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Registration number: OC340899

ACW Garden Centre LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

ACW Garden Centre LLP

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

ACW Garden Centre LLP

(Registration number: OC340899)
Balance Sheet as at 31 July 2024

Note

2024
 £

2023
 £

           

Fixed assets

   

 

Tangible assets

3

 

135,858

 

168,393

Current assets

   

 

Stocks

249,164

 

288,204

 

Debtors

4

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

5

(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

6

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 Board and authorised for issue on 25 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
M R Walmsley
Designated member

 

ACW Garden Centre LLP

Notes to the Financial Statements for the Year Ended 31 July 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 '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.

2

Staff numbers

The average number of persons employed by the limited liability partnership during the year was 27 (2023 - 27).

 

ACW Garden Centre LLP

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

3

Tangible fixed assets

Improvements to short leasehold property
£

Fixtures and fittings
£

Motor vehicles
£

Total
£

Cost

At 1 August 2023

248,116

108,136

308,215

664,467

Additions

-

9,426

-

9,426

Disposals

-

(9,958)

-

(9,958)

At 31 July 2024

248,116

107,604

308,215

663,935

Depreciation

At 1 August 2023

248,116

74,131

173,827

496,074

Charge for the year

-

7,360

33,597

40,957

Eliminated on disposals

-

(8,954)

-

(8,954)

At 31 July 2024

248,116

72,537

207,424

528,077

Net book value

At 31 July 2024

-

35,067

100,791

135,858

At 31 July 2023

-

34,005

134,388

168,393

4

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

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

144,587

204,516

Other creditors

2,472

636

Accruals and deferred income

37,827

37,534

Taxation and social security

83,023

62,671

267,909

305,357

 

ACW Garden Centre LLP

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

6

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'.

7

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.