Registered number: OC344663
DITCHBURN TRUCK SERVICES LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 11 MONTHS ENDED 31 MARCH 2024
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DITCHBURN TRUCK SERVICES LLP
REGISTERED NUMBER: OC344663
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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DITCHBURN TRUCK SERVICES LLP
REGISTERED NUMBER: OC344663
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Revaluation reserve classified as equity
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 9 December 2024.
The notes on pages 3 to 11 form part of these financial statements.
Ditchburn Truck Services LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 2
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
The entity is a limited liability partnership registered in England and Wales within the United Kingdom. The registered office is Jayvee Works, Sefton Lane Industrial Estate, Maghull, Liverpool, L31 8BX and the registered number is OC344663.
These financial statements are for Ditchburn Truck Services LLP as an individual single entity only.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentation currency of these financial statements is pound sterling; the financial statements are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
Page 3
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (CONTINUED)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the LLP has transferred the significant risks and rewards of ownership to the buyer;
∙the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The LLP adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the LLP. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Page 4
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (CONTINUED)
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TANGIBLE FIXED ASSETS (continued)
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Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.
Depreciation is provided on the following basis:
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2% straight line on building element only
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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DIVISION AND DISTRIBUTION OF PROFITS
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the 11 months in which they are incurred.
Page 6
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
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The average monthly number of employees, including directors, during the 11 months was 15 (2023 - 13).
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Charge for the 11 months on owned assets
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Page 7
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
Cost or valuation at 31 March 2024 is as follows:
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On 30 April 2011 by the members
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Raw materials and consumables
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Finished goods and goods for resale
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Page 8
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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CREDITORS: Amounts falling due within one year
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Consignment stock creditor
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Consignment stock creditor is secured on consignment stock.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.
Bank loans of £15,348 (2023 - £14,167) are secured on all assets of the LLP.
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Page 9
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
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CREDITORS: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Bank loans of £6,797 (2023 - £20,320) are secured on all assets of the LLP.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Page 10
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DITCHBURN TRUCK SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
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Page 11
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