G & F Partners LLP |
Registered number: |
OC389088 |
Balance Sheet |
as at 30 April 2024 |
Notes |
|
2024 |
|
2023 |
£ |
£ |
Current assets |
|
|
|
|
|
Debtors |
3 |
|
1,264,273 |
|
1,264,273 |
|
Creditors: amounts falling due within one year |
4 |
|
(838,448) |
|
(838,448) |
|
Net current assets |
|
|
425,825 |
|
425,825 |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
425,825 |
|
425,825 |
|
|
|
Net assets attributable to members |
425,825 |
|
425,825 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
5 |
|
425,825 |
|
425,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
425,825 |
|
425,825 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
5 |
|
425,825 |
|
425,825 |
|
|
|
|
425,825 |
|
425,825 |
|
|
|
|
|
|
For the year ended 30 April 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 28 November 2024 and signed on their behalf by: |
|
|
Paul Thresher |
Designated member |
|
G & F Partners LLP |
Notes to the Accounts |
for the year ended 30 April 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. |
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|
Members' participation rights |
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|
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). |
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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 FRS25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet. |
|
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 Profit and Loss Account and are equity appropriations in the Balance Sheet. |
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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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the LLP |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts due from members |
|
1,264,273 |
|
1,264,273 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Other creditors |
838,448 |
|
838,448 |
|
|
|
|
|
|
|
|
|
|
5 |
Loans and other debts due to members |
2024 |
|
2023 |
£ |
£ |
|
|
Members capital classified as debt |
350,792 |
|
350,792 |
|
Tax provisions |
75,033 |
|
75,033 |
|
|
|
|
|
|
425,825 |
|
425,825 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
425,825 |
|
425,825 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
6 |
Controlling party |
|
|
The LLP is controlled by the 3 members, Mr D Lavender, Mr P Lavender and Mr P Thresher. |
|
|
7 |
Other information |
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G & F Partners LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
Units 2/3 Aspen Way |
|
Yalberton Ind Estate |
|
Paignton |
|
TQ4 7QR |