Limited Liability Partnership registration number OC428551 (England and Wales)
PLANET MERCH LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
PLANET MERCH LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PLANET MERCH LLP (REGISTERED NUMBER: OC428551)
BALANCE SHEET
AS AT 29 AUGUST 2024
29 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
532
390
Current assets
Stocks
14,560
11,310
Debtors
4
793
-
Cash at bank and in hand
-
972
15,353
12,282
Creditors: amounts falling due within one year
5
(13,635)
(9,846)
Net current assets
1,718
2,436
Total assets less current liabilities
2,250
2,826
Creditors: amounts falling due after more than one year
6
(2,627)
(4,515)
Net liabilities attributable to members
(377)
(1,689)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(377)
(1,689)

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 period ended 29 August 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.

PLANET MERCH LLP (REGISTERED NUMBER: OC428551)
BALANCE SHEET (CONTINUED)
AS AT 29 AUGUST 2024
29 August 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 9 January 2025 and are signed on their behalf by:
09 January 2025
K Scott
Designated member
PLANET MERCH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Planet Merch LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17 Fartherwell Avenue, West Malling, Kent, ME19 6NH.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The accounting period runs from 30 August 2023 to 29 August 2024.

1.2
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.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria also must be met before turnover is recognised.

Turnover for the sale of goods is recognised when all of the following conditions are met:

- The company has transferred the significant risks and rewards of ownership to the buyer;

- the amount of turnover can be recognised reliably and;

- it is probable that the company will receive the consideration due under the transaction.

1.5
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:

Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance
PLANET MERCH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
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.

 

 

1.7
Taxation

The tax expense represents the current tax payable by the LLP.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 30 August 2023
-
924
924
Additions
302
-
302
At 29 August 2024
302
924
1,226
Depreciation and impairment
At 30 August 2023
-
534
534
Depreciation charged in the period
63
97
160
At 29 August 2024
63
631
694
Carrying amount
At 29 August 2024
239
293
532
At 29 August 2023
-
390
390
PLANET MERCH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
793
-
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,069
2,000
Trade creditors
546
2,280
Taxation and social security
1,837
459
Other creditors
9,183
5,107
13,635
9,846
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,627
4,515
7
Financial commitments, guarantees and contingent liabilities

Included within Bank Loans is an amount of £4,627 (2023: £6,515) borrowed as part of the CBIL scheme in 2021.

The initial amount borrowed was £10,000 and as part of the loan scheme the UK government Guaranteed the advance and paid the interest and fees due for the first 12 months.

The loan now attracts an interest rate of 2.50%.

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