10 false false false false false false false false false false false false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,066 161,179 167,245 1,555 20,017 21,572 145,673 4,511 xbrli:pure xbrli:shares iso4217:GBP OC312278 2023-05-01 2024-04-30 OC312278 2024-04-30 OC312278 2023-04-30 OC312278 2022-05-01 2023-04-30 OC312278 2023-04-30 OC312278 2022-04-30 OC312278 core:MotorVehicles 2023-05-01 2024-04-30 OC312278 bus:Director2 2023-05-01 2024-04-30 OC312278 core:MotorVehicles 2023-04-30 OC312278 core:MotorVehicles 2024-04-30 OC312278 core:WithinOneYear 2024-04-30 OC312278 core:WithinOneYear 2023-04-30 OC312278 core:MotorVehicles 2023-04-30 OC312278 bus:SmallEntities 2023-05-01 2024-04-30 OC312278 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 OC312278 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 OC312278 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC312278 bus:FullAccounts 2023-05-01 2024-04-30 OC312278 core:EntitiesControlledByKeyManagementPersonnel 2023-05-01 2024-04-30
REGISTERED NUMBER: OC312278
TRUELOVE MANAGEMENT SERVICES LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
TRUELOVE MANAGEMENT SERVICES LLP
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
145,673
4,511
Current assets
Debtors
6
909,547
907,427
Cash at bank and in hand
422
407
----------
----------
909,969
907,834
Creditors: amounts falling due within one year
7
1,055,642
883,554
-------------
----------
Net current (liabilities)/assets
( 145,673)
24,280
----------
---------
Total assets less current liabilities
28,791
----
---------
Net assets
28,791
----
---------
Represented by:
Loans and other debts due to members
Other amounts
8
28,791
----
---------
Members' other interests
Other reserves
----
---------
28,791
----
---------
Total members' interests
Amounts due from members
(541,389)
(501,013)
Loans and other debts due to members
8
28,791
Members' other interests
----------
----------
(541,389)
(472,222)
----------
----------
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.
TRUELOVE MANAGEMENT SERVICES LLP
STATEMENT OF FINANCIAL POSITION (continued)
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 (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 .
These financial statements were approved by the members and authorised for issue on 31 January 2025 , and are signed on their behalf by:
Mrs J P Truelove
Designated Member
Registered number: OC312278
TRUELOVE MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4a Eastgate, Lincoln, Lincolnshire, LN2 1QB, England.
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 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and 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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The directors do not consider there to be any significant judgements or estimations in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of 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).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 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'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 10 (2023: 9 ).
5.
Tangible assets
Motor vehicles
£
Cost
At 1 May 2023
6,066
Additions
161,179
----------
At 30 April 2024
167,245
----------
Depreciation
At 1 May 2023
1,555
Charge for the year
20,017
----------
At 30 April 2024
21,572
----------
Carrying amount
At 30 April 2024
145,673
----------
At 30 April 2023
4,511
----------
6.
Debtors
2024
2023
£
£
Amounts due from members
541,389
501,013
Other debtors
368,158
406,414
----------
----------
909,547
907,427
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,570
10,673
Social security and other taxes
41,851
4,862
Other creditors
1,001,221
868,019
-------------
----------
1,055,642
883,554
-------------
----------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
28,791
----
---------
9.
Related party transactions
The LLP is under the ultimate control of its members. During the year the following transactions with related parties took place:- - Sales to related parties- £642,000 (2023: £663,862) - Debtor amounts due from related parties- £413,161 (2023: £400,527) - Creditor amounts due to related parties- £1,045,884 (2023: £864,973) There were no other transactions with related parties, such as are required to be disclosed under FRS 102.