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REGISTERED NUMBER: OC315756 (England and Wales)












REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

AUSTIN EYEWEAR LLP

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


AUSTIN EYEWEAR LLP

GENERAL INFORMATION
for the year ended 31 March 2024







DESIGNATED MEMBERS: Mr P Austin
Mr A J Schneider





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: OC315756 (England and Wales)





ACCOUNTANTS: Raffingers Holdings Limited
Chartered Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

REPORT OF THE MEMBERS
for the year ended 31 March 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of optometrists.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr P Austin
Mr A J Schneider

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £15,877 (2023 - £18,942 profit).

MEMBERS' INTERESTS
Members are remunerated solely from the profits of the partnership with profit being allocated in the year that the LLP is profitable.

ON BEHALF OF THE MEMBERS:





Mr P Austin - Designated member


9 September 2024

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 114,871 115,405

Cost of sales (28,858 ) (23,144 )
GROSS PROFIT 86,013 92,261

Administrative expenses (68,428 ) (72,506 )
17,585 19,755

Other operating income - 779
OPERATING PROFIT 4 17,585 20,534


Interest payable and similar expenses (1,708 ) (1,592 )
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




15,877




18,942

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 15,998 21,330

CURRENT ASSETS
Stocks 11,800 13,694
Debtors 6 8,542 8,847
Cash at bank 20,563 24,157
40,905 46,698
CREDITORS
Amounts falling due within one year 7 5,304 5,637
NET CURRENT ASSETS 35,601 41,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,599

62,391

CREDITORS
Amounts falling due after more than one year 8 15,705 18,749
NET ASSETS ATTRIBUTABLE TO
MEMBERS

35,894

43,642

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

35,894

43,642

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 35,894 43,642

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 9 September 2024 and were signed by:




Mr P Austin - Designated member




Mr A J Schneider - Designated member


AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

RECONCILIATION OF MEMBERS' INTERESTS
for the year ended 31 March 2024


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 43,642
Amount due from members -
Balance at 1 April 2023 - 43,642 43,642
Profit for the financial year available
for discretionary division among
members


15,877


-


15,877


Members' interests after profit for the
year

15,877

43,642

59,519

Other divisions of profit (15,877 ) 15,877 -
Drawings on account and
distributions of profit

-

(23,625

)

(23,625

)

Amount due to members 35,894
Amount due from members -
Balance at 31 March 2024 - 35,894 35,894

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

RECONCILIATION OF MEMBERS' INTERESTS
for the year ended 31 March 2024

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 40,780
Amount due from members -
Balance at 1 April 2022 - 40,780 40,780
Profit for the financial year available
for discretionary division among
members


18,942


-


18,942


Members' interests after profit for the
year

18,942

40,780

59,722

Other divisions of profit (18,942 ) 18,942 -
Drawings on account and
distributions of profit

-

(16,080

)

(16,080

)

Amount due to members 43,642
Amount due from members -
Balance at 31 March 2023 - 43,642 43,642

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Austin Eyewear LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2023 - 1 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 21 28
Depreciation - assets on hire purchase contracts 5,311 7,083

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 10,000 12,278 28,330 50,608
DEPRECIATION
At 1 April 2023 10,000 12,195 7,083 29,278
Charge for year - 21 5,311 5,332
At 31 March 2024 10,000 12,216 12,394 34,610
NET BOOK VALUE
At 31 March 2024 - 62 15,936 15,998
At 31 March 2023 - 83 21,247 21,330

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 28,330
DEPRECIATION
At 1 April 2023 7,083
Charge for year 5,311
At 31 March 2024 12,394
NET BOOK VALUE
At 31 March 2024 15,936
At 31 March 2023 21,247

AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 8,542 8,847

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,044 3,044
Trade creditors 2,260 2,593
5,304 5,637

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 15,705 18,749

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 18,749 21,793

Hire purchase contracts are secured against the assets to which they relate.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are unsecured.