Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC341445 Mr N Kirkham Mrs A Kirkham iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC341445 2023-03-31 OC341445 2024-03-31 OC341445 2023-04-01 2024-03-31 OC341445 frs-core:CurrentFinancialInstruments 2024-03-31 OC341445 frs-core:Non-currentFinancialInstruments 2024-03-31 OC341445 frs-core:ComputerEquipment 2024-03-31 OC341445 frs-core:ComputerEquipment 2023-04-01 2024-03-31 OC341445 frs-core:ComputerEquipment 2023-03-31 OC341445 frs-core:FurnitureFittings 2024-03-31 OC341445 frs-core:FurnitureFittings 2023-04-01 2024-03-31 OC341445 frs-core:FurnitureFittings 2023-03-31 OC341445 frs-core:OtherResidualIntangibleAssets 2024-03-31 OC341445 frs-core:OtherResidualIntangibleAssets 2023-03-31 OC341445 frs-core:PlantMachinery 2024-03-31 OC341445 frs-core:PlantMachinery 2023-04-01 2024-03-31 OC341445 frs-core:PlantMachinery 2023-03-31 OC341445 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC341445 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC341445 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC341445 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC341445 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC341445 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC341445 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC341445 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC341445 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC341445 2022-03-31 OC341445 2023-03-31 OC341445 2022-04-01 2023-03-31 OC341445 frs-core:CurrentFinancialInstruments 2023-03-31 OC341445 frs-core:Non-currentFinancialInstruments 2023-03-31
Registered number: OC341445
Glove Factory Studios LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC341445
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 15,527 19,284
15,527 19,284
CURRENT ASSETS
Debtors 6 77,147 89,536
Cash at bank and in hand 73,006 88,596
150,153 178,132
Creditors: Amounts Falling Due Within One Year 7 (140,680 ) (172,416 )
NET CURRENT ASSETS (LIABILITIES) 9,473 5,716
TOTAL ASSETS LESS CURRENT LIABILITIES 25,000 25,000
Creditors: Amounts Falling Due After More Than One Year 8 (15,000 ) (25,000 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 10,000 -
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 10,000 -
10,000 -
10,000 -
TOTAL MEMBERS' INTEREST
Amounts due from members (57,854) (32,522)
Loans and other debts due to members within one year 10,000 -
(47,854) (32,522)
Page 1
Page 2
For the year ending 31 March 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr N Kirkham
Designated Member
04/12/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Glove Factory Studios LLP is a limited liability partnership, incorporated in England & Wales, registered number OC341445 . The Registered Office is Glove Factory Studios, Brook Lane, Holt, Trowbridge, Wiltshire, BA14 6RL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 7,110
As at 31 March 2024 7,110
Amortisation
As at 1 April 2023 7,110
As at 31 March 2024 7,110
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
Page 3
Page 4
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 43,133 23,561 28,242 94,936
Additions 116 503 870 1,489
As at 31 March 2024 43,249 24,064 29,112 96,425
Depreciation
As at 1 April 2023 34,503 17,898 23,251 75,652
Provided during the period 2,207 1,551 1,488 5,246
As at 31 March 2024 36,710 19,449 24,739 80,898
Net Book Value
As at 31 March 2024 6,539 4,615 4,373 15,527
As at 1 April 2023 8,630 5,663 4,991 19,284
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,998 46,136
Amounts owed by group undertakings 580 8,733
Other debtors 60,569 34,667
77,147 89,536
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 25,410 23,499
Bank loans and overdrafts 10,000 10,000
Amounts owed to group undertakings 10,099 653
Other creditors 93,408 131,260
Taxation and social security 1,763 7,004
140,680 172,416
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,000 25,000
Page 4