Registered number
OC373254
Forty One Trading LLP
Unaudited Filleted Accounts
31 March 2024
Forty One Trading LLP
Registered number: OC373254
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 932 749
Current assets
Debtors 4 69,750 12,000
Cash at bank and in hand 15,895 44,156
85,645 56,156
Creditors: amounts falling due within one year 5 (1,214) (1,213)
Net current assets 84,431 54,943
Total assets less current liabilities 85,363 55,692
Net assets attributable to members 85,363 55,692
Represented by:
Loans and other debts due to members 6 85,363 55,692
85,363 55,692
Total members' interests
Loans and other debts due to members 6 85,363 55,692
85,363 55,692
For the year 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 28 February 2025 and signed on their behalf by:
Mr J. Barr
Designated member
Forty One Trading LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) 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 includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
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.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,247
Additions 229
At 31 March 2024 1,476
Depreciation
At 1 April 2023 498
Charge for the year 46
At 31 March 2024 544
Net book value
At 31 March 2024 932
At 31 March 2023 749
4 Debtors 2024 2023
£ £
Other debtors 69,750 12,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 254 253
Other creditors 960 960
1,214 1,213
6 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 85,363 55,692
Amounts falling due within one year 85,363 55,692
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Forty One Trading LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit T13, Tideway Yard
125 Mortlake High Street
London
SW14 8SN
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