Limited Liability Partnership registration number OC433664 (England and Wales)
Lomas Plant Solutions LLP
Annual report and unaudited financial statements
For the period ended 31 March 2024
Lomas Plant Solutions LLP
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Lomas Plant Solutions LLP
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
31 March 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,771
52,471
Current assets
Debtors
4
16,084
16,084
Cash at bank and in hand
5,521
4,194
21,605
20,278
Creditors: amounts falling due within one year
5
(56,216)
(46,104)
Net current liabilities
(34,611)
(25,826)
Total assets less current liabilities
(4,840)
26,645
Creditors: amounts falling due after more than one year
6
-
(6,426)
Net (liabilities)/assets attributable to members
(4,840)
20,219
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(4,840)
20,219

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 members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 17 December 2024 and are signed on their behalf by:
17 December 2024
Mrs L B Lomas
Designated member
Limited Liability Partnership registration number OC433664 (England and Wales)
Lomas Plant Solutions LLP
Notes to the financial statements
For the period ended 31 March 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Lomas Plant Solutions LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Waterswallows Industrial Park, Waterswallows Road, Buxton, Derbyshire, England, SK17 7JB.

 

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

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 £.

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

1.2
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.

1.3
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:

Plant and equipment
20% on 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 income statement.

Lomas Plant Solutions LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Cash and cash equivalents

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.

1.6
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.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Lomas Plant Solutions LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

2024
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 November 2022 and 31 March 2024
80,118
Depreciation and impairment
At 1 November 2022
27,647
Depreciation charged in the period
22,700
At 31 March 2024
50,347
Carrying amount
At 31 March 2024
29,771
At 31 October 2022
52,471
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
16,084
16,084
Lomas Plant Solutions LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2022
£
£
Other creditors
56,216
46,104

Included in other creditors are amounts due under finance leases totalling £3,124 (2022 - £29,901) that are secured against the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
-
6,426

Included in other creditors are amounts due under finance leases totalling £Nil (2022 - £6,424) that are secured against the assets to which they relate.

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.

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