34 false false false false false false false false false false false false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,151 9,151 743 743 8,408 xbrli:pure xbrli:shares iso4217:GBP OC309379 2023-07-01 2024-03-31 OC309379 2024-03-31 OC309379 2023-06-30 OC309379 2022-07-01 2023-06-30 OC309379 2023-06-30 OC309379 2022-06-30 OC309379 core:WithinOneYear 2024-03-31 OC309379 core:WithinOneYear 2023-06-30 OC309379 bus:Director9 2023-07-01 2024-03-31 OC309379 bus:SmallEntities 2023-07-01 2024-03-31 OC309379 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-03-31 OC309379 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 OC309379 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-03-31 OC309379 bus:FullAccounts 2023-07-01 2024-03-31 OC309379 core:OfficeEquipment 2023-07-01 2024-03-31 OC309379 core:OfficeEquipment 2024-03-31
REGISTERED NUMBER: OC309379
STREETS TAX LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2024
STREETS TAX LLP
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
30 Jun 23
Note
£
£
£
Fixed assets
Tangible assets
5
8,408
Current assets
Debtors
6
2,584,658
1,541,531
Cash at bank and in hand
39,946
266,443
-------------
-------------
2,624,604
1,807,974
Creditors: amounts falling due within one year
7
( 1,104,541)
( 787,611)
-------------
-------------
Net current assets
1,520,063
1,020,363
-------------
-------------
Total assets less current liabilities
1,528,471
1,020,363
-------------
-------------
Net assets
1,528,471
1,020,363
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
8
1,326,775
877,167
Members' other interests
Members' capital classified as equity
201,696
143,196
Other reserves
-------------
-------------
1,528,471
1,020,363
-------------
-------------
Total members' interests
Amounts due from members
(5,404)
Loans and other debts due to members
8
1,326,775
877,167
Members' other interests
201,696
143,196
-------------
-------------
1,528,471
1,014,959
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period 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) relating to small LLPs.
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 financial statements .
STREETS TAX LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 11 November 2024 , and are signed on their behalf by:
Paul F Tutin Ltd
Designated member
Registered number: OC309379
STREETS TAX LLP
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JULY 2023 TO 31 MARCH 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax, and is inclusive of accrued income for any work done not invoiced. Give the nature of the services provided the billings plus any accrued income represent the fair value of the services provided.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 34 (2023: 18 ).
5.
Tangible assets
Office Equipment
Total
£
£
Cost
At 1 July 2023
Additions
9,151
9,151
-------
-------
At 31 March 2024
9,151
9,151
-------
-------
Depreciation
At 1 July 2023
Charge for the period
743
743
-------
-------
At 31 March 2024
743
743
-------
-------
Carrying amount
At 31 March 2024
8,408
8,408
-------
-------
At 30 June 2023
-------
-------
6.
Debtors
31 Mar 24
30 Jun 23
£
£
Trade debtors
1,211,633
849,095
Other debtors
1,373,025
692,436
-------------
-------------
2,584,658
1,541,531
-------------
-------------
7. Creditors: amounts falling due within one year
31 Mar 24
30 Jun 23
£
£
Trade creditors
236,168
10,560
Social security and other taxes
262,942
191,295
Other creditors
605,431
585,756
-------------
----------
1,104,541
787,611
-------------
----------
8.
Loans and other debts due to members
31 Mar 24
30 Jun 23
£
£
Amounts owed to members in respect of profits
1,326,775
877,167
-------------
----------
9.
Charges on assets
Natwest Bank hold a debenture which secures all amounts owing to the bank by any of the Streets entities. The debenture contains a fixed and floating charge over the assets of this LLP and other related Streets entities.
10.
Related party transactions
The partnership was under the control of Streets Management Services, a general commercial partnership, throughout the current and previous year. The partnership did not enter into any transactions during the current or previous year, such as would require disclosure in accordance with FRS 102 section 1A.