Limited Liability Partnership registration number OC318567 (England and Wales)
SOUTH STREET METALS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SOUTH STREET METALS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SOUTH STREET METALS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
112,260
125,714
Current assets
Stocks
36,000
18,800
Debtors
3
63,966
4,600
Cash at bank and in hand
2,049
10,748
102,015
34,148
Creditors: amounts falling due within one year
4
(39,805)
(17,982)
Net current assets
62,210
16,166
Total assets less current liabilities and net assets attributable to members
174,470
141,880
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(341,853)
(284,833)
Other amounts
417,376
417,376
75,523
132,543
Members' other interests
Members' capital classified as equity
106,567
9,337
Other reserves classified as equity
(7,620)
-
174,470
141,880

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year 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.

SOUTH STREET METALS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 10 January 2025 and are signed on their behalf by:
10 January 2025
G Bennett
Designated member
Limited Liability Partnership registration number OC318567 (England and Wales)
SOUTH STREET METALS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

South Street Metals LLP is a limited liability partnership incorporated in England and Wales. The registered office is Woodview House, 4 St Pauls Road, Keighley, BD21 4QW.

 

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
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 machinery
20% reducing balance
Motor vehicles
25% reducing balance
SOUTH STREET METALS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
242,074
Additions
14,000
At 31 March 2024
256,074
Depreciation and impairment
At 1 April 2023
116,360
Depreciation charged in the year
27,454
At 31 March 2024
143,814
Carrying amount
At 31 March 2024
112,260
At 31 March 2023
125,714
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,761
4,500
Other debtors
59,205
100
63,966
4,600
SOUTH STREET METALS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,161
1,317
Taxation and social security
11,944
15,865
Other creditors
22,700
800
39,805
17,982
5
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Analysis of the effect upon equity
Amounts due in respect of profits
-
106,621
Other reserves classified as equity
-
(106,621)
-
-
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
17,484
Profit as adjusted
17,484
Notes to reconciliation

A prior period adjustment of £106,621 has been accounted for in relation to reserves which had been distributed to members.

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