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REGISTERED NUMBER: OC375291
ServiceIT Networking LLP
Filleted Unaudited Accounts
31 March 2024
ServiceIT Networking LLP
Statement of Financial Position
31 March 2024
31 Mar 24
31 May 23
Note
£
£
£
Fixed assets
Tangible assets
5
24,086
31,331
Current assets
Debtors
6
148,279
70,445
Cash at bank and in hand
48
17,493
---------
--------
148,327
87,938
Creditors: amounts falling due within one year
7
( 147,471)
( 87,329)
---------
--------
Net current assets
856
609
--------
--------
Total assets less current liabilities
24,942
31,940
Creditors: amounts falling due after more than one year
8
( 24,942)
( 31,940)
--------
--------
Net liabilities
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
----
----
Members' other interests
Other reserves
----
----
----
----
Total members' interests
Amounts due from members
(56,849)
(15,657)
Loans and other debts due to members
Members' other interests
--------
--------
(56,849)
(15,657)
--------
--------
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period 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) relating to small LLPs.
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 .
ServiceIT Networking LLP
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the members and authorised for issue on 20 January 2025 , and are signed on their behalf by:
Mr D C Henman
Designated Member
Registered number: OC375291
ServiceIT Networking LLP
Notes to the Accounts
Period from 1 June 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1 Springfield Cottage, Grange Road, Tongham, Surrey, GU10 1DN.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% straight line
Motor vehicles
-
15% straight line
Office equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 7 (2023: 6 ).
5.
Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
20,563
39,568
2,708
62,839
Additions
698
698
--------
--------
-------
--------
At 31 March 2024
20,563
39,568
3,406
63,537
--------
--------
-------
--------
Depreciation
At 1 June 2023
17,029
13,472
1,008
31,509
Charge for the period
2,570
4,946
426
7,942
--------
--------
-------
--------
At 31 March 2024
19,599
18,418
1,434
39,451
--------
--------
-------
--------
Carrying amount
At 31 March 2024
964
21,150
1,972
24,086
--------
--------
-------
--------
At 31 May 2023
3,534
26,096
1,700
31,330
--------
--------
-------
--------
6.
Debtors
31 Mar 24
31 May 23
£
£
Trade debtors
90,542
54,252
Other debtors
57,737
16,193
---------
--------
148,279
70,445
---------
--------
7. Creditors: amounts falling due within one year
31 Mar 24
31 May 23
£
£
Bank loans and overdrafts
13,562
Trade creditors
46,471
22,217
Social security and other taxes
39,633
32,227
Other Creditors
3,385
3,626
Credit Card
2,469
2,534
Other creditors
41,951
26,725
---------
--------
147,471
87,329
---------
--------
8. Creditors: amounts falling due after more than one year
31 Mar 24
31 May 23
£
£
Bank loans and overdrafts
18,274
21,567
Other creditors
6,668
10,373
--------
--------
24,942
31,940
--------
--------
9.
Related party transactions
The company was under the control of Mr D C Henman throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.