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.
The accounting period runs from 30 August 2023 to 29 August 2024.
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.
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.
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. |
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:
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.
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.
The tax expense represents the current tax payable by the LLP.
The average number of persons (excluding members) employed by the partnership during the period was:
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%.