Limited Liability Partnership registration number OC447117 (England and Wales)
DIP MANAGEMENT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
DIP MANAGEMENT LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DIP MANAGEMENT LLP
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
46,217
Current assets
Debtors
5
-
4,962
Cash at bank and in hand
200
6,975
200
11,937
Creditors: amounts falling due within one year
6
-
(8,800)
Net current assets
200
3,137
Total assets less current liabilities
200
49,354
Creditors: amounts falling due after more than one year
7
-
(20,417)
Net assets attributable to members
200
28,937
Represented by:
Loans and other debts due to members within one year
8
Members' capital classified as a liability
(35,295)
-
Other amounts
35,295
28,737
-
28,737
Members' other interests
8
Members' capital classified as equity
200
200
200
28,937
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
DIP MANAGEMENT LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the members and authorised for issue on 3 June 2025 and are signed on their behalf by:
03 June 2025
M P Downing
Designated member
Limited Liability Partnership registration number OC447117 (England and Wales)
DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Limited liability partnership information
DIP Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
20% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.4
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets which include cash and bank balances are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 0.
3
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
2
2
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2024
47,000
Disposals
(47,000)
At 31 March 2025
-
Depreciation and impairment
At 1 April 2024
783
Depreciation charged in the year
6,933
Eliminated in respect of disposals
(7,716)
At 31 March 2025
-
Carrying amount
At 31 March 2025
-
At 31 March 2024
46,217
The net book value of motor vehicles includes £0 (2024: £46,217) in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amounted to £6,933 (2024: £783).
DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
4,962
6
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
-
6,999
Accruals and deferred income
-
1,801
-
8,800
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
-
20,417
Included in obligations under finance lease within one year and more than one year is £0 (2024: £27,416) in respect of hire purchase liabilities which are secured against the asset to which they relate.
DIP MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
200
-
200
28,737
28,737
28,937
Profit for the year available for discretionary division among members
-
35,295
35,295
-
-
35,295
Members' interests after profit for the year
200
35,295
35,495
28,737
28,737
64,232
Allocation of profit for the year
-
(35,295)
(35,295)
35,295
35,295
-
Other movements
-
-
-
(64,032)
(64,032)
(64,032)
Members' interests at 31 March 2025
200
-
200
-
-
200
Amounts due to members
35,295
Amounts due from members, included in debtors
(35,295)