REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 AUGUST 2023 |
FOR |
X8M LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 AUGUST 2023 |
FOR |
X8M LLP |
X8M LLP (REGISTERED NUMBER: OC352448) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 August 2023 |
Page |
General Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
X8M LLP |
GENERAL INFORMATION |
for the year ended 30 August 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
X8M LLP (REGISTERED NUMBER: OC352448) |
ABRIDGED BALANCE SHEET |
30 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
125,894 |
427,890 |
X8M LLP (REGISTERED NUMBER: OC352448) |
ABRIDGED BALANCE SHEET - continued |
30 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
15,724 |
317,720 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 110,170 | 110,170 |
125,894 | 427,890 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 15,724 | 317,720 |
Members' other interests | 110,170 | 110,170 |
Amounts due from members | (357,552 | ) | - |
(231,658 | ) | 427,890 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
X8M LLP (REGISTERED NUMBER: OC352448) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 August 2023 |
1. | STATUTORY INFORMATION |
X8M LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the partners are of the opinion that the partnership will meet its liabilities as and when due, due to the continued support of the partners. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that: |
(a) the entity will comply with the conditions attaching to them; and |
(b) the grants will be received. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
X8M LLP (REGISTERED NUMBER: OC352448) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
Disposals | ( |
) |
At 30 August 2023 |
NET BOOK VALUE |
At 30 August 2023 |
X8M LLP (REGISTERED NUMBER: OC352448) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 31 August 2022 |
Additions |
Disposals | ( |
) |
At 30 August 2023 |
DEPRECIATION |
At 31 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 August 2023 |
NET BOOK VALUE |
At 30 August 2023 |
At 30 August 2022 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 31 August 2022 |
and 30 August 2023 | 100 |
NET BOOK VALUE |
At 30 August 2023 | 100 |
At 30 August 2022 | 100 |
X8M LLP (REGISTERED NUMBER: OC352448) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 August 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 114,212 | 237,838 |
Hire purchase contracts are secured over the assets to which they relate. |
Bank overdraft is secured against designated partners personal guarantee. |
8. | RELATED PARTY DISCLOSURES |
At the balance sheet, the LLP was owed £504,315 (2022 - £1,321,160) by Excelr8 BTCC Limited. |
At the balance sheet, the LLP owed £11,214 (2022 - £48,405) to Excelr8 TCR Limited. |
At the balance sheet, the LLP owed £201,906 (2022 - £294,428) to A Williams Trading. |
At the balance sheet, the LLP owed £131,942 (2022 - 412,606) to Total Track |
The above companies are related by virtue of the same members/directors. |