-03-01 2024-03-31 OC343500 1 2023-03-01 2024-03-31 OC343500 2 2023-03-01 2024-03-31 OC343500 4 2023-03-01 2024-03-31 OC343500 core:PlantMachinery 2023-03-01 2024-03-31 OC343500 countries:England 2023-03-01 2024-03-31 OC343500 bus:FRS102 2023-03-01 2024-03-31 OC343500 bus:FilletedAccounts 2023-03-01 2024-03-31 OC343500 2024-03-31 OC343500 core:WithinOneYear 2024-03-31 OC343500 core:AfterOneYear 2024-03-31 OC343500 1 2024-03-31 OC343500 core:ShareCapital 2024-03-31 OC343500 core:PlantMachinery 2024-03-31 OC343500 2023-02-28 OC343500 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure