NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Westtown 11 LLP, is a limited liability partnership, registered in England and Wales, registration number OC432876. The registered offce address is 1 Westbourne Grove Mews, London, W11 2RU.
The LLP has shortened its accounting period from 31 August 2024 to 31 March 2024.
The principal activity of the LLP continued to be that of the retail sale of gifts and home furnishings.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
On the basis of information and enquiries that are pertinent to the LLP’s circumstances and which the members believe to be adequate, it is appropriate to continue to treat the LLP as a going concern. In particular the members believe that adequate cash resources will be available to cover the LLP’s requirements for working capital for at least twelve months from the date of signing the financial statements.
|
|
Functional and presentation currency
|
The LLP's functional and presentational currency is pound sterling.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from retail sale of gifts and home furnishings is recognised when it is probable the LLP will receive the consideration due under the contract.
|
|
Division and distribution of profits
|
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
In the event of the LLP making losses, the loss is recognised as a debit within equity under 'Other reserves.
|