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 |
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Members' Report |
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Financial Statements |
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Balance Sheet |
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Reconciliation of Members’ Interests |
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Notes to the Financial Statements |
Duck Cove LLP
Limited liability partnership information
Designated members |
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Registered office |
Lowin House |
Principal place of business |
Houseboat John Clare |
Accountants |
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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:
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
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Duck Cove LLP
Balance Sheet
30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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|
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Cash and short-term deposits |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
182,889 |
221,768 |
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Members’ other interests |
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Members' capital classified as equity |
100 |
100 |
|
182,989 |
221,868 |
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Total members' interests |
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Loans and other debts due to members |
182,889 |
221,768 |
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Equity |
|
|
|
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
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Duck Cove LLP
Reconciliation of Members’ Interests
30 April 2024
Equity |
Loans due to/(from) members |
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Members' capital |
Total |
Members' capital classified as a liability |
Total |
|
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 |
|
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
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Duck Cove LLP
Notes to the Financial Statements
Year Ended 30 April 2024
Tangible fixed assets |
Freehold land and buildings |
Motor vehicles |
Total |
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Cost |
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At 1 May 2023 |
39,621 |
124,877 |
164,498 |
At 30 April 2024 |
39,621 |
124,877 |
164,498 |
Depreciation |
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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 |
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At 30 April 2024 |
39,621 |
- |
39,621 |
At 30 April 2023 |
39,621 |
6,000 |
45,621 |
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
97,644 |
61,600 |
Duck Cove LLP
Notes to the Financial Statements
Year Ended 30 April 2024
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.
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Obligations under finance lease and hire purchase contracts |
- |
6,293 |
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).