Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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15,765 | 15,765 | |||
Creditors: amounts falling due within one year | 4 | (
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(
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Net current liabilities | (174,215) | (174,215) | ||
Total assets less current liabilities | (174,215) | (174,215) | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net liabilities attributable to members | (
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Represented by | ||||
Members' other interests | ||||
Other reserves | (195,048) | (195,048) | ||
(195,048) | (195,048) | |||
(195,048) | (195,048) | |||
Total members' interests | ||||
Members' other interests | (195,048) | (195,048) | ||
(195,048) | (195,048) |
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Powdertec Solutions LLP (registered number:
L D N Jones
Designated member |
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.
Powdertec Solutions 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Unit 16c & 16f, Chalwyn Industrial Estate, St Clements Road, Poole, Dorset, BH12 4PE.
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 Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis despite the balance sheet showing a deficit of current assets against current liabilities, due to the ongoing support of the members.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Powdertec Solutions LLP (registered number: OC362868) did not trade during the current financial year and has made neither profit nor loss, nor any other comprehensive income. There have been no movements in shareholders’ funds during the current financial year and therefore no Statement of Changes of Equity has been included.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.