REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Period 1 January 2023 to 31 March 2024 |
for |
Daniel Lloyd Racing.Com LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Period 1 January 2023 to 31 March 2024 |
for |
Daniel Lloyd Racing.Com LLP |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Contents of the Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Daniel Lloyd Racing.Com LLP |
General Information |
for the Period 1 January 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Park Square |
Leeds |
LS1 2NE |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Report of the Members |
for the Period 1 January 2023 to 31 March 2024 |
The members present their report with the financial statements of the LLP for the period 1 January 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of provisions of motor racing services. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The profit for the period before members' remuneration and profit shares was £75,551 (2022 - £32,937 profit). |
MEMBERS' INTERESTS |
The partnership's drawings policy allows D W Lloyd to draw a minimum of £1,000 per calender month irrespective of the profits and cash requirements of the business. During the year these drawings totalled £54,404 (2022: £29,539). These drawings are to be repaid from D W Lloyd's share of current and future profits. The partnership's profit share policy entitles D W Lloyd to the first £45,000 per year. Profit share after this level to be decided between the partners on an annual basis. |
ON BEHALF OF THE MEMBERS: |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Income Statement |
for the Period 1 January 2023 to 31 March 2024 |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
126,596 |
91,949 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
126,596 |
91,949 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 126,596 | 91,949 |
Amounts due from members | 6 | (142,472 | ) | (149,972 | ) |
(15,876 | ) | (58,023 | ) |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Notes to the Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Daniel Lloyd Racing.Com LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services and competition based income, excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2022 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£ | £ |
Depreciation - owned assets |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts due from members | 142,472 | 149,972 |
Prepayments |
Daniel Lloyd Racing.Com LLP (Registered number: OC362212) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Loan creditor |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Accrued expenses |
Amount owed to related |
undertaking | 820 | 39,709 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Loan creditor |
Hire purchase contracts |
The loan creditor represents a loan under HM Government Coronavirus Business Bounce Back Loan Scheme. The loan carries an interest rate of 2.5% per annum and is repayable in accordance with the rules of the scheme. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.12.22 |
£ | £ |
Hire purchase contracts | 29,257 | 137,869 |
The hire purchase contracts are secured against the assets to which they relate. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. |
11. | RELATED PARTY DISCLOSURES |
The partnership is related to Pro23 Marketing Limited by virtue of Mr D Lloyd being a director in Pro23 Marketing Limited and a partner in the partnership. |
During the year the partnership made sales of £17,000 (2022: £15,000) to Pro23 Marketing Limited. |
At the year end the partnership owed Pro23 Marketing Limited £820 (2022: £Nil). |
12. | ULTIMATE CONTROLLING PARTY |
The partnership is under the ultimate control of D W Lloyd who has the casting vote being the senior member. |