Registered number
OC394834
Westies 1971 LLP
Filleted Accounts
31 August 2024
Westies 1971 LLP
Registered number: OC394834
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 361,375 422,485
Current assets
Debtors 4 24,021 -
Cash at bank and in hand 3,264 48,364
27,285 48,364
Creditors: amounts falling due within one year 5 (33,422) (28,980)
Net current (liabilities)/assets (6,137) 19,384
Total assets less current liabilities 355,238 441,869
Creditors: amounts falling due after more than one year 6 (95,399) (158,394)
Net assets attributable to members 259,839 283,475
Represented by:
Loans and other debts due to members 7 259,837 283,473
Members' other interests
Members' capital classified as equity 2 2
259,839 283,475
Total members' interests
Loans and other debts due to members 7 259,837 283,473
Members' other interests 2 2
259,839 283,475
For the year ended 31 August 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 27 February 2025 and signed on their behalf by:
F Houlgate
Designated member
Westies 1971 LLP
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land and buildings None provided
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 September 2023 361,375 68,239 429,614
Disposals - (68,239) (68,239)
At 31 August 2024 361,375 - 361,375
Depreciation
At 1 September 2023 - 7,129 7,129
Charge for the year - 5,700 5,700
On disposals - (12,829) (12,829)
At 31 August 2024 - - -
Net book value
At 31 August 2024 361,375 - 361,375
At 31 August 2023 361,375 61,110 422,485
4 Debtors 2024 2023
£ £
Other debtors 24,021 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,362 16,281
Obligations under finance lease and hire purchase contracts - 8,250
Other taxes and social security costs 4,060 2,998
Other creditors 13,000 1,451
33,422 28,980
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 95,399 111,234
Obligations under finance lease and hire purchase contracts - 47,160
95,399 158,394
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 259,837 283,473
Amounts falling due within one year 259,837 283,473
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Westies 1971 LLP is a limited liability partnership incorporated in England. Its registered office is:
50 Hoyland Road
Hoyland Common
Barnsley
S74 0PB
Westies 1971 LLP OC394834 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts July 2024 F Houlgate No description of principal activity OC394834 2022-09-01 2023-08-31 OC394834 core:WithinOneYear 2023-08-31 OC394834 core:AfterOneYear 2023-08-31 OC394834 1 2023-08-31 OC394834 core:ShareCapital 2023-08-31 OC394834 2023-09-01 2024-08-31 OC394834 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-08-31 OC394834 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 OC394834 bus:PartnerLLP20 2023-09-01 2024-08-31 OC394834 3 2023-09-01 2024-08-31 OC394834 1 2023-09-01 2024-08-31 OC394834 2 2023-09-01 2024-08-31 OC394834 4 2023-09-01 2024-08-31 OC394834 core:LandBuildings 2023-09-01 2024-08-31 OC394834 core:Vehicles 2023-09-01 2024-08-31 OC394834 countries:England 2023-09-01 2024-08-31 OC394834 bus:FRS102 2023-09-01 2024-08-31 OC394834 bus:FilletedAccounts 2023-09-01 2024-08-31 OC394834 2024-08-31 OC394834 core:WithinOneYear 2024-08-31 OC394834 core:AfterOneYear 2024-08-31 OC394834 1 2024-08-31 OC394834 core:ShareCapital 2024-08-31 OC394834 core:LandBuildings 2024-08-31 OC394834 core:Vehicles 2024-08-31 OC394834 2023-08-31 OC394834 core:LandBuildings 2023-08-31 OC394834 core:Vehicles 2023-08-31 iso4217:GBP xbrli:pure