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REGISTERED NUMBER: OC362680 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2024

FOR

SOVEREIGN SURGICAL LLP

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024










Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SOVEREIGN SURGICAL LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 30 MARCH 2024







DESIGNATED MEMBERS: Mr G Hills
Mrs J S Hills
Mr G D Griffiths
Mrs L A Griffiths
Mr G P Boulter
Mrs M S Boulter





REGISTERED OFFICE: Unit 2
Riverside Business Centre
Brighton Road
Shoreham by Sea
West Sussex
BN43 6RE





REGISTERED NUMBER: OC362680 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

STATEMENT OF FINANCIAL POSITION
30 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 176,776 190,374
Tangible assets 5 2,214 2,769
178,990 193,143

CURRENT ASSETS
Stocks 6 50,811 47,932
Debtors 7 178,075 127,113
Cash at bank 35,050 41,594
263,936 216,639
CREDITORS
Amounts falling due within one year 8 168,366 175,382
NET CURRENT ASSETS 95,570 41,257
TOTAL ASSETS LESS CURRENT
LIABILITIES

274,560

234,400

CREDITORS
Amounts falling due after more than one year 9 102,500 161,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

172,060

73,400

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

STATEMENT OF FINANCIAL POSITION - continued
30 MARCH 2024

2024 2023
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 172,060 73,400
172,060 73,400

TOTAL MEMBERS' INTERESTS
Members' other interests 172,060 73,400

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30 January 2025 and were signed by:





Mr G P Boulter - Designated member

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024


1. STATUTORY INFORMATION

Sovereign Surgical LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents net invoiced sales of services, excluding value added tax.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLASSIFICATION OF FINANCIAL LIABILITIES

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2023 - 4 ) .

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 31 March 2023
and 30 March 2024 203,972
Amortisation
At 31 March 2023 13,598
Amortisation for year 13,598
At 30 March 2024 27,196
Net book value
At 30 March 2024 176,776
At 30 March 2023 190,374

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 31 March 2023
and 30 March 2024 5,382 1,524 6,906
Depreciation
At 31 March 2023 3,575 562 4,137
Charge for year 363 192 555
At 30 March 2024 3,938 754 4,692
Net book value
At 30 March 2024 1,444 770 2,214
At 30 March 2023 1,807 962 2,769

6. STOCKS
2024 2023
£    £   
Stocks 50,811 47,932

SOVEREIGN SURGICAL LLP (REGISTERED NUMBER: OC362680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 111,458 109,122
Other debtors 66,617 17,991
178,075 127,113

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 121,984 144,169
Taxation and social security 3,680 715
Other creditors 42,702 30,498
168,366 175,382

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 102,500 161,000

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.