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Registered number: OC352852














ZELOOF LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2024

 
ZELOOF LLP
 

INFORMATION




Designated Members

Oren Zeloof
Jason Zeloof

Members

Amira Zeloof
Ofer Zeloof

LLP registered number

OC352852

Registered office

91 Brick Lane
London
E1 6QL

Independent auditors

Sopher + Co LLP
Chartered Accountants
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD


 
ZELOOF LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Reconciliation of Members' Interests
 
9
Statement of Cash Flows
 
10
Notes to the Financial Statements
 
11 - 18

 
ZELOOF LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Zeloof LLP (the "LLP") for the year ended 31 March 2024
 

Designated Members
 
 
Oren Zeloof and Jason Zeloof were designated members of the LLP throughout the period.
 

Members


Amira Zeloof and Ofer Zeloof were members of the LLP throughout the period.
 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is set out in the Limited Liability Partnership Agreement and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 March 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Page 1

 
ZELOOF LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
The auditorsSopher + Co LLPhave indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
 

This report was approved by the members on 16 January 2025 and signed on their behalf by:
 
 

Jason Zeloof
Designated member

Page 2

 
ZELOOF LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZELOOF LLP
 

Opinion


We have audited the financial statements of Zeloof LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

 
ZELOOF LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZELOOF LLP (CONTINUED)

Other information


The members are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Members' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Members' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of members' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page , the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
ZELOOF LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZELOOF LLP (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Auditors' responsibilities for the audit of the financial statements (continued)
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the LLP through discussions with the members and other management, and from our commercial knowledge and experience of the sectors in which the LLP operates;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including the Companies Act 2006, data protection, anti-bribery, employment, alcohol licensing, music licensing, food safety, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the LLP’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the LLP’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

 
Page 5

 
ZELOOF LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZELOOF LLP (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the LLP's member those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

16 January 2025
Page 6

 
ZELOOF LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,494,973
13,208,838

Cost of sales
  
(12,396,064)
(10,446,434)

Gross profit
  
 
3,098,909
 
2,762,404

Administrative expenses
  
(1,081,378)
(1,033,564)

Operating profit
 5 
 
2,017,531
 
1,728,840

Interest receivable and similar income
  
32,830
4,547

Profit for the year before members' remuneration and profit shares
  
2,050,361
1,733,387

(Profit)/loss shared amongst members
  
(2,050,361)
(1,733,387)

Profit/(loss) for the financial year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2024(2023:£NIL).

The notes on pages 11 to 18 form part of these financial statements.
Page 7

 
ZELOOF LLP
REGISTERED NUMBER:OC352852

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
3,835,707
3,725,800

Current assets
  

Stocks
 10 
85,394
108,125

Debtors: amounts falling due within one year
 11 
2,650,513
5,251,570

Cash at bank and in hand
  
1,767,176
1,161,649

  
4,503,083
6,521,344

Current liabilities
  

Creditors: amounts falling due within one year
 12 
(5,974,894)
(5,846,974)

Net current (liabilities)/assets
  
 
 
(1,471,811)
 
 
674,370

  

Net assets
  
2,363,896
4,400,170


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 14 
2,363,796
4,400,070

Members' other interests
  

Members' capital classified as equity
  
100
100

  
2,363,896
4,400,170


Total members' interests
  

Loans and other debts due to members
 14 
2,363,796
4,400,070

Members' other interests
  
100
100

  
2,363,896
4,400,170


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 16 January 2025.



Jason Zeloof
Designated member

The notes on pages 11 to 18 form part of these financial statements.
Page 8

 
ZELOOF LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other amounts
Total

£
£
£

Amounts due to members 
2,400,464


Amounts due from members 

(903,642)


Balance at 1 April 2022 
100
1,496,822
1,496,922

Members' remuneration charged as an expense
 
-
1,733,389
1,733,389

Members' interests after profit for the year
100
3,230,211
3,230,311

Amounts introduced by members
-
4,963,015
4,963,015

Drawings on account and distribution of profit
 
-
(3,793,156)
(3,793,156)

Amounts due to members
4,400,070

Balance at 31 March 2023
100
4,400,070
4,400,170

Members' remuneration charged as an expense
 
-
2,050,361
2,050,361

Members' interests after profit for the year
100
6,450,431
6,450,531

Amounts introduced by members
-
3,577,779
3,577,779

Drawings on account and distribution of profit
 
-
(7,664,414)
(7,664,414)

Amounts due to members
2,363,796

Balance at 31 March 2024 
100
2,363,796
2,363,896

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 9

 
ZELOOF LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£


Profit/(loss) for the financial year
-
-

Adjustments for:

Members' remuneration charged as an expense
2,050,361
1,733,387

Depreciation of tangible assets
103,844
116,712

Interest received
(32,830)
(4,547)

Decrease/(increase) in stocks
22,731
(4,401)

(Increase) in debtors
(812,154)
(670,837)

Decrease/(increase) in amounts owed by participating ints
163,211
(112,335)

(Decrease)/increase in creditors
(184,176)
894,986

Increase in amounts owed to participating ints
312,095
343,210

Net cash generated from operating activities

1,623,082
2,296,175


Cash flows from investing activities

Purchase of tangible fixed assets
(213,751)
(300,477)

Interest received
32,830
4,547

Loans (provided)/repaid
3,250,000
(3,250,000)

Net cash from investing activities

3,069,079
(3,545,930)

Cash flows from financing activities

Amounts introduced by members
3,577,780
4,963,015

Distribution paid to members
(7,664,414)
(3,793,156)

Net cash used in financing activities
(4,086,634)
1,169,859

Net increase/(decrease) in cash and cash equivalents
605,527
(79,896)

Cash and cash equivalents at beginning of year
1,161,649
1,241,545

Cash and cash equivalents at the end of year
1,767,176
1,161,649


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,767,176
1,161,649


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Zeloof LLP is a Limited Liability Partnership (LLP) incorporated and domiciled in England and Wales. Its registered office and business address is 91 Brick Lane, London, E1 6QL.
The principal activities of the LLP are that of hosting events and the management of them, the operation of markets and a food hall, provision of cleaning services, provision of security services, provision of maintenance and repair services, operation of bars, cafes and licensed premises, property landlord and the operation of car parks.
The financial statements are presented in Sterling (£), which is the functional currency.

2.Accounting policies

 
2.1

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 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".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date the LLP has net current liabilities. Amounts owed to related parties are greater than the net current liabilities and the members have obtained assurance from those related parties that funds will continue to be made available to the LLP so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved.

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the LLP in respect of hosting events and the management of them, the operation of markets and a food hall, provision of cleaning services, provision of security services, provision of maintenance and repair services, operation of bars, cafes and licensed premises and the operation of car parking facilities supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised in respect of all sources of income when an event takes place, market stalls are occupied, delivery of services to customer, delivery of goods and services to bar customers and occupation of car parking spaces supplied.

Page 11

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the LLP as lessor

Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight line basis over the lease term.

 
2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive on a straight line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Pensions

The LLP contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Freehold property
-
2%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
 
 
2.10

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.

  
2.11

Taxation

Taxation on all partnership profits is solely the personal liability of the members. Consequently, no taxation arising in the partnership is accounted for in these financial statements.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the members have made the following judgments:
a) Determining whether there are indicators of impairment of the LLP's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
In preparing these financial statements, the members have considered the following key sources of estimation uncertainty:
a) Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.


4.


Turnover

The whole of the turnover is attributable to activities as stated in the principal activities and 100% of the turnover is wholly derived in the UK.
The members have decided not to disclose the split of the LLP's turnover by class as they believe it would seriously prejudice the LLP's interests.

Page 13

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Staff pension costs
62,860
58,090

Depreciation costs
103,844
116,710

Operating lease rentals
3,550,330
2,671,500


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the LLP's auditor for the audit of the LLP's annual financial statements
27,825
26,500

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
3,959,628
3,771,414

Social security costs
401,015
386,338

Cost of defined contribution scheme
62,680
58,090

4,423,323
4,215,842


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Average
114
117

Page 14

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
4
4

 
2023
2023
£
£







The amount of profit attributable to the member with the largest entitlement was
1,230,217
1,126,702



9.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 April 2023
3,578,078
885,714
24,385
126,836
4,615,013


Additions
73,526
140,225
-
-
213,751



At 31 March 2024

3,651,604
1,025,939
24,385
126,836
4,828,764



Depreciation


At 1 April 2023
77,149
704,511
24,385
83,168
889,213


Charge for the year on owned assets
17,532
83,317
-
2,995
103,844



At 31 March 2024

94,681
787,828
24,385
86,163
993,057



Net book value



At 31 March 2024
3,556,923
238,111
-
40,673
3,835,707



At 31 March 2023
3,500,929
181,203
-
43,668
3,725,800

Included in freehold property is freehold land at a cost of £2,727,485 (2023 - £2,727,485) which is not depreciated.

Page 15

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Stocks

2024
2023
£
£

Finished goods and goods for resale
85,394
108,125



11.


Debtors

2024
2023
£
£


Trade debtors
1,721,165
1,410,970

Amounts owed from related parties
224,053
387,264

Other debtors
122,992
3,279,728

Prepayments and accrued income
582,303
173,608

2,650,513
5,251,570



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
475,342
305,178

Amounts owed to related parties
2,991,413
2,679,318

Taxation and social security
566,241
564,889

Other creditors
332,184
359,813

Accruals and deferred income
1,609,714
1,937,776

5,974,894
5,846,974



13.


Financial instruments

The LLP only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities. It does not have financial assets and liabilities measured at fair value.

Page 16

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
2,363,796
4,400,070

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
2,363,796
4,400,070

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


15.


Analysis of net debt




At 1 April 2023
Arising from cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,161,649

605,527

1,767,176

Net debt (before members' debt)
1,161,649
605,527
1,767,176

Loans and other debts due to members




Other amounts due to members
(4,423,709)

2,059,913

(2,363,796)

Net debt


(3,262,060)
2,665,440
(596,620)


16.


Pension commitments

The LLP contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £62,680 (2023 - £58,090). Contributions totalling £14,684 (2023 - £15,849) were payable to the fund at the reporting date and are included in creditors.

Page 17

 
ZELOOF LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Commitments under operating leases

Lessee
The LLP had no commitments under non-cancellable operating leases at the reporting date.





Lessor
The LLP leases out the freehold properties under non-cancellable operating leases for the following future minimum lease payments.


2024
2023

£
£


Not later than 1 year
293,919
260,316

Later than 1 year and not later than 5 years
245,666
374,207

539,585
634,523


18.


Related party transactions

During the year, the LLP received income amounting to £584,438 (2023 - £700,240) in relation to rental, recharged expenses and management charges from entities under common control by close family members. During the year, the LLP incurred expenses amounting to £912,151 (2023 - £691,226) in relation to goods and services, rent and grants to entities under common control by close family members. At the reporting date, the LLP was owed £224,053 (2023 - £436,051) by and owed £2,991,413 (2023 - £2,679,318) to these entities. A bad debt provision of £nil (2023 - £48,787) has been recognised in respect of some of the amounts owed from related parties and so the net balance owed to the LLP from these entities after bad debt provisions is £224,053 (2023 - £387,264). The bad debt of £nil (2023 - £48,787) is included in administrative costs in the year.
Included in accruals is £100,000 (2023 - 100,000) due from an entity under common control by close family members.
During the year, the LLP made a profit and thus a share of profits totalling 2,050,361 (2023 - £1,733,387) was allocated to key management personnel.

 
Page 18