Duck Cove LLP OC382472 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the provision of consultancy services. Digita Accounts Production Advanced 6.30.9574.0 OC382472 2023-05-01 2024-04-30 OC382472 2024-04-30 OC382472 core:CurrentFinancialInstruments 2024-04-30 OC382472 core:Non-currentFinancialInstruments 2024-04-30 OC382472 bus:SmallEntities 2023-05-01 2024-04-30 OC382472 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 OC382472 bus:FilletedAccounts 2023-05-01 2024-04-30 OC382472 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 OC382472 bus:PartnerLLP1 2023-05-01 2024-04-30 OC382472 bus:PartnerLLP2 2023-05-01 2024-04-30 OC382472 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC382472 core:LandBuildings 2023-05-01 2024-04-30 OC382472 core:MotorCars 2023-05-01 2024-04-30 OC382472 countries:AllCountries 2023-05-01 2024-04-30 OC382472 2022-05-01 2023-04-30 OC382472 2023-04-30 OC382472 core:CurrentFinancialInstruments 2023-04-30 OC382472 core:Non-currentFinancialInstruments 2023-04-30 iso4217:GBP xbrli:pure

Duck Cove LLP

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2024

Registration number: OC382472

 

Duck Cove LLP

Contents

Limited liability partnership information

1

Members' Report

2

Financial Statements

3 to 9

Balance Sheet

3

Reconciliation of Members’ Interests

5

Notes to the Financial Statements

6

 

Duck Cove LLP

Limited liability partnership information

Designated members

S Ridgway

A V Attenborough
 

Registered office

Lowin House

Tregolls Road
Truro
Cornwall
TR1 2NA

Principal place of business

Houseboat John Clare
106 Cheyne Walk
London
SW10 0DG

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Duck Cove LLP

Members' Report

Year Ended 30 April 2024

The members present their report and the unaudited financial statements for the year ended 30 April 2024.

Principal activity

The principal activity of the limited liability partnership is the provision of consultancy services.

Designated members

The members who held office during the year were as follows:

S Ridgway

A V Attenborough

Members' drawings and the subscription and repayment of members' capital

The capital requirements of the Limited Liability Partnership are determined from time to time by the members and each member is required to subscribe a proportion of capital. The amount of capital subscribed by each member is usually agreed with other members. On leaving the Limited Liability Partnership, a member's capital classified as a liability is repayable over a period as agreed from time to time.

During the period members received monthly drawings and from time to time, additional profit distributions. The level and timing of both monthly drawings and additional distributions is decided by the members after taking into account the Limited Liability Partnership's cash requirements for its operating and investing activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

Approved by the members on 28 January 2025 and signed on its behalf by:

.........................................
S Ridgway
Designated member

 

Duck Cove LLP

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

39,621

45,621

Current assets

 

Debtors

4

97,644

61,600

Cash and short-term deposits

 

54,343

136,316

 

151,987

197,916

Creditors: Amounts falling due within one year

5

(8,619)

(15,376)

Net current assets

 

143,368

182,540

Total assets less current liabilities

 

182,989

228,161

Creditors: Amounts falling due after more than one year

6

-

(6,293)

Net assets attributable to members

 

182,989

221,868

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

182,889

221,768

Members’ other interests

 

Members' capital classified as equity

 

100

100

   

182,989

221,868

Total members' interests

 

Loans and other debts due to members

 

182,889

221,768

Equity

 

100

100

   

182,989

221,868

 

Duck Cove LLP

Balance Sheet

30 April 2024

For the year ending 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships.

The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.

The financial statements of Duck Cove LLP (registered number OC382472) were approved by the members and authorised for issue on 28 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
S Ridgway
Designated member

Registration number: OC382472

 

Duck Cove LLP

Reconciliation of Members’ Interests

30 April 2024

 

Equity

 

Loans due to/(from) members

 

Members' capital
£

Total
£

Members' capital classified as a liability
£

Total
2024
 £

Members' interest at 1 May 2023 as stated below

100

100

221,768

221,868

Members' remuneration charged as an expense

-

-

(27,723)

(27,723)

Members' interests after loss for the year

100

100

194,045

194,145

Drawings (including tax payments)

-

-

(11,156)

(11,156)

At 30 April 2024

100

100

182,889

182,989

 

Equity

 

Loans due to/(from) members

 

Members' capital
£

Total
£

Members' capital classified as a liability
£

Total
2023
 £

Members' interest at 30 April 2022 as previously stated

100

100

415,081

415,181

 

Members' interest at 1 May 2022 as restated

100

100

415,081

415,181

Members' remuneration charged as an expense

-

-

42,055

42,055

 
 

Drawings (including tax payments)

-

-

(235,368)

(235,368)

 
 

At 30 April 2023

100

100

221,768

221,868

 

 

Duck Cove LLP

Notes to the Financial Statements

Year Ended 30 April 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention in accordance with FRS 102 Section 1A – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ‘Accounting for Limited Liability Partnerships’ issued in January 2019.

The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention.

The functional currency of Duck Cove LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue relates to the delivery of consultancy services, and are recognised in the profit and loss account excluding VAT.

Where revenue has been invoiced in advance of the delivery of services the amount is recognised as deferred income on the balance sheet within creditors due in less than one year. Uninvoiced consultancy services are recognised as accrued income within debtors on the balance sheet.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Duck Cove LLP

Notes to the Financial Statements

Year Ended 30 April 2024

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor vehicles

Straight line over 3 years

Freehold property

Not depreciated

Hire purchase and leasing

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

The LLP has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.

These instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

 

Duck Cove LLP

Notes to the Financial Statements

Year Ended 30 April 2024

3

Tangible fixed assets

Freehold land and buildings
£

Motor vehicles
£

Total
£

Cost

At 1 May 2023

39,621

124,877

164,498

At 30 April 2024

39,621

124,877

164,498

Depreciation

At 1 May 2023

-

118,877

118,877

Charge for the year

-

6,000

6,000

At 30 April 2024

-

124,877

124,877

Net book value

At 30 April 2024

39,621

-

39,621

At 30 April 2023

39,621

6,000

45,621

4

Debtors

2024
£

2023
£

Trade debtors

16,200

21,600

Other debtors

81,444

40,000

Total current trade and other debtors

97,644

61,600

 

Duck Cove LLP

Notes to the Financial Statements

Year Ended 30 April 2024

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Trade creditors

2,893

2,173

Obligations under finance lease and hire purchase contracts

-

7,200

Accruals and deferred income

5,726

5,405

Taxation and social security

-

598

8,619

15,376

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
 £

2023
 £

Amounts due under hire purchase arrangements

-

7,200

The amounts shown as due under hire purchase arrangements are secured against the assets to which they relate.

6

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Obligations under finance lease and hire purchase contracts

-

6,293

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,059 (2023 - £22,916).