Registered number
OC377946
ASSETS AND TRADE MEDICAL LLP
Filleted Accounts
31 August 2024
Tally Accountants Ltd
Chartered Management Accountants
Top Floor, College House
17 King Edwards Road
Ruislip,Middx
HA4 7AE
TLY/ASS/AL/TY/24/05/25/1
ASSETS AND TRADE MEDICAL LLP
Registered number: OC377946
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 140,033 140,033
Current assets
Debtors 4 - (181,739)
Cash at bank and in hand 9,267 18,695
9,267 (163,044)
Creditors: amounts falling due within one year 5 (136,299) (332,727)
Net current liabilities (127,032) (495,771)
Total assets less current liabilities 13,001 (355,738)
Net assets/(liabilities) attributable to members 13,001 (355,738)
Represented by:
Members' other interests
Members' capital classified as equity 350,710 (117,647)
Other reserves (337,709) (238,091)
13,001 (355,738)
13,001 (355,738)
Total members' interests
Members' other interests 13,001 (355,738)
13,001 (355,738)
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 12 May 2025 and signed on their behalf by:
…..................................
SEVEN ASSETS TRADE LTD
Designated member
ASSETS AND TRADE MEDICAL 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 140,033
At 31 August 2024 140,033
Amortisation
At 31 August 2024 -
Net book value
At 31 August 2024 140,033
At 31 August 2023 140,033
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Debtors 2024 2023
£ £
Trade debtors - (181,740)
Other debtors - 1
- (181,739)
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,880 2,640
Trade creditors 136,302 155,893
Other taxes and social security costs (2,883) (6,291)
Other creditors - 180,485
136,299 332,727
6 Other information
ASSETS AND TRADE MEDICAL LLP is a limited liability partnership incorporated in England. Its registered office is:
Top Floor, College House
17 King Edwards Road,
Ruislip, Middx
HA4 7AE
ASSETS AND TRADE MEDICAL LLP OC377946 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts July 2024 SEVEN ASSETS TRADE LTD No description of principal activity OC377946 2022-09-01 2023-08-31 OC377946 core:WithinOneYear 2023-08-31 OC377946 core:ShareCapital 2023-08-31 OC377946 core:RetainedEarningsAccumulatedLosses 2023-08-31 OC377946 2023-09-01 2024-08-31 OC377946 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-08-31 OC377946 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 OC377946 bus:PartnerLLP20 2023-09-01 2024-08-31 OC377946 3 2023-09-01 2024-08-31 OC377946 1 2023-09-01 2024-08-31 OC377946 2 2023-09-01 2024-08-31 OC377946 4 2023-09-01 2024-08-31 OC377946 countries:England 2023-09-01 2024-08-31 OC377946 bus:FRS102 2023-09-01 2024-08-31 OC377946 bus:FilletedAccounts 2023-09-01 2024-08-31 OC377946 2024-08-31 OC377946 core:WithinOneYear 2024-08-31 OC377946 core:ShareCapital 2024-08-31 OC377946 core:RetainedEarningsAccumulatedLosses 2024-08-31 OC377946 core:Goodwill 2024-08-31 OC377946 2023-08-31 OC377946 core:Goodwill 2023-08-31 iso4217:GBP xbrli:pure