Registration number:
ACW Garden Centre LLP
for the Year Ended 31 July 2024
ACW Garden Centre LLP
(Registration number: OC340899)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
|||
Fixed assets |
|||||
Tangible assets |
135,858 |
168,393 |
|||
Current assets |
|||||
Stocks |
249,164 |
288,204 |
|||
Debtors |
31,036 |
38,076 |
|||
Cash at bank and in hand |
98,585 |
87,042 |
|||
378,785 |
413,322 |
||||
Creditors: Amounts falling due within one year |
(267,909) |
(305,357) |
|||
Net current assets |
110,876 |
107,965 |
|||
Net assets attributable to members |
246,734 |
276,358 |
|||
Represented by: |
|||||
Loans and other debts due to members |
|||||
Other amounts |
236,734 |
266,358 |
|||
Members other interests |
|||||
Members' capital classified as equity |
10,000 |
10,000 |
|||
246,734 |
276,358 |
ACW Garden Centre LLP
(Registration number: OC340899)
Balance Sheet as at 31 July 2024
For the year ending 31 July 2024 the Limited Liability Partnership 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 the Companies Act 2006) Regulations 2008 relating to small LLPs'.
These financial statements have been prepared and delivered in accordance with the provisions applicable to Limited Liability Partnerships subject to the small Limited Liability Partnership regime; as such no profit and loss account has been filed.
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 ACW Garden Centre LLP (registered number OC340899) were approved by the
......................................... |
ACW Garden Centre LLP
Notes to the Financial Statements for the Year Ended 31 July 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is:
Canal Road
Bradford
BD2 1AL
The 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 entity's functional and presentation currency is pound sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax.
The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.
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.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
ACW Garden Centre LLP
Notes to the Financial Statements for the Year Ended 31 July 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Improvements to short leasehold property |
Over 20 years |
Fixtures and fittings |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the retail method which measures cost by reducing the sales value of the stock by the appropriate percentage gross margin.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to the expense recognised over the lease term on a straight line basis.
Defined contribution pension obligation
The limited liability partnership operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and once the contributions have been paid the limited liability partnership has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the limited liability partnership in independently administered funds.
ACW Garden Centre LLP
Notes to the Financial Statements for the Year Ended 31 July 2024
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Staff numbers |
The average number of persons employed by the limited liability partnership during the year was
ACW Garden Centre LLP
Notes to the Financial Statements for the Year Ended 31 July 2024
Tangible fixed assets |
Improvements to short leasehold property |
Fixtures and fittings |
Motor vehicles |
Total |
|
Cost |
||||
At 1 August 2023 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
( |
- |
( |
At 31 July 2024 |
|
|
|
|
Depreciation |
||||
At 1 August 2023 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposals |
- |
( |
- |
( |
At 31 July 2024 |
|
|
|
|
Net book value |
||||
At 31 July 2024 |
- |
|
|
|
At 31 July 2023 |
- |
|
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
5,856 |
6,836 |
Other debtors |
- |
7,426 |
Prepayments and accrued income |
25,180 |
23,814 |
31,036 |
38,076 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
Taxation and social security |
|
|
|
|
ACW Garden Centre LLP
Notes to the Financial Statements for the Year Ended 31 July 2024
Analysis of other amounts |
2024 |
2023 |
|
Money advanced to the LLP by the members by way of loan |
181,877 |
281,477 |
Money owed to members by the LLP in respect of profits |
54,857 |
(15,119) |
236,734 |
266,358 |
Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of winding up.
There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.
Financial commitments, guarantees and contingencies |
Other financial commitments
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £1,154 (2023 - £4,777). This financial commitment is in respect of an operating lease.