Registered number
OC399396
Lockwood Gibb llp
Unaudited Filleted Accounts
31 March 2024
Lockwood Gibb llp
Registered number: OC399396
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 934 -
Current assets
Debtors 4 64,245 107,008
Unbilled fee income and work in progress - 31,950
Cash at bank and in hand 71,034 12,947
135,279 151,905
Creditors: amounts falling due within one year 5 (136,213) (110,983)
Net current (liabilities)/assets (934) 40,922
Total assets less current liabilities - 40,922
Net assets attributable to members - 40,922
Represented by:
Loans and other debts due to members 6 - 40,922
- 40,922
Total members' interests
Amounts due from members included in debtors 4 (64,245) (41,008)
Loans and other debts due to members 6 - 40,922
(64,245) (86)
(64,245) (86)
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 3 December 2024 and signed on their behalf by:
M Kettl
Designated member
Lockwood Gibb llp
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Amounts recoverable under contracts & work in progress
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contractual obligations are included to the extent the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where their recovery is considered probable.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 3,780
Additions 1,166
Disposals (2,619)
At 31 March 2024 2,327
Depreciation
At 1 April 2023 3,780
Charge for the year 232
On disposals (2,619)
At 31 March 2024 1,393
Net book value
At 31 March 2024 934
4 Debtors 2024 2023
£ £
Trade debtors - 66,000
Amounts due from members 64,245 41,008
64,245 107,008
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,352 1,153
Other taxes and social security costs 5,804 10,761
Other creditors 129,057 99,069
136,213 110,983
6 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits - 40,922
Amounts falling due within one year - 40,922
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Lockwood Gibb llp is a limited liability partnership incorporated in England. Its registered office is:
Latimers
Como House
Como Road
Malvern
WR14 2TH
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