Registration number:
GNVPrice LLP
for the period from 1 September 2023 to 31 March 2024
GNVPrice LLP
Contents
Limited liability partnership information |
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Members' Report |
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
GNVPrice LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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GNVPrice LLP
Members' Report for the period from 1 September 2023 to 31 March 2024
The members present their report and the unaudited financial statements for the period from 1 September 2023 to 31 March 2024.
Designated members
The members who held office during the period were as follows:
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.
Approved by the
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Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
GNVPrice LLP
for the Period Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of GNVPrice LLP for the period ended 31 March 2024 set out on pages 4 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the members of GNVPrice LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GNVPrice LLP and state those matters that we have agreed to state to the members of GNVPrice LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GNVPrice LLP and its members as a body for our work or for this report.
It is your duty to ensure that GNVPrice LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GNVPrice LLP. You consider that GNVPrice LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of GNVPrice LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Certified Chartered Accountants
Crewe
Cheshire
CW1 6EA
GNVPrice LLP
(Registration number: OC418580)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
31 August 2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
160,097 |
143,227 |
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Other reserves |
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179,991 |
179,938 |
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179,991 |
179,938 |
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Total members' interests |
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Equity |
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179,991 |
179,938 |
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, and the option not to file the Members Report and Profit and Loss Account has been taken.
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.
GNVPrice LLP
(Registration number: OC418580)
Balance Sheet as at 31 March 2024 (continued)
The financial statements of GNVPrice LLP (registered number OC418580) were approved by the
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GNVPrice LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
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.
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 GNVPrice 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.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received.
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.
Tangible fixed assets
Individual fixed assets costing £250.00 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% straight line basis |
Office equipment |
3 year straight line basis |
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.
GNVPrice LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024 (continued)
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
GNVPrice LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024 (continued)
Tangible fixed assets |
Freehold land and buildings |
Plant and machinery |
Office equipment |
Total |
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Cost |
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At 1 September 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 September 2023 |
- |
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- |
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Charge for the year |
- |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 August 2023 |
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GNVPrice LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024 (continued)
3 |
Tangible fixed assets (continued) |
Revaluation
The fair value of the limited liability partnership's land and buildings was valued on 14 August 2017 by an independent valuer. The name and qualification of the independent valuer are Barnes & Barnes Chartered Surveyors & Valuers.
Debtors |
31 March 2024 |
31 August 2023 |
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Other debtors |
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Total current trade and other debtors |
1,424 |
3,556 |
Creditors: Amounts falling due within one year |
31 March 2024 |
31 August 2023 |
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Trade creditors |
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- |
Other creditors |
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Creditors: Amounts falling due after more than one year |
31 March 2024 |
31 August 2023 |
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Other creditors |
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Prior period adjustments |
The accounts have been restated to incorporate an adjustment to the presentation of the liabilities of the LLP and the member's capital accounts.
Summary of prior year accounting impact:
Increase in Creditors: Amounts falling due after more than one year of £1,592,500
Decrease in members' equity of £1,592,500