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REGISTERED NUMBER: OC383191 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Shane Varneys Karate School LLP

Shane Varneys Karate School LLP (Registered number: OC383191)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Shane Varneys Karate School LLP (Registered number: OC383191)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,538 12,131

CURRENT ASSETS
Stocks - 350
Debtors - 8,700
Cash at bank and in hand 16,479 17,266
16,479 26,316
CREDITORS
Amounts falling due within one year 35,355 34,604
NET CURRENT LIABILITIES (18,876 ) (8,288 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,662

3,843

CREDITORS
Amounts falling due after more than one
year

17,028

-
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,634

3,843

LOANS AND OTHER DEBTS DUE TO
MEMBERS

5

2,634

3,843

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 2,634 3,843

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 31 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.

Shane Varneys Karate School LLP (Registered number: OC383191)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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:




S A Varney - Designated member




P L Varney - Designated member


Shane Varneys Karate School LLP (Registered number: OC383191)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Shane Varneys Karate School LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC383191

Registered office: Valley View
Tugby Orchards Business
Wood Lane
Tugby
Leicestershire
LE7 9WE

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - 1 ).

Shane Varneys Karate School LLP (Registered number: OC383191)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 31,718
Additions 29,287
At 31 March 2024 61,005
DEPRECIATION
At 1 April 2023 19,587
Charge for year 2,880
At 31 March 2024 22,467
NET BOOK VALUE
At 31 March 2024 38,538
At 31 March 2023 12,131

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members rank equally alongside the other unsecured creditors.