0 false false false false false false false false false false false false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 116,943 76,943 40,000 40,000 xbrli:pure xbrli:shares iso4217:GBP OC315746 2024-01-01 2024-12-31 OC315746 2024-12-31 OC315746 2023-12-31 OC315746 2023-01-01 2023-12-31 OC315746 2023-12-31 OC315746 2022-12-31 OC315746 bus:Director1 2024-01-01 2024-12-31 OC315746 bus:Director2 2024-01-01 2024-12-31 OC315746 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 OC315746 core:WithinOneYear 2024-12-31 OC315746 core:WithinOneYear 2023-12-31 OC315746 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 OC315746 bus:SmallEntities 2024-01-01 2024-12-31 OC315746 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 OC315746 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 OC315746 bus:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC315746 bus:FullAccounts 2024-01-01 2024-12-31 OC315746 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31
REGISTERED NUMBER: OC315746
Taylor-Langley LLP
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
Taylor-Langley LLP
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Taylor-Langley LLP
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
40,000
40,000
Current assets
Debtors
5
424,443
422,713
Creditors: amounts falling due within one year
6
464,443
462,713
---------
---------
Net current liabilities
40,000
40,000
--------
--------
Total assets less current liabilities
Represented by:
Loans and other debts due to members
Other amounts
----
----
Members' other interests
Other reserves
----
----
----
----
Total members' interests
Amounts due from members
(424,443)
(422,713)
Loans and other debts due to members
Members' other interests
---------
---------
(424,443)
(422,713)
---------
---------
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 December 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 .
Taylor-Langley LLP
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the members and authorised for issue on 10 March 2025 , and are signed on their behalf by:
Mr MS Burton
Mr SE Burton
Designated Member
Designated Member
Registered number: OC315746
Taylor-Langley LLP
Notes to the Financial Statements
Year ended 31 December 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Newland Hall, Roxwell, Chelmsford, Essex, CM1 4LH.
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 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
Taxation on LLP profits is the personal liability of the members. Consequently neither taxation nor non related deferred taxation are accounted for in these financial statements.
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.
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 discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
0%
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
Freehold property
£
Cost
At 1 January 2024 and 31 December 2024
116,943
---------
Depreciation
At 1 January 2024 and 31 December 2024
76,943
---------
Carrying amount
At 31 December 2024
40,000
---------
At 31 December 2023
40,000
---------
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the statement of comprehensive income.
5.
Debtors
2024
2023
£
£
Other debtors
424,443
422,713
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
464,443
462,713
---------
---------