Registered number
OC319469
Lew Howard and Son LLP
Unaudited Filleted Accounts
30 April 2024
Poole Mordant
Chartered Accountants
Old Stables
71 Dunstans Road
East Dulwich
London
SE22 0HD
ADJ 05
L031-LP4
Lew Howard and Son LLP
Registered number: OC319469
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,420 3,630
Tangible assets 4 2,859 3,812
5,279 7,442
Current assets
Stocks 10,276 11,365
Debtors 5 29,358 32,686
Cash at bank and in hand 8,139 7,620
47,773 51,671
Creditors: amounts falling due within one year 6 (45,236) (31,455)
Net current assets 2,537 20,216
Total assets less current liabilities 7,816 27,658
Net assets attributable to members 7,816 27,658
Represented by:
Loans and other debts due to members 7 7,816 27,658
7,816 27,658
Total members' interests
Loans and other debts due to members 7 7,816 27,658
7,816 27,658
For the year ended 30 April 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 28 January 2025 and signed on their behalf by:
Pamela Howard
Designated member
Lew Howard and Son LLP
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) 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.
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.
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.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. Depreciation is provided at the annual rate of 25% on the reducing balance.
Stocks
Stocks are measured at the lower of cost and estimated selling price . Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 2023
Number Number
Average number of persons employed by the LLP 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 24,200
At 30 April 2024 24,200
Amortisation
At 1 May 2023 20,570
Provided during the year 1,210
At 30 April 2024 21,780
Net book value
At 30 April 2024 2,420
At 30 April 2023 3,630
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 17,209 19,248 36,457
At 30 April 2024 17,209 19,248 36,457
Depreciation
At 1 May 2023 16,189 16,456 32,645
Charge for the year 255 698 953
At 30 April 2024 16,444 17,154 33,598
Net book value
At 30 April 2024 765 2,094 2,859
At 30 April 2023 1,020 2,792 3,812
5 Debtors 2024 2023
£ £
Trade debtors 21,052 24,641
Other debtors 8,306 8,045
29,358 32,686
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,041 590
Trade creditors 16,845 20,345
Other creditors 11,350 10,520
45,236 31,455
7 Loans and other debts due to members 2024 2023
£ £
Loans from members 7,816 19,000
Amounts due to members in respect of profits - 8,658
7,816 27,658
Amounts falling due within one year 7,816 27,658
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Lew Howard and Son LLP is a limited liability partnership incorporated in England. Its registered office is:
Old Stables Piece
84G Dunstans Road
East Dulwich
London
SE22 0HG
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