Registration number:
Copperfield (Liverpool) LLP
Filleted Unaudited Financial Statements
for the Year Ended 29 February 2024
Copperfield (Liverpool) LLP
Contents
Limited liability partnership information |
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Copperfield (Liverpool) LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Copperfield (Liverpool) LLP
for the Year Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Copperfield (Liverpool) LLP for the year ended 29 February 2024 set out on pages 3 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the members of Copperfield (Liverpool) LLP, as a body, in accordance with the terms of our engagement letter dated 12 May 2020. Our work has been undertaken solely to prepare for your approval the accounts of Copperfield (Liverpool) LLP and state those matters that we have agreed to state to the members of Copperfield (Liverpool) LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Copperfield (Liverpool) LLP and its members as a body for our work or for this report.
It is your duty to ensure that Copperfield (Liverpool) LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Copperfield (Liverpool) LLP. You consider that Copperfield (Liverpool) LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Copperfield (Liverpool) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
St. Helens
Merseyside
WA9 1UA
Copperfield (Liverpool) LLP
(Registration number: OC306850)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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|
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Fixed assets held for sale or transfer |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities attributable to members |
( |
( |
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Represented by: |
|||
Loans and other debts due to members |
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Other amounts |
5,453 |
11,707 |
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Members’ other interests |
|||
Other reserves |
( |
( |
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(132,875) |
(51,621) |
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Total members' interests |
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Loans and other debts due to members |
5,453 |
11,707 |
|
Equity |
( |
( |
|
(132,875) |
(51,621) |
For the year ending 29 February 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Copperfield (Liverpool) LLP
(Registration number: OC306850)
Balance Sheet as at 29 February 2024
The financial statements of Copperfield (Liverpool) LLP (registered number OC306850) were approved by the
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Copperfield (Liverpool) LLP
Statement of Changes in Members’ Interests
At 29 February 2024
Equity |
Loans and other debts due to/(from) members |
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Other reserves |
Total equity |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 March 2023 |
(63,328) |
(63,328) |
11,707 |
11,707 |
(51,621) |
Loss for the financial year available for discretionary division among members |
(6,254) |
(6,254) |
- |
- |
(6,254) |
Members' interests after loss for the year |
(69,582) |
(69,582) |
11,707 |
11,707 |
(57,875) |
Impairment of tangible fixed assets held for sale |
(75,000) |
(75,000) |
- |
- |
(75,000) |
Members' interests after total comprehensive income |
(144,582) |
(144,582) |
11,707 |
11,707 |
(132,875) |
Members’ capital introduced |
6,254 |
6,254 |
(6,254) |
(6,254) |
- |
At 29 February 2024 |
( |
(138,328) |
5,453 |
5,453 |
(132,875) |
Equity |
Loans and other debts due to/(from) members |
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Other reserves |
Total equity |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 March 2022 |
(63,328) |
(63,328) |
15,880 |
15,880 |
(47,448) |
Loss for the financial year available for discretionary division among members |
(4,173) |
(4,173) |
- |
- |
(4,173) |
Members' interests after total comprehensive income |
(67,501) |
(67,501) |
15,880 |
15,880 |
(51,621) |
Members’ capital introduced |
4,173 |
4,173 |
(4,173) |
(4,173) |
- |
At 28 February 2023 |
( |
(63,328) |
11,707 |
11,707 |
(51,621) |
Copperfield (Liverpool) LLP
Notes to the Financial Statements for the Year Ended 29 February 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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 January 2017 (SORP 2017).
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is 5 Myrtle Street, Liverpool, Merseyside, L7 7DN. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
The financial statements have been prepared on the historical cost basis except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling, which is the functional currency of the entity.
Going concern
In October 2024 the members took the decision to remove the property from the LLP. Accordingly the members have not prepared the accounts on a going concern basis.
Copperfield (Liverpool) LLP
Notes to the Financial Statements for the Year Ended 29 February 2024
Members' remuneration and division of profits
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'.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Copperfield (Liverpool) LLP
Notes to the Financial Statements for the Year Ended 29 February 2024
Debtors |
2024 |
2023 |
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Other debtors |
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Total current trade and other debtors |
529 |
503 |
Fixed assets held for sale or transfer |
2024 |
2023 |
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Investment property |
300,000 |
375,000 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Other creditors |
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Analysis of other amounts |
2024 |
2023 |
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Money owed to members by the LLP in respect of profits |
5,453 |
11,707 |