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REGISTERED NUMBER: OC335911
Woods Hardwick Infrastructure LLP
Filleted Unaudited Financial Statements
For the year ended
31 March 2025
Woods Hardwick Infrastructure LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Represented by:
Loans and other debts due to members
Other amounts
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Members' other interests
Other reserves
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Total members' interests
Loans and other debts due to members
Members' other interests
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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 March 2025 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 .
These financial statements were approved by the members and authorised for issue on 9 May 2025 , and are signed on their behalf by:
J G Freeman
Designated Member
Registered number: OC335911
Woods Hardwick Infrastructure LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 15-17 Goldington Road, Bedford, MK40 3NH, England.
2.
Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention. At 31 March 2022, all current assets, current liabilities and total members interests of the Limited Liability Partnership were transferred to Woods Hardwick Limited at book value. All designated members of Woods Hardwick Infrastructure LLP are directors and shareholders of Woods Hardwick Limited also. The LLP ceased trading on 31 March 2025 and therefore these financial statements have been prepared on a basis other than going concern.
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
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'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Long term contracts
In respect of long term contracts, and contracts for on-going service, turnover represents the value of work applicable to the activity in the year, ascertained by reference to the stage of completion. This turnover is matched with the applicable costs, resulting in the reporting of attributable profit proportionate to the contract activity. Where the outcome of a contract cannot be foreseen with reasonable certainty but no loss is expected, turnover and costs are recorded as the activity progresses using a zero estimate of profit.
Estimates of total contract costs and revenues are reviewed periodically and the cumulative effects of the changes are recognised in the period in which they are identified. All known or anticipated losses are provided for in full as soon as they are foreseen. All costs incurred are recorded as cost of sales.
Revenues recognised in excess of amounts billed are classified as amounts recoverable on contracts and included in debtors, with the converse being dealt with as payments on account included in creditors.