Silverfin false 31/03/2024 01/04/2023 31/03/2024 J Dubiner 22/07/2011 M J Dubiner 22/07/2011 29 January 2025 OC366715 2024-03-31 OC366715 bus:Director1 2024-03-31 OC366715 bus:Director2 2024-03-31 OC366715 2023-03-31 OC366715 core:CurrentFinancialInstruments 2024-03-31 OC366715 core:CurrentFinancialInstruments 2023-03-31 OC366715 core:Non-currentFinancialInstruments 2024-03-31 OC366715 core:Non-currentFinancialInstruments 2023-03-31 OC366715 core:Vehicles 2023-03-31 OC366715 core:FurnitureFittings 2023-03-31 OC366715 core:Vehicles 2024-03-31 OC366715 core:FurnitureFittings 2024-03-31 OC366715 2023-04-01 2024-03-31 OC366715 bus:FullAccounts 2023-04-01 2024-03-31 OC366715 bus:SmallEntities 2023-04-01 2024-03-31 OC366715 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC366715 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC366715 bus:Director1 2023-04-01 2024-03-31 OC366715 bus:Director2 2023-04-01 2024-03-31 OC366715 core:Vehicles 2023-04-01 2024-03-31 OC366715 core:FurnitureFittings 2023-04-01 2024-03-31 OC366715 2022-04-01 2023-03-31 OC366715 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC366715 (England and Wales)

PAUL BENNETT ANTIQUES LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PAUL BENNETT ANTIQUES LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PAUL BENNETT ANTIQUES LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PAUL BENNETT ANTIQUES LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 56,395 70,881
56,395 70,881
Current assets
Stocks 1,185,710 1,164,153
Debtors 4 206,294 219,785
Cash at bank and in hand 5 253,035 342,555
1,645,039 1,726,493
Creditors: amounts falling due within one year 6 ( 349,822) ( 219,955)
Net current assets 1,295,217 1,506,538
Total assets less current liabilities 1,351,612 1,577,419
Creditors: amounts falling due after more than one year 7 ( 2,705) ( 10,869)
Net assets attributable to members 1,348,907 1,566,550
Represented by
Loans and other debts due to members within one year
Other amounts (101,410) 181,690
(101,410) 181,690
Members' other interests
Members' capital classified as equity 1,450,317 1,384,860
1,450,317 1,384,860
1,348,907 1,566,550
Total members' interests
Loans and other debts due to members (101,410) 181,690
Members' other interests 1,450,317 1,384,860
1,348,907 1,566,550

For the financial 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.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Paul Bennett Antiques LLP (registered number: OC366715) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

J Dubiner
Designated member
PAUL BENNETT ANTIQUES LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
PAUL BENNETT ANTIQUES LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other reserves Total Other amounts Total
£ £ £ £ £
Amounts due to members 932,739
Balance at 01 April 2022 660,050 0 660,050 932,739 1,592,789
Profit for the financial year available for discretionary division among members 0 95,363 95,363 0 95,363
Members' interest after profit for the financial year 660,050 95,363 755,413 932,739 1,688,152
Division of profit 0 (95,363) (95,363) 95,363 0
Drawings 0 0 0 (145,056) (145,056)
Transfers 724,810 0 724,810 (701,356) 23,454
Amounts due to members 181,690
Balance at 31 March 2023 1,384,860 0 1,384,860 181,690 1,566,550
Profit for the financial year available for discretionary division among members 0 39,367 39,367 0 39,367
Members' interest after profit for the financial year 1,384,860 39,367 1,424,227 181,690 1,605,917
Division of profit 0 (39,367) (39,367) 39,367 0
Introduced by members 65,457 0 65,457 0 65,457
Drawings 0 0 0 (322,467) (322,467)
Amounts due to members (101,410)
Balance at 31 March 2024 1,450,317 0 1,450,317 (101,410) 1,348,907

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

PAUL BENNETT ANTIQUES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PAUL BENNETT ANTIQUES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paul Bennet Antiques LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the entity and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the LLP has transferred the significant risks and rewards of ownership to the buyer;
- the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor
effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the LLP will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 3 3

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 153,675 27,566 181,241
At 31 March 2024 153,675 27,566 181,241
Accumulated depreciation
At 01 April 2023 88,973 21,387 110,360
Charge for the financial year 12,941 1,545 14,486
At 31 March 2024 101,914 22,932 124,846
Net book value
At 31 March 2024 51,761 4,634 56,395
At 31 March 2023 64,702 6,179 70,881

4. Debtors

2024 2023
£ £
Trade debtors 203,631 221,675
Other debtors 2,663 ( 1,890)
206,294 219,785

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 253,035 342,555

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 289,108 149,377
Other taxation and social security 5,842 9,062
Obligations under finance leases and hire purchase contracts 9,047 9,047
Other creditors 45,825 52,469
349,822 219,955

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 2,705 10,869

There are no amounts included above in respect of which any security has been given by the small entity.

8. Ultimate controlling party

The ultimate controlling parties are Mr M J Dubiner and Mr J Dubiner.