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REGISTERED NUMBER: SO302406
Premier Fixings & Construction Products LLP
Filleted Unaudited Financial Statements
31 March 2024
Premier Fixings & Construction Products LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
16,836
22,448
Current assets
Stocks
379,472
362,558
Debtors
6
529,642
585,282
Cash at bank and in hand
107,205
270,574
------------
------------
1,016,319
1,218,414
Creditors: amounts falling due within one year
7
( 642,922)
( 857,137)
------------
------------
Net current assets
373,397
361,277
---------
---------
Total assets less current liabilities
390,233
383,725
Creditors: amounts falling due after more than one year
8
( 53,030)
( 98,485)
---------
---------
Net assets
337,203
285,240
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
337,203
285,240
---------
---------
Members' other interests
Other reserves
---------
---------
337,203
285,240
---------
---------
Total members' interests
Loans and other debts due to members
9
337,203
285,240
Members' other interests
---------
---------
337,203
285,240
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Premier Fixings & Construction Products LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 31 January 2025 , and are signed on their behalf by:
Mr K D Scott
Mr W J Young
Designated Member
Designated Member
Mr G J Reid
Designated Member
Registered number: SO302406
Premier Fixings & Construction Products LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in Scotland. The address of the registered office is Unit B5, Davidson House, Campus 1, Aberdeen Innovation Park, Balgownie Road, Bridge of Don, Aberdeen AB22 8GT. Premier Fixings & Construction Products LLP operates under the following divisions. Premier Fasteners & Bolting Solutions Premier Engineering & Industrial Supplies Premier PPE & Hygiene Products Premier Procurement & Sourcing Supplies
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover represents amounts invoiced during the year, exclusive of discounts and Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2023: 4 ).
5.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
22,449
35,875
3,750
13,555
75,629
--------
--------
-------
--------
--------
Depreciation
At 1 April 2023
15,871
22,180
2,168
12,962
53,181
Charge for the year
1,665
3,424
396
127
5,612
--------
--------
-------
--------
--------
At 31 March 2024
17,536
25,604
2,564
13,089
58,793
--------
--------
-------
--------
--------
Carrying amount
At 31 March 2024
4,913
10,271
1,186
466
16,836
--------
--------
-------
--------
--------
At 31 March 2023
6,578
13,695
1,582
593
22,448
--------
--------
-------
--------
--------
6.
Debtors
2024
2023
£
£
Trade debtors
527,142
585,282
Other debtors
2,500
---------
---------
529,642
585,282
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,455
45,455
Trade creditors
283,572
513,869
Social security and other taxes
19,571
21,698
Other creditors
294,324
276,115
---------
---------
642,922
857,137
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
53,030
98,485
--------
--------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
337,203
285,240
---------
---------