Registered number
OC441000
QP Innovators LLP
Unaudited Filleted Accounts For The Year Ended
31 March 2024
QP Innovators LLP
Registered number: OC441000
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 431 -
431 -
Current assets
Stocks 81,246 33,211
Debtors 4 1,960 4,344
Cash at bank and in hand 17,491 32,501
100,697 70,056
Creditors: amounts falling due within one year 5 (2,409) (693)
Net current assets 98,288 69,363
Total assets less current liabilities 98,719 69,363
Net assets attributable to members 98,719 69,363
Represented by:
Total members' interests
Loans and other debts due to members 6 98,719 69,363
98,719 69,363
98,719 69,363
For the period ended 31 March 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 23 November 2024 and signed on their behalf by:
A Wealls
Designated member
QP Innovators LLP
Notes to the Accounts
for the period from 1 March 2023 to 31 March 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 March 2023 - -
Additions 575 575
At 31 March 2024 575 575
Depreciation
At 1 March 2023 - -
Charge for the period 144 144
At 31 March 2024 144 144
Net book value
At 31 March 2024 431 431
At 28 February 2023 - -
4 Debtors 2024 2023
£ £
Trade debtors 1,245 546
Other debtors 715 3,798
1,960 4,344
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 1,601 -
Other creditors 808 693
2,409 693
6 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 81,000 62,000
Amounts due to members in respect of profits 17,719 7,363
98,719 69,363
Amounts falling due after more than one year 98,719 69,363
98,719 69,363
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
QP Innovators LLP is a limited liability partnership incorporated in England. Its registered office is:
118 The Avenue
London
NW6 7NN
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