Registered number
OC394027
Gale Associates LLP
Filleted Accounts
31 July 2024
Gale Associates LLP
Registered number: OC394027
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Net current assets - -
Total assets less current liabilities - -
Net assets attributable to members - -
Represented by:
- -
Total members' interests
- -
For the year ended 31 July 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 25 February 2025 and signed on their behalf by:
Mr Albert Gale
Designated member
Gale Associates LLP
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
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.
Turnover
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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP - -
3 Other information
Gale Associates LLP is a limited liability partnership incorporated in England. Its registered office is:
55 Daisy Avenue
Bury St Edmunds
Suffolk
IP32 7PG
Gale Associates LLP OC394027 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Mr Albert Gale No description of principal activity OC394027 2022-08-01 2023-07-31 OC394027 2023-08-01 2024-07-31 OC394027 bus:LimitedLiabilityPartnershipLLP 2023-08-01 2024-07-31 OC394027 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 OC394027 bus:PartnerLLP20 2023-08-01 2024-07-31 OC394027 3 2023-08-01 2024-07-31 OC394027 1 2023-08-01 2024-07-31 OC394027 2 2023-08-01 2024-07-31 OC394027 4 2023-08-01 2024-07-31 OC394027 countries:England 2023-08-01 2024-07-31 OC394027 bus:FRS102 2023-08-01 2024-07-31 OC394027 bus:FilletedAccounts 2023-08-01 2024-07-31 OC394027 2024-07-31 OC394027 2023-07-31 iso4217:GBP xbrli:pure