| REGISTERED NUMBER: |
| REPORT OF THE MEMBERS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2024 |
| FOR |
| CUT PRICE TILES & BATHROOMS LLP |
| REGISTERED NUMBER: |
| REPORT OF THE MEMBERS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2024 |
| FOR |
| CUT PRICE TILES & BATHROOMS LLP |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Profit and loss account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| CUT PRICE TILES & BATHROOMS LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 Jesus Lane |
| Cambridge |
| Cambridgeshire |
| CB5 8BA |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| REPORT OF THE MEMBERS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The members present their report with the financial statements of the LLP for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the LLP in the year under review was that of the retail of ceramic tiles. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The profit for the year before members' remuneration and profit shares was £4,886 (2023 - £15,893 profit). |
| MEMBERS' INTERESTS |
| Members are permitted to make drawings in anticipation of profits which will be allocated to them of amounts agreed by the members up to a limit of the amounts available in the partnership bank account. |
| Capital is subscribed by members as required by the members and is repayable on retirement, death or expulsion. |
| ON BEHALF OF THE MEMBERS: |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 4,886 | (12,107 | ) |
| Other operating income |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
5 |
4,886 |
15,893 |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
4,886 |
15,893 |
| Members' remuneration charged as an expense |
6 |
(4,886 |
) |
(15,893 |
) |
| PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
- |
- |
| LOANS AND OTHER DEBTS DUE TO MEMBERS | - | - |
| TOTAL MEMBERS' INTERESTS |
| Amounts due from members | 8 | (234,717 | ) | (38,596 | ) |
| 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. |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Cut Price Tiles & Bathrooms LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| Doubtful debts: |
| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors , management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience regarding payment history. |
| Turnover |
| Turnover is derived from the retail of ceramic tiles in the United Kingdom and represents both cash and account income, receivable in respect of the year excluding value added tax. |
| Tangible fixed assets |
| Leasehold property alterations | - |
| Equipment and fixtures | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 5. | PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
| The profit for the financial year before members' remuneration and profit shares is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| 6. | INFORMATION IN RELATION TO MEMBERS |
| 2024 | 2023 |
| £ | £ |
| Members' remuneration charged as an expense |
| Automatic division of profit | 4,886 | 15,893 |
| 7. | TANGIBLE FIXED ASSETS |
| Leasehold | Equipment |
| property | and | Motor |
| alterations | fixtures | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts due from members | 234,717 | 38,596 |
| Other debtors |
| Prepayments and accrued income |
| CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| VAT | 50,515 | 45,066 |
| Other creditors |
| Accrued expenses |
| 10. | RELATED PARTY DISCLOSURES |
| During the year under review the LLP had amounts due from the designated members of £234,717 (2023:£38,596). |