Registered number
OC375382
RIBBLETON LANE LLP
Filleted Accounts
31 May 2024
RIBBLETON LANE LLP
Registered number: OC375382
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 406,746 409,208
Current assets
Stocks 49,585 48,762
Debtors 4 - 30,648
Cash at bank and in hand 259,575 262,474
309,160 341,884
Creditors: amounts falling due within one year 5 (181,284) (260,768)
Net current assets 127,876 81,116
Total assets less current liabilities 534,622 490,324
Creditors: amounts falling due after more than one year 6 (110,026) (136,921)
Net assets attributable to members 424,596 353,403
Represented by:
Loans and other debts due to members 7 (108,995) (108,995)
Members' other interests
Other reserves 533,591 462,398
424,596 353,403
Total members' interests
Loans and other debts due to members 7 (108,995) (108,995)
Members' other interests 533,591 462,398
424,596 353,403
For the year ended 31 May 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 17 September 2024 and signed on their behalf by:
Mr Iqbal Patel
Designated member
RIBBLETON LANE LLP
Notes to the Accounts
for the year ended 31 May 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 buildings No depreciation
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 2024 2023
Number Number
Average number of persons employed by the LLP 4 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 399,359 51,600 450,959
At 31 May 2024 399,359 51,600 450,959
Depreciation
At 1 June 2023 - 41,751 41,751
Charge for the year - 2,462 2,462
At 31 May 2024 - 44,213 44,213
Net book value
At 31 May 2024 399,359 7,387 406,746
At 31 May 2023 399,359 9,849 409,208
4 Debtors 2024 2023
£ £
Trade debtors - 30,600
Other debtors - 48
- 30,648
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 90,174 150,114
Other taxes and social security costs 8,110 18,653
Other creditors 83,000 92,001
181,284 260,768
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 77,626 104,521
Other creditors 32,400 32,400
110,026 136,921
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits (108,995) (108,995)
Amounts falling due within one year (108,995) (108,995)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
RIBBLETON LANE LLP is a limited liability partnership incorporated in England. Its registered office is:
Ribbleton Lane Service Station
306-310 Ribbleton Lane
Preston
Lancashire
PR1 5EB
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