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REGISTERED NUMBER: OC379583
Shin Gi Tai Martial Arts Academy LLP
Filleted Unaudited Financial Statements
31 March 2024
Shin Gi Tai Martial Arts Academy LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Shin Gi Tai Martial Arts Academy LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
8,969
11,050
Current assets
Stocks
650
340
Debtors
6
19,807
31,177
Cash at bank and in hand
29,835
6,408
--------
--------
50,292
37,925
Creditors: amounts falling due within one year
7
58,763
44,884
--------
--------
Net current liabilities
8,471
6,959
-------
--------
Total assets less current liabilities
498
4,091
----
-------
Net assets
498
4,091
----
-------
Represented by:
Loans and other debts due to members
Other amounts
8
498
4,091
----
-------
Members' other interests
Other reserves
----
-------
498
4,091
----
-------
Total members' interests
Amounts due from members
(17,720)
(27,108)
Loans and other debts due to members
8
498
4,091
Members' other interests
--------
--------
(17,222)
(23,017)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Shin Gi Tai Martial Arts Academy LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 20 March 2025 , and are signed on their behalf by:
B R Andrews
Designated Member
Registered number: OC379583
Shin Gi Tai Martial Arts Academy LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 8 (2023: 6 ).
5.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
8,508
9,519
9,669
26,392
54,088
Additions
661
2,535
3,196
Disposals
( 1,298)
( 500)
( 1,798)
-------
-------
--------
--------
--------
At 31 March 2024
8,508
8,882
12,204
25,892
55,486
-------
-------
--------
--------
--------
Depreciation
At 1 April 2023
8,508
6,912
3,767
23,851
43,038
Charge for the year
1,600
2,840
837
5,277
Disposals
( 1,298)
( 500)
( 1,798)
-------
-------
--------
--------
--------
At 31 March 2024
8,508
7,214
6,607
24,188
46,517
-------
-------
--------
--------
--------
Carrying amount
At 31 March 2024
1,668
5,597
1,704
8,969
-------
-------
--------
--------
--------
At 31 March 2023
2,607
5,902
2,541
11,050
-------
-------
--------
--------
--------
6.
Debtors
2024
2023
£
£
Trade debtors
774
1,779
Other debtors
19,033
29,398
--------
--------
19,807
31,177
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,465
Trade creditors
69
Social security and other taxes
122
54
Other creditors
58,572
28,365
--------
--------
58,763
44,884
--------
--------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
498
4,091
----
-------
9.
Related party transactions
At year end, the company was owed £964 (2023: £nil) by a related party.