Acorah Software Products - Accounts Production 16.0.110 false true true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 OC435514 Mr A D Price Mr S Dowling iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC435514 2023-02-28 OC435514 2024-02-28 OC435514 2023-03-01 2024-02-28 OC435514 frs-core:CurrentFinancialInstruments 2024-02-28 OC435514 frs-core:FurnitureFittings 2024-02-28 OC435514 frs-core:FurnitureFittings 2023-03-01 2024-02-28 OC435514 frs-core:FurnitureFittings 2023-02-28 OC435514 frs-core:PlantMachinery 2024-02-28 OC435514 frs-core:PlantMachinery 2023-03-01 2024-02-28 OC435514 frs-core:PlantMachinery 2023-02-28 OC435514 frs-bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-02-28 OC435514 frs-bus:LimitedLiabilityPartnershipsSORP 2023-03-01 2024-02-28 OC435514 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 OC435514 frs-bus:SmallEntities 2023-03-01 2024-02-28 OC435514 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 OC435514 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 OC435514 frs-countries:EnglandWales 2023-03-01 2024-02-28 OC435514 frs-bus:PartnerLLP1 2023-03-01 2024-02-28 OC435514 frs-bus:PartnerLLP2 2023-03-01 2024-02-28 OC435514 2022-02-28 OC435514 2023-02-28 OC435514 2022-03-01 2023-02-28 OC435514 frs-core:CurrentFinancialInstruments 2023-02-28
Registered number: OC435514
The Therapy Consultants Limited Liability Partnership
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC435514
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,293 2,640
10,293 2,640
CURRENT ASSETS
Stocks 5 1,125 -
1,125 -
Creditors: Amounts Falling Due Within One Year 6 (3,950 ) -
NET CURRENT ASSETS (LIABILITIES) (2,825 ) -
TOTAL ASSETS LESS CURRENT LIABILITIES 7,468 2,640
NET ASSETS ATTRIBUTABLE TO MEMBERS 7,468 2,640
REPRESENTED BY:
Equity
Members' other interests
Members' capital 9,976 17,554
Other reserves (2,508) (14,914)
7,468 2,640
TOTAL MEMBERS' INTEREST
Members' other interests 7,468 2,640
7,468 2,640
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For the year ending 28 February 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr A D Price
Designated Member
25 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Therapy Consultants Limited Liability Partnership is a limited liability partnership, incorporated in England & Wales, registered number OC435514 . The Registered Office is 606 Prescot Road, Old Swan , Liverpool, Merseyside, L13 5XE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Going Concern Disclosure
The members have not identified any material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
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2.7. Members' participation right
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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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'.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 1 (2023: 2)
1 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 - 4,124 4,124
Additions 3,769 6,458 10,227
As at 28 February 2024 3,769 10,582 14,351
Depreciation
As at 1 March 2023 - 1,484 1,484
Provided during the period 754 1,820 2,574
As at 28 February 2024 754 3,304 4,058
Net Book Value
As at 28 February 2024 3,015 7,278 10,293
As at 1 March 2023 - 2,640 2,640
5. Stocks
2024 2023
£ £
Stock 1,125 -
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Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 1,987 -
Other creditors 1,650 -
Taxation and social security 313 -
3,950 -
Page 5