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REGISTERED NUMBER: OC344733 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

ASHLEY ENGINEERING (ACCRINGTON) LLP

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASHLEY ENGINEERING (ACCRINGTON) LLP

General Information
for the Year Ended 31st March 2024







DESIGNATED MEMBERS: Mr A Rowbottom
Mr B Rowbottom
Ashley Engineering (Oswaldtwistle) Limited





REGISTERED OFFICE: Stonebridge Mill
Stonebridge Lane
Oswaldtwistle
Accrington
Lancashire
BB5 3HX





REGISTERED NUMBER: OC344733 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 84,615 125,918
84,615 125,918

CURRENT ASSETS
Stocks 6 40,000 16,000
Debtors 7 366,281 460,715
Cash at bank and in hand 26,854 45,566
433,135 522,281
CREDITORS
Amounts falling due within one year 8 485,750 594,942
NET CURRENT LIABILITIES (52,615 ) (72,661 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,000

53,257

CREDITORS
Amounts falling due after more than one
year

9

32,000

53,257
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

TOTAL MEMBERS' INTERESTS
Amounts due from members 7 (76,827 ) (96,789 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 19th November 2024 and were signed by:




Mr A Rowbottom - Designated member




Mr B Rowbottom - Designated member


ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

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

1. STATUTORY INFORMATION

Ashley Engineering (Accrington) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Computer equipment - 25% on cost

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 22 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 35,570
AMORTISATION
At 1st April 2023
and 31st March 2024 35,570
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st April 2023 219,344 5,348 224,692
Additions - 997 997
At 31st March 2024 219,344 6,345 225,689
DEPRECIATION
At 1st April 2023 95,183 3,591 98,774
Charge for year 41,617 683 42,300
At 31st March 2024 136,800 4,274 141,074
NET BOOK VALUE
At 31st March 2024 82,544 2,071 84,615
At 31st March 2023 124,161 1,757 125,918

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st April 2023
and 31st March 2024 184,060
DEPRECIATION
At 1st April 2023 72,199
Charge for year 36,812
At 31st March 2024 109,011
NET BOOK VALUE
At 31st March 2024 75,049
At 31st March 2023 111,861

6. STOCKS
31.3.24 31.3.23
£    £   
Stocks 40,000 16,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 257,366 336,812
Amounts due from members 76,827 96,789
Prepayments 32,088 27,114
366,281 460,715

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 10) 21,257 31,540
Trade creditors 160,821 289,739
Social security and other taxes 27,086 35,504
VAT 27,476 26,994
Other creditors 79,654 37,383
Factoring Account 96,529 100,396
Accrued expenses 72,927 73,386
485,750 594,942

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 10) 32,000 53,257

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 21,257 31,540
Between one and five years 32,000 53,257
53,257 84,797

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 41,498 42,821
Between one and five years - 1,498
41,498 44,319

ASHLEY ENGINEERING (ACCRINGTON) LLP (REGISTERED NUMBER: OC344733)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 53,257 84,797
Invoice Financing 96,529 100,396
149,786 185,193

The invoice financing contains fixed & floating charges which covers all the property & undertakings of the company.

The HP loans are secured on the assets to which they relate.

12. RELATED PARTY DISCLOSURES

At the 31st March 2024, the partnership owed £79,654 (2023: £37,383) to ABR Engineering Ltd, a company controlled by members of the partnership.