Limited Liability Partnership registration number OC341045 (England and Wales)
Chantler Timber LLP
Annual report and unaudited financial statements
For the year ended 29 February 2024
Chantler Timber LLP
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 7
Chantler Timber LLP
Balance sheet
As at 29 February 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
59,961
Current assets
Stocks
-
171,717
Debtors
4
13,980
419,980
Cash at bank and in hand
115,063
422,324
129,043
1,014,021
Creditors: amounts falling due within one year
5
(35,407)
(282,291)
Net current assets
93,636
731,730
Total assets less current liabilities and net assets attributable to members
93,636
791,691
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
93,636
791,691

For the financial year ended 29 February 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 27 November 2024 and are signed on their behalf by:
27 November 2024
Mr M Chantler
Designated member
Limited Liability Partnership registration number OC341045 (England and Wales)
Chantler Timber LLP
Statement of changes in equity
For the year ended 29 February 2024
- 2 -
Other reserves
£
Balance at 1 March 2022
-
Year ended 28 February 2023:
Profit and total comprehensive income for the year
771,781
Profit allocations
(771,781)
Balance at 28 February 2023
-
Year ended 29 February 2024:
Profit and total comprehensive income for the year
(147,202)
Profit allocations
147,202
Balance at 29 February 2024
-
Chantler Timber LLP
Notes to the financial statements
For the year ended 29 February 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Chantler Timber LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The LLP ceased to trade on 31 August 2023 and the members will be arranging for the LLP to be wound up.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Chantler Timber LLP
Notes to the financial statements (continued)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Retirement benefits and post retirement payments to members

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
2
9
Chantler Timber LLP
Notes to the financial statements (continued)
For the year ended 29 February 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
177,974
Disposals
(177,974)
At 29 February 2024
-
Depreciation and impairment
At 1 March 2023
118,013
Depreciation charged in the year
4,095
Eliminated in respect of disposals
(122,108)
At 29 February 2024
-
Carrying amount
At 29 February 2024
-
At 28 February 2023
59,961
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,000
417,760
Other debtors
1,980
2,220
13,980
419,980
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
214,833
Taxation and social security
-
34,545
Other creditors
35,407
32,913
35,407
282,291
Chantler Timber LLP
Notes to the financial statements (continued)
For the year ended 29 February 2024
- 6 -
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 March 2023
-
791,691
791,691
791,691
Loss for the financial year available for discretionary division among members
(147,202)
-
-
(147,202)
Members' interests after loss for the year
(147,202)
791,691
791,691
644,489
Allocation of loss for the financial year
147,202
(147,202)
(147,202)
-
Drawings on account and distributions of profit
-
(550,853)
(550,853)
(550,853)
Members' interests at 29 February 2024
-
93,636
93,636
93,636
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

 

There is no protection afforded to creditors in the event of a winding up.

 

There are no restrictions on the members' ability to reduce the amount of members' other interests.

8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
37,279
Chantler Timber LLP
Notes to the financial statements (continued)
For the year ended 29 February 2024
- 7 -
9
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities under common control
-
255,043

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities under common control
20,750
24,556
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