1. Statutory Information |
THE AELFA ARTS HUB LLP is a Limited Liability partnership, registration number OC431405. |
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2. Accounting Policies |
Basis of preparing the financial statement |
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
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Presentation Currency |
The accounts are presented in £ sterling. |
Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Current Tax |
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Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
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Tangible Fixed Asset Policy |
Tangible Fixed Assets are an essential component of a company's overall asset base. These assets are physical in nature and have a long-term presence in the operations of an organisation. Examples of Tangible Fixed Assets include property (such as land and buildings), plant and machinery, equipment, and vehicles. These assets play a crucial role in the production and provision of goods and services and are used to generate income for the company. |