0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 30,000 30,000 30,000 948 948 223 223 725 xbrli:pure xbrli:shares iso4217:GBP OC313286 2023-08-01 2024-07-31 OC313286 2024-07-31 OC313286 2023-07-31 OC313286 2022-08-01 2023-07-31 OC313286 2023-07-31 OC313286 2022-07-31 OC313286 bus:Director3 2023-08-01 2024-07-31 OC313286 core:WithinOneYear 2024-07-31 OC313286 core:WithinOneYear 2023-07-31 OC313286 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 OC313286 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 OC313286 bus:SmallEntities 2023-08-01 2024-07-31 OC313286 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 OC313286 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 OC313286 bus:LimitedLiabilityPartnershipLLP 2023-08-01 2024-07-31 OC313286 bus:FullAccounts 2023-08-01 2024-07-31 OC313286 core:OfficeEquipment 2023-08-01 2024-07-31 OC313286 core:OfficeEquipment 2024-07-31
REGISTERED NUMBER: OC313286
Kontrad LLP
Filleted Unaudited Financial Statements
31 July 2024
Kontrad LLP
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
4
30,000
30,000
Tangible assets
5
725
-------
-------
30,725
30,000
Current assets
Debtors
6
49,539
34,545
Cash at bank and in hand
23,105
12,663
-------
-------
72,644
47,208
Creditors: amounts falling due within one year
7
102,517
75,325
---------
-------
Net current liabilities
29,873
28,117
-------
-------
Total assets less current liabilities
852
1,883
----
------
Represented by:
Loans and other debts due to members
Other amounts
8
849
1,880
Members' other interests
Members' capital classified as equity
3
3
Other reserves
----
------
852
1,883
----
------
Total members' interests
Amounts due from members
(12,639)
(32,745)
Loans and other debts due to members
8
849
1,880
Members' other interests
3
3
-------
-------
(11,787)
(30,862)
-------
-------
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 income statement has not been delivered.
For the year ending 31 July 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 .
Kontrad LLP
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the members and authorised for issue on 12 December 2024 , and are signed on their behalf by:
Mr N J Cable
Designated Member
Registered number: OC313286
Kontrad LLP
Notes to the Financial Statements
Year ended 31 July 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire, M33 7BP.
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, when necessary, by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised when the amount of revenue can be measured reliably. It is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 income statement 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 income statement 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 income statement 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'.
Intangible assets
The partnership owns 3 patents relating to the design and construction of concrete floors. These were revalued to their estimated economic value by the members on the 31st July 2006. The members have considered the current valuation & agree that no further revaluation is necessary.
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:
Office equipment
-
33% 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.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
Development costs
£
Cost
At 1 August 2023 and 31 July 2024
30,000
-------
Amortisation
At 1 August 2023 and 31 July 2024
-------
Carrying amount
At 31 July 2024
30,000
-------
At 31 July 2023
30,000
-------
5.
Tangible assets
Equipment
Total
£
£
Cost
At 1 August 2023
Additions
948
948
----
----
At 31 July 2024
948
948
----
----
Depreciation
At 1 August 2023
Charge for the year
223
223
----
----
At 31 July 2024
223
223
----
----
Carrying amount
At 31 July 2024
725
725
----
----
At 31 July 2023
----
----
6.
Debtors
2024
2023
£
£
Trade debtors
900
1,800
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
36,000
Other debtors
12,639
32,745
-------
-------
49,539
34,545
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
475
627
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
93,480
57,468
Social security and other taxes
8,562
17,230
---------
-------
102,517
75,325
---------
-------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
849
1,880
----
------
9.
Related party transactions
The partnership was controlled by Mr N Cable. Mr Cable is also the sole-director of Manchester Urban Finance Corporation Limited and ABS Brymar Floors Limited. During the financial year, the entity traded commercially with a number of associated entities. The year's transactions can be summarised as follows: 20243 2023 £ £ Management services charged to related parties ABS Brymar Floors Ltd 180,000 260,000 Contract hire charged by related parties Manchester Urban Finance Corporation Ltd 81,495 48,383 Balances due from related parties ABS Brymar Floors Ltd 36,000 NIL Balances due to related parties Manchester Urban Finance Corporation Ltd 38,480 22,468 Global Treasury Fund Related operations which have short-term surplus funds remit these to the parent company. These funds are then made available to other related operations that have a short-term cash requirement and the surplus remaining is invested on the short-term money markets. The returns earned on this investment is then allocated to the participating businesses based upon the amount each has contributed to the investment. Balance due from the partnership to related parties under this arrangement is as follows: 2024 2023 £ £ Manchester Urban Finance Corporation Ltd 55,000 35,000