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Bubby Upton 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: OC442780
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 204,459 4,280
204,459 4,280
CURRENT ASSETS
Stocks 5 250,000 -
Debtors 6 34,330 334,230
Cash at bank and in hand 319,628 3,029
603,958 337,259
Creditors: Amounts Falling Due Within One Year 7 (18,459 ) (96,543 )
NET CURRENT ASSETS (LIABILITIES) 585,499 240,716
TOTAL ASSETS LESS CURRENT LIABILITIES 789,958 244,996
NET ASSETS ATTRIBUTABLE TO MEMBERS 789,958 244,996
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 53,872 24,035
53,872 24,035
Equity
Members' other interests
Members' capital 736,086 220,961
736,086 220,961
789,958 244,996
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 53,872 24,035
Members' other interests 736,086 220,961
789,958 244,996
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
Miss Isabelle Upton
Designated Member
5 December 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
Bubby Upton LLP is a limited liability partnership, incorporated in England & Wales, registered number OC442780 . The Registered Office is The Estate Office Park Farm, Herringswell, Bury St. Edmunds, Suffolk, IP28 6SR.
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:
Equipment 20% - on reducing balance basis
Motor Vehicles 15% - on reducing balance basis
Computer Equipment 33% - on straight line basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2023: NIL)
- -
Page 3
Page 4
4. Tangible Assets
Equipment Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 5,350 - - 5,350
Additions 16,753 220,000 877 237,630
As at 31 March 2024 22,103 220,000 877 242,980
Depreciation
As at 1 April 2023 1,070 - - 1,070
Provided during the period 4,162 33,000 289 37,451
As at 31 March 2024 5,232 33,000 289 38,521
Net Book Value
As at 31 March 2024 16,871 187,000 588 204,459
As at 1 April 2023 4,280 - - 4,280
5. Stocks
31 March 2024 31 March 2023
£ £
Stock 250,000 -
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 6,262 25,844
Other debtors - 291,791
VAT 28,068 16,595
34,330 334,230
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 18,459 7,394
Accruals and deferred income - 89,149
18,459 96,543
Page 4