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Registration number: OC412083

Busell LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Busell LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 5

Balance Sheet

2

Notes to the Financial Statements

4

 

Busell LLP

Limited liability partnership information

Members

Cosimo Beria

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Mint Accounting Ltd
63 Dock Street
Dundee
DD1 3DU

 

Busell LLP

(Registration number: OC412083)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Debtors

3

198,136

479,070

Cash and short-term deposits

 

9,423

81,383

 

207,559

560,453

Net assets attributable to members

 

207,559

560,453

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

207,559

560,453

   

207,559

560,453

Total members' interests

 

Loans and other debts due to members

 

207,559

560,453

   

207,559

560,453

For the year ending 30 June 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Busell LLP

(Registration number: OC412083)
Balance Sheet as at 30 June 2024

The financial statements of Busell LLP (registered number OC412083) were approved by the Board and authorised for issue on 1 April 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Cosimo Beria
Member

 

Busell LLP

Notes to the Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Busell LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

Busell LLP

Notes to the Financial Statements for the Year Ended 30 June 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

3

Debtors

2024
£

2023
£

Other debtors

197,766

478,700

Prepayments and accrued income

370

370

Total current trade and other debtors

198,136

479,070

4

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.