REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
AUSTIN EYEWEAR LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756) |
INCOME STATEMENT |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
17,585 | 19,755 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
AUSTIN EYEWEAR LLP (REGISTERED NUMBER: OC315756) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
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. |