Registered number
OC424149
Oliver Partners LLP
Filleted Accounts
31 March 2024
Oliver Partners LLP
Registered number: OC424149
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 7,193 24,056
Cash at bank and in hand 11,637 20,470
18,830 44,526
Creditors: amounts falling due within one year 4 (18,874) (8,374)
Net current (liabilities)/assets (44) 36,152
Total assets less current liabilities (44) 36,152
Creditors: amounts falling due after more than one year 5 (14,352) (16,899)
Net (liabilities)/assets attributable to members (14,396) 19,253
Represented by:
Loans and other debts due to/(from) members 6 (14,396) 19,253
(14,396) 19,253
Total members' interests
Loans and other debts due to/(from) members 6 (14,396) 19,253
(14,396) 19,253
For the period ended 31 March 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 16 January 2025 and signed on their behalf by:
G Oliver
Designated member
Oliver Partners LLP
Notes to the Accounts
for the period from 1 May 2023 to 31 March 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 from the rendering of services is recognised by reference to the stage of completion of the contract.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% straight line
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP - -
3 Debtors 2024 2023
£ £
Trade debtors 4,440 6,600
Other debtors 2,753 17,456
7,193 24,056
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,778 2,778
Trade creditors 2,413 2,012
Other taxes and social security costs 13,683 3,584
18,874 8,374
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,352 16,899
6 Loans and other debts due to/(from) members 2024 2023
£ £
Amounts due to/(from) members in respect of profits (14,396) 19,253
Amounts falling due within one year (14,396) 19,253
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 12,041 17,800
8 Controlling party
G Oliver controls the LLP.
9 Other information
Oliver Partners LLP is a limited liability partnership incorporated in England and Wales. Its registered office is:
42 Squires Gate
Rogerstone
Newport
NP10 0BP
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