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Registration number: OC301517

Larcomes LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Larcomes LLP

Contents

Limited liability partnership information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Members’ Interests

5

Notes to the Financial Statements

6 to 7

 

Larcomes LLP

Limited liability partnership information

Designated members

A Turner

Members

J Quartermain

R Hopgood

D Sumner

L Moore

Registered office

168 London Road
North End
Portsmouth
Hampshire
PO2 9DN

Principal place of business

168 London Road
Portsmouth
Hampshire
PO2 9DN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Larcomes LLP
for the Year Ended 31 March 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 Larcomes LLP for the year ended 31 March 2024 set out on pages 3 to 7 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Larcomes LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Larcomes LLP and state those matters that we have agreed to state to the members of Larcomes LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Larcomes LLP and its members as a body for our work or for this report.

It is your duty to ensure that Larcomes 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 results of Larcomes LLP. You consider that Larcomes 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 Larcomes 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.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

22 August 2024

 

Larcomes LLP

(Registration number: OC301517)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

725,000

725,000

Creditors: Amounts falling due within one year

4

(62,827)

(48,824)

Total assets less current liabilities

 

662,173

676,176

Creditors: Amounts falling due after more than one year

5

(68,791)

(76,386)

Net assets attributable to members

 

593,382

599,790

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

304,382

310,790

Members’ other interests

 

Revaluation reserve

 

289,000

289,000

   

593,382

599,790

Total members' interests

 

Loans and other debts due to members

 

304,382

310,790

Equity

 

289,000

289,000

   

593,382

599,790

For the year ending 31 March 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.

 

Larcomes LLP

(Registration number: OC301517)
Balance Sheet as at 31 March 2024

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.

The financial statements of Larcomes LLP (registered number OC301517) were approved by the Board and authorised for issue on 21 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
A Turner
Designated member

.........................................
D Sumner
Member

.........................................
J Quartermain
Member

.........................................
L Moore
Member

.........................................
R Hopgood
Member

 

Larcomes LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Revaluation reserve
£

Total equity
£

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2024
£

Members' interest at 1 April 2023

289,000

289,000

310,790

-

310,790

599,790

Members' remuneration charged as an expense

-

-

-

(6,408)

(6,408)

(6,408)

At 31 March 2024

289,000

289,000

310,790

(6,408)

304,382

593,382

 

Equity

 

Loans and other debts due to/(from) members

   

Revaluation reserve
£

Total equity
£

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 April 2022

174,000

174,000

316,505

-

316,505

490,505

Members' remuneration charged as an expense

-

-

-

(5,715)

(5,715)

(5,715)

Members' interests after profit for the year

174,000

174,000

316,505

(5,715)

310,790

484,790

Gains arising on revaluation of tangible fixed assets

115,000

115,000

-

-

-

115,000

At 31 March 2023

289,000

289,000

316,505

(5,715)

310,790

599,790

 

Larcomes LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

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 Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Larcomes LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

 

Larcomes LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 5 (2023 - 7).

3

Tangible fixed assets

Freehold land and buildings
£

Total
£

Cost

At 1 April 2023

725,000

725,000

At 31 March 2024

725,000

725,000

Depreciation

At 31 March 2024

-

-

Net book value

At 31 March 2024

725,000

725,000

At 31 March 2023

725,000

725,000

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

12,646

12,646

Other creditors

50,181

36,178

62,827

48,824

5

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

68,791

76,386

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.