| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Intimates Lingerie Limited Liability |
| Partnership |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Intimates Lingerie Limited Liability |
| Partnership |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Intimates Lingerie Limited Liability |
| Partnership |
| General Information |
| for the Year Ended 31 August 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 72 Commercial Road |
| Paddock Wood |
| Tonbridge |
| Kent |
| TN12 6DP |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
80,000 |
80,000 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 80,000 | 80,000 |
| 80,000 | 80,000 |
| TOTAL MEMBERS' INTERESTS |
| Members' other interests | 80,000 | 80,000 |
| Amounts due from members | 5 | (604,658 | ) | (262,404 | ) |
| (524,658 | ) | (182,404 | ) |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Balance Sheet - continued |
| 31 August 2024 |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Intimates Lingerie Limited Liability Partnership is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern Basis of Accounting |
| The Accounts have been prepared on the assumption that the limited liability partnership is able to carry on business as a going concern which the Members consider appropriate having regard to the circumstances outlined in Note 15 to the Accounts. |
| Turnover |
| Turnover, which excludes value added tax, is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. |
| Depreciation is calculated to write off the cost less estimated residual values, of all tangible fixed assets over their estimated useful lives to the business. The annual depreciation rates and methods are as follows: |
| Plant and Equipment - 20% reducing balance and 20% straightline |
| Fixtures and Fittings - 20% reducing balance |
| Motor Vehicles - 25% reducing balance |
| Assets held under hire purchase contracts and finance leases are depreciated in the same way as owned assets. |
| At each balance sheet date, the Limited Liability Partnership reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss and to adjust the carrying amount accordingly |
| Stocks |
| Stock is valued at the lower of cost and net realisable value, due provision having been made for damaged and unsaleable stock. When stock is sold, the carrying amount is recognised as an expense in the period in which the related revenue is recognised. |
| Foreign currencies |
| Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currency are translated at the rate ruling at that date. Exchange differences are dealt with in the profit and loss account. |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Leasing and hire purchase contracts |
| Rental costs under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight-line basis over the lease term. |
| Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability net of the finance charge allocated to future periods. The interest element is charged to profit and loss account over the period of the agreement, using the effective interest method. |
| Pension scheme contributions |
| The limited liability partnership operates a defined contribution pension scheme on behalf of the employees. Pension scheme contributions, which are charged to the profit and loss account, represents the amounts payable by the Limited Liability Partnership to the scheme in respect of the year. |
| Loans |
| Interest on Loans is charged to the profit and loss account were appropriate, over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. |
| Taxation |
| Taxation on the Limited Liability Partnership profits is solely the personal liability of individual Members and is not dealt with in these accounts. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Amounts due from members | 604,658 | 262,404 |
| Other debtors and prepayments |
| Other Debtors and Prepayments include an amount of £42,776 (2023 - £42,776) due from Intimates Sales Limited, a company controlled by A M Charlesworth and S E Charlesworth. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Sales invoice financing |
| Other loans | 540,559 | 343,300 |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Social security and other taxes |
| VAT | 64,883 | 137,751 |
| Other creditors and accruals |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Other loans | 315,630 | 486,845 |
| Hire purchase contracts (see note 8) |
| All loans are repayable in full within 5 years. |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Intimates Lingerie Limited Liability |
| Partnership (Registered number: OC329589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Sales invoice financing |
| Hire purchase contracts | 184,557 | 194,674 |
| 10. | PENSION COMMITMENTS |
| The Limited Liability Partnership operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the Limited Liability Partnership in an independently administered fund. At the balance sheet date, unpaid contributions of £3,510 (2023 - £4,539) were due to the Fund. They are included in Other Creditors. |
| 11. | RELATED PARTY TRANSACTIONS |
| During the year A M Charlesworth Esq and Mrs S E Charlesworth who own a number of Units at Apple Pie Farm, Cranbrook Road, Benenden, Cranbrook, Kent, TN17 4EU charged rent and service charge of £111,384 (2023 - £80,090) to Intimates Lingerie LLP under leases/agreements negotiated on an open market value basis. |
| A M Charlesworth Esq and Mrs S E Charlesworth have provided personal guarantees in respect of various third party loans made to the limited liability partnership. The amounts outstanding in respect of these loans at 31 August 2024 amounted to £338,927 (2023 - £404,293). |
| 12. | CONTROLLING PARTY |
| In the opinion of the members there is no controlling party. |
| 13. | FUTURE TRADING AND THE CURRENT ECONOMIC ENVIRONMENT |
| The year ended 31 August 2024 was a difficult trading year as customers were still reducing their stock holdings, which had grown too large on the back of the Covid-19 pandemic period, but many also started to change the way they traded with their suppliers, with Intimates Lingerie LLP being expected to deliver direct to their customer’s customer rather than delivering in bulk to their warehouses. Therefore, there was a direct negative effect on orders and hence Turnover as these new working practices were adopted. The Members have recognised that this drop in Turnover and hence profits, has caused a strain on the LLP’s liquidity and Balance Sheet strength and have therefore committed to injecting significant funds back into the LLP to improve the position during the first half of 2025. The forecasts for 2025 show the LLP returning back to a trading profit as the trading partnership with customers return to a more settled and sustainable level |