Limited Liability Partnership registration number OC399015 (England and Wales)
INFINITY INDUSTRIES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
INFINITY INDUSTRIES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
INFINITY INDUSTRIES LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,154
4,528
Current assets
Stocks
5,872
6,478
Debtors
5
233,573
48,604
Cash at bank and in hand
23,732
54,237
263,177
109,319
Creditors: amounts falling due within one year
6
(274,853)
(81,716)
Net current (liabilities)/assets
(11,676)
27,603
Total assets less current liabilities
(2,522)
32,131
Creditors: amounts falling due after more than one year
7
(10,819)
(20,581)
Net (liabilities)/assets attributable to members
(13,341)
11,550
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(172,184)
(177,934)
Members' other interests
Other reserves classified as equity
158,843
189,484
(13,341)
11,550
INFINITY INDUSTRIES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
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.
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
The financial statements were approved by the members and authorised for issue on 16 January 2025 and are signed on their behalf by:
16 January 2025
Mr J Pritchard
Mr A Robertshaw
Designated member
Designated Member
Limited Liability Partnership registration number OC399015 (England and Wales)
INFINITY INDUSTRIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information
Infinity Industries LLP is a limited liability partnership incorporated in England and Wales. The registered office is Ground Floor, 31 Kentish Town Road, London, NW1 8NL.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Tour & Appearance Income represents net invoiced tour income and appearances, excluding value added tax.
Other Income represents income from recording, publishing, royalties and insurance claims less direct expenses, excluding value added tax.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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 equipment
25% on reducing balance
Computers
25% on reducing balance
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
INFINITY INDUSTRIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
20,769
Additions
7,674
At 31 March 2024
28,443
Depreciation and impairment
At 1 April 2023
16,241
Depreciation charged in the year
3,048
At 31 March 2024
19,289
Carrying amount
At 31 March 2024
9,154
At 31 March 2023
4,528
INFINITY INDUSTRIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
183,722
25,456
Other debtors
49,851
23,148
233,573
48,604
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,416
11,777
Trade creditors
31,038
13,862
Taxation and social security
28,020
1,539
Other creditors
205,379
54,538
274,853
81,716
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,819
20,581
8
Loans and other debts due to members
In the event of a winding up, the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.