0
false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
true
false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
21,500
8,600
4,300
12,900
8,600
12,900
xbrli:pure
xbrli:shares
iso4217:GBP
OC398928
2023-04-01
2024-03-31
OC398928
2024-03-31
OC398928
2023-03-31
OC398928
2022-04-01
2023-03-31
OC398928
2023-03-31
OC398928
2022-03-31
OC398928
core:PlantMachinery
2023-04-01
2024-03-31
OC398928
bus:Director1
2023-04-01
2024-03-31
OC398928
bus:Director2
2023-04-01
2024-03-31
OC398928
core:PlantMachinery
2023-03-31
OC398928
core:PlantMachinery
2024-03-31
OC398928
core:WithinOneYear
2024-03-31
OC398928
core:WithinOneYear
2023-03-31
OC398928
core:AfterOneYear
2024-03-31
OC398928
core:AfterOneYear
2023-03-31
OC398928
core:PlantMachinery
2023-03-31
OC398928
bus:SmallEntities
2023-04-01
2024-03-31
OC398928
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
OC398928
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
OC398928
bus:LimitedLiabilityPartnershipLLP
2023-04-01
2024-03-31
OC398928
bus:FullAccounts
2023-04-01
2024-03-31
REGISTERED NUMBER:
OC398928
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed Assets
Tangible assets |
5 |
|
8,600 |
12,900 |
|
|
|
|
|
Current Assets
Stocks |
1,994,703 |
|
694,450 |
Debtors |
6 |
78,771 |
|
48,607 |
Cash at bank and in hand |
376,573 |
|
1,570,418 |
|
------------- |
|
------------- |
|
2,450,047 |
|
2,313,475 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
653,825 |
|
263,829 |
|
------------- |
|
------------- |
Net Current Assets |
|
1,796,222 |
2,049,646 |
|
|
------------- |
------------- |
Total Assets Less Current Liabilities |
|
1,804,822 |
2,062,546 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
4,658 |
8,958 |
|
|
------------- |
------------- |
Net Assets |
|
1,800,164 |
2,053,588 |
|
|
------------- |
------------- |
|
|
|
|
|
Represented by:
Loans and Other Debts due to Members
Other amounts |
9 |
|
1,800,164 |
2,053,588 |
|
|
------------- |
------------- |
|
|
|
|
|
Members' Other Interests
Other reserves |
|
– |
– |
|
|
------------- |
------------- |
|
|
1,800,164 |
2,053,588 |
|
|
------------- |
------------- |
|
|
|
|
Total Members' Interests
Loans and other debts due to members |
9 |
|
1,800,164 |
2,053,588 |
Members' other interests |
|
– |
– |
|
|
------------- |
------------- |
|
|
1,800,164 |
2,053,588 |
|
|
------------- |
------------- |
|
|
|
|
|
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.
Statement of Financial Position (continued) |
|
31 March 2024
For the year ending 31st 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
18 November 2024
, and are signed on their behalf by:
Ashworth Developments Limited |
South East Developments Limited |
Designated Member |
Designated Member |
|
|
Registered number:
OC398928
Notes to the Financial Statements |
|
Year Ended 31st March 2024
The LLP is registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, CO1 1QT, Essex.
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 2018 (SORP 2018).
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
The turnover shown in the profit and loss account represents properties sold and/or building work done during the year.
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).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 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'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Plant & machinery |
- |
20% straight line |
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction Contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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. Debt instruments are subsequently measured at amortised cost.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil
(2023:
1
).
|
Plant and machinery |
Total |
|
£ |
£ |
Cost |
|
|
At 1st April 2023 and 31st March 2024 |
21,500 |
21,500 |
|
--------- |
--------- |
Depreciation |
|
|
At 1st April 2023 |
8,600 |
8,600 |
Charge for the year |
4,300 |
4,300 |
|
--------- |
--------- |
At 31st March 2024 |
12,900 |
12,900 |
|
--------- |
--------- |
Carrying amount |
|
|
At 31st March 2024 |
8,600 |
8,600 |
|
--------- |
--------- |
At 31st March 2023 |
12,900 |
12,900 |
|
--------- |
--------- |
|
|
|
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
20 |
Other debtors |
78,771 |
48,587 |
|
--------- |
--------- |
|
78,771 |
48,607 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
441,059 |
– |
Trade creditors |
142,571 |
20,739 |
Other loans |
60,000 |
60,000 |
Other creditors |
10,195 |
183,090 |
|
---------- |
---------- |
|
653,825 |
263,829 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
4,658 |
8,958 |
|
------- |
------- |
|
|
|
9. |
Loans and Other Debts due to Members |
|
|
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to members in respect of profits |
1,800,164 |
2,053,588 |
|
------------- |
------------- |
|
|
|