Limited Liability Partnership Registration No. OC349373 (England and Wales)
Gremolata LLP
Annual report and unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
GREMOLATA LLP
Gremolata LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GREMOLATA LLP
Gremolata LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,234
28,351
Current assets
Stocks
18,505
15,846
Debtors
4
22,285
30,961
Cash at bank and in hand
272,963
255,013
313,753
301,820
Creditors: amounts falling due within one year
5
(199,917)
(193,164)
Net current assets
113,836
108,656
Total assets less current liabilities and net assets attributable to members
140,070
137,007
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
140,070
137,007
Total members' interests
6
Loans and other debts due to members
140,070
137,007

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 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 Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 15 November 2024 and are signed on their behalf by:
15 November 2024
R Webster-Shaw
Designated member
Limited Liability Partnership Registration No. OC349373
GREMOLATA LLP
Gremolata LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for food and beverages sold net of VAT.  Turnover is recognised at the point of sale to the customer.
1.3
Members' participating interests

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).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20 years straight line method
Plant and machinery
25% straight line method
Fixtures, fittings and equipment
25% straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

GREMOLATA LLP
Gremolata LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
24
26
GREMOLATA LLP
Gremolata LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
41,656
103,285
144,941
Additions
-
9,697
9,697
At 31 March 2024
41,656
112,982
154,638
Depreciation and impairment
At 1 April 2023
26,901
89,689
116,590
Depreciation charged in the year
2,082
9,732
11,814
At 31 March 2024
28,983
99,421
128,404
Carrying amount
At 31 March 2024
12,673
13,561
26,234
At 31 March 2023
14,755
13,596
28,351
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
22,285
30,961
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,552
51,819
Taxation and social security
115,419
94,161
Other creditors
35,946
47,184
199,917
193,164
GREMOLATA LLP
Gremolata LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Reconciliation of Members' Interests
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2024
£
£
£
Amounts due to members
137,007
Members' interests at 1 April 2023
137,007
137,007
137,007
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
463,063
463,063
463,063
Members' interests after loss and remuneration for the year
600,070
600,070
600,070
Drawings
(460,000)
(460,000)
(460,000)
Members' interests at 31 March 2024
140,070
140,070
140,070
Amounts due to members
140,070
140,070
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Limited liability partnership information

Gremolata LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

The limited liability partnerships's principal activities are disclosed in the Members' Report.

 

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

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