Registered number
OC342158
Topham Partners LLP
Filleted Accounts
31 March 2024
Topham Partners LLP
Registered number: OC342158
Balance Sheet
as at 31 March 2024 31 December
Notes 2024 2022
£ £
Fixed assets
Intangible assets 3 133,738 133,738
Tangible assets 4 28,410 18,321
162,148 152,059
Current assets
Debtors 5 320,125 249,476
Cash at bank and in hand 32,776 77,456
352,901 326,932
Creditors: amounts falling due within one year 6 (234,123) (159,677)
Net current assets 118,778 167,255
Total assets less current liabilities 280,926 319,314
Creditors: amounts falling due after more than one year 7 (32,920) (50,115)
Net assets attributable to members 248,006 269,199
Represented by:
Members' other interests
Members' capital classified as equity 248,006 248,407
Other reserves - 20,792
248,006 269,199
248,006 269,199
Total members' interests
Members' other interests 248,006 269,199
248,006 269,199
For the period ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 31 December 2024 and signed on their behalf by:
F Nedelcu
Designated member
Topham Partners LLP
Notes to the Accounts
for the period from 1 January 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Statement of Recommended Practice (SORP), "Accounting by Limited Liability Partnerships".
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Website expenditure which is required for normal maintainance is written off to profit and loss account as incurred.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings additions over 10 years
Fixtures, fittings, tools and equipment 25% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2022
Number Number
Average number of persons employed by the LLP 5 8
3 Intangible fixed assets £
Cost
At 1 January 2023 202,174
At 31 March 2024 202,174
Amortisation
At 1 January 2023 68,436
At 31 March 2024 68,436
Net book value
At 31 March 2024 133,738
At 31 December 2022 133,738
Cost brought forward comprises image collections of £51,738 and website costs of £150,436
4 Tangible fixed assets
Additions to land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 15,000 237,514 15,552 268,066
Additions 14,943 - - 14,943
At 31 March 2024 29,943 237,514 15,552 283,009
Depreciation
At 1 January 2023 3,000 231,693 15,052 249,745
Charge for the period 3,750 821 283 4,854
At 31 March 2024 6,750 232,514 15,335 254,599
Net book value
At 31 March 2024 23,193 5,000 217 28,410
At 31 December 2022 12,000 5,821 500 18,321
5 Debtors 2024 2022
£ £
Trade debtors 174,046 122,486
Other debtors 146,079 126,990
320,125 249,476
6 Creditors: amounts falling due within one year 2024 2022
£ £
Bank loans and overdrafts 53,647 53,004
Trade creditors 40,415 12,841
Other taxes and social security costs 2,406 2,668
Other creditors 137,655 91,164
234,123 159,677
7 Creditors: amounts falling due after one year 2024 2022
£ £
Bank loans 32,920 50,115
8 Controlling party
No one member has overall control.
9 Other information
Topham Partners LLP is a limited liability partnership incorporated in England. Its registered office is:
Kempston
Mill Hill
Edenbridge
Kent
TN8 5DQ
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