0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-03-17 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC446343 2023-03-17 2024-03-31 OC446343 2024-03-31 OC446343 2023-03-16 OC446343 core:MotorVehicles 2023-03-17 2024-03-31 OC446343 bus:Director1 2023-03-17 2024-03-31 OC446343 bus:Director2 2023-03-17 2024-03-31 OC446343 core:MotorVehicles 2024-03-31 OC446343 core:WithinOneYear 2024-03-31 OC446343 bus:SmallEntities 2023-03-17 2024-03-31 OC446343 bus:AuditExempt-NoAccountantsReport 2023-03-17 2024-03-31 OC446343 bus:SmallCompaniesRegimeForAccounts 2023-03-17 2024-03-31 OC446343 bus:LimitedLiabilityPartnershipLLP 2023-03-17 2024-03-31 OC446343 bus:FullAccounts 2023-03-17 2024-03-31 OC446343 core:ToolsEquipment 2023-03-17 2024-03-31 OC446343 core:ToolsEquipment 2024-03-31
REGISTERED NUMBER: OC446343
S N Racing (Northern) LLP
Filleted Unaudited Financial Statements
31 March 2024
S N Racing (Northern) LLP
Financial Statements
Period from 17 March 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
S N Racing (Northern) LLP
Statement of Financial Position
31 March 2024
31 Mar 24
Note
£
£
Fixed assets
Tangible assets
4
61,316
Current assets
Debtors
5
804
Cash at bank and in hand
2,420
-------
3,224
Creditors: amounts falling due within one year
6
18,448
--------
Net current liabilities
15,224
--------
Total assets less current liabilities
46,092
--------
Net assets
46,092
--------
Represented by:
Loans and other debts due to members
Other amounts
7
46,092
--------
Members' other interests
Other reserves
--------
46,092
--------
Total members' interests
Loans and other debts due to members
7
46,092
Members' other interests
--------
46,092
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the period ending 31 March 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) relating to small LLPs.
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 financial statements .
S N Racing (Northern) LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 4 October 2024 , and are signed on their behalf by:
Mr S.G. Cunniffe
Mr N.M. Cunniffe
Designated Member
Designated Member
Registered number: OC446343
S N Racing (Northern) LLP
Notes to the Financial Statements
Period from 17 March 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Alex House, 260/268 Chapel Street, Salford, Manchester, M3 5JZ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A 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' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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).
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 17 March 2023
Additions
85,000
2,137
87,137
Disposals
( 15,000)
( 15,000)
--------
-------
--------
At 31 March 2024
70,000
2,137
72,137
--------
-------
--------
Depreciation
At 17 March 2023
Charge for the period
10,500
321
10,821
--------
-------
--------
At 31 March 2024
10,500
321
10,821
--------
-------
--------
Carrying amount
At 31 March 2024
59,500
1,816
61,316
--------
-------
--------
5.
Debtors
31 Mar 24
£
Other debtors
804
----
6. Creditors: amounts falling due within one year
31 Mar 24
£
Trade creditors
3,633
Other creditors
14,815
--------
18,448
--------
7.
Loans and other debts due to members
31 Mar 24
£
Amounts owed to members in respect of profits
46,092
--------