Limited Liability Partnership registration number OC401712 (England and Wales)
REDFERN ENGINEERING COMPANY LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
REDFERN ENGINEERING COMPANY LLP
CONTENTS
Page
LLP information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
REDFERN ENGINEERING COMPANY LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Mr. G Macey
Mr. M Macey
LLP registration number
OC401712
Registered office
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
PO6 3TH
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
REDFERN ENGINEERING COMPANY LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,376
6,332
Current assets
Debtors
4
13,307
19,371
Cash at bank and in hand
5,969
6,647
19,276
26,018
Creditors: amounts falling due within one year
5
(11,625)
(20,907)
Net current assets
7,651
5,111
Total assets less current liabilities
12,027
11,443
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
12,027
11,443
Total members' interests
Loans and other debts due to members
12,027
11,443
REDFERN ENGINEERING COMPANY LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

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 period 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 24 October 2024 and are signed on their behalf by:
24 October 2024
Mr. M Macey
Designated member
Limited Liability Partnership Registration No. OC401712
REDFERN ENGINEERING COMPANY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Redfern Engineering Company LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 Acorn Business Centre, Northarbour Road, Cosham, Portsmouth, PO6 3TH.

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 2021, 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 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 pound.

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

1.2
Reporting period

The financial period was extended from September 2023 to March 2024, as such the financial statements cover a 18 month period and as such the comparative figures are not wholly comparable.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.4
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.

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

REDFERN ENGINEERING COMPANY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.6
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:

Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance

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.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

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

2024
2022
Number
Number
Total
-
0
-
0
REDFERN ENGINEERING COMPANY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
2,594
12,450
15,044
Additions
541
-
541
At 31 March 2024
3,135
12,450
15,585
Depreciation and impairment
At 1 October 2022
1,807
6,905
8,712
Depreciation charged in the period
418
2,079
2,497
At 31 March 2024
2,225
8,984
11,209
Carrying amount
At 31 March 2024
910
3,466
4,376
At 30 September 2022
788
5,544
6,332
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
13,307
19,371
5
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
9,364
17,520
Other taxation and social security
511
1,637
Accruals and deferred income
1,750
1,750
11,625
20,907
6
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.

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