Registered number
OC441000
QP Innovators LLP
Unaudited Filleted Accounts For The Year Ended
31 March 2025
QP Innovators LLP
Registered number: OC441000
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 288 431
288 431
Current assets
Stocks 74,221 81,246
Debtors 4 1,546 1,960
Cash at bank and in hand 34,719 17,491
110,486 100,697
Creditors: amounts falling due within one year 5 (3,442) (2,409)
Net current assets 107,044 98,288
Total assets less current liabilities 107,332 98,719
Net assets attributable to members 107,332 98,719
Represented by:
Total members' interests
Loans and other debts due to members 6 107,332 98,719
107,332 98,719
107,332 98,719
For the year ended 31 March 2025 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 23 May 2025 and signed on their behalf by:
A Wealls
Designated member
QP Innovators LLP
Notes to the Accounts
for the year ended 31 March 2025
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:
Plant and machinery 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2025 2024
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 April 2024 575 575
At 31 March 2025 575 575
Depreciation
At 1 April 2024 144 144
Charge for the year 143 143
At 31 March 2025 287 287
Net book value
At 31 March 2025 288 288
At 31 March 2024 431 431
4 Debtors 2025 2024
£ £
Trade debtors 1,363 1,245
Other debtors 183 715
1,546 1,960
5 Creditors: amounts falling due within one year 2025 2024
£ £
Other taxes and social security costs 2,647 1,601
Other creditors 795 808
3,442 2,409
6 Loans and other debts due to members 2025 2024
£ £
Members capital classified as debt 81,000 81,000
Amounts due to members in respect of profits 26,332 17,719
107,332 98,719
Amounts falling due after more than one year 107,332 98,719
107,332 98,719
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
QP Innovators LLP is a limited liability partnership incorporated in England. Its registered office is:
118 The Avenue
London
NW6 7NN
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