6 false false false false false false false false false false false false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC303403 2023-05-01 2024-03-31 OC303403 2024-03-31 OC303403 2023-04-30 OC303403 2022-05-01 2023-04-30 OC303403 2023-04-30 OC303403 2022-04-30 OC303403 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC303403 core:PlantMachinery 2023-05-01 2024-03-31 OC303403 core:MotorVehicles 2023-05-01 2024-03-31 OC303403 bus:Director2 2023-05-01 2024-03-31 OC303403 bus:Director3 2023-05-01 2024-03-31 OC303403 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 OC303403 core:PlantMachinery 2023-04-30 OC303403 core:MotorVehicles 2023-04-30 OC303403 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC303403 core:PlantMachinery 2024-03-31 OC303403 core:MotorVehicles 2024-03-31 OC303403 core:WithinOneYear 2024-03-31 OC303403 core:WithinOneYear 2023-04-30 OC303403 core:AfterOneYear 2024-03-31 OC303403 core:AfterOneYear 2023-04-30 OC303403 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 OC303403 core:PlantMachinery 2023-04-30 OC303403 core:MotorVehicles 2023-04-30 OC303403 bus:SmallEntities 2023-05-01 2024-03-31 OC303403 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC303403 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-03-31 OC303403 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC303403 bus:FullAccounts 2023-05-01 2024-03-31
REGISTERED NUMBER: OC303403
P J Booth Limited Liability Partnership
Filleted Unaudited Financial Statements
31 March 2024
P J Booth Limited Liability Partnership
Financial Statements
Period from 1 May 2023 to 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
P J Booth Limited Liability Partnership
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
Fixed assets
Tangible assets
5
108,364
114,602
Current assets
Stocks
10,000
10,000
Debtors
6
326,192
521,764
Investments
7
104,000
104,000
Cash at bank and in hand
20,078
92,767
---------
---------
460,270
728,531
Creditors: amounts falling due within one year
8
( 302,887)
( 415,605)
---------
---------
Net current assets
157,383
312,926
---------
---------
Total assets less current liabilities
265,747
427,528
Creditors: amounts falling due after more than one year
9
( 51,027)
( 72,117)
---------
---------
Net assets
214,720
355,411
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
10
208
208
Other amounts
10
453,560
----
---------
208
453,768
Members' other interests
Other reserves
214,512
(98,357)
---------
---------
214,720
355,411
---------
---------
Total members' interests
Amounts due from members
(258,042)
(140,691)
Loans and other debts due to members
10
208
453,768
Members' other interests
214,512
(98,357)
---------
---------
(43,322)
214,720
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
P J Booth Limited Liability Partnership
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 11 July 2025 , and are signed on their behalf by:
Mr PJ Booth
Mr PN Booth
Designated Member
Member
Registered number: OC303403
P J Booth Limited Liability Partnership
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Bonvilles Court, Saundersfoot, Pembrokeshire, SA69 9BG. During the period the partnership changed its year end from 30 April 2024 to 31 March 2024 to align with the basis period reforms. As a result the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 6 (2023: 7 ).
5.
Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
84,567
393,258
48,470
526,295
Additions
19,895
19,895
Disposals
( 204,432)
( 204,432)
--------
---------
--------
---------
At 31 March 2024
84,567
208,721
48,470
341,758
--------
---------
--------
---------
Depreciation
At 1 May 2023
37,015
364,984
9,694
411,693
Charge for the period
929
16,319
8,886
26,134
Disposals
( 204,433)
( 204,433)
--------
---------
--------
---------
At 31 March 2024
37,944
176,870
18,580
233,394
--------
---------
--------
---------
Carrying amount
At 31 March 2024
46,623
31,851
29,890
108,364
--------
---------
--------
---------
At 30 April 2023
47,552
28,274
38,776
114,602
--------
---------
--------
---------
6.
Debtors
31 Mar 24
30 Apr 23
£
£
Amounts due from members
258,042
140,691
Other debtors
68,150
381,073
---------
---------
326,192
521,764
---------
---------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
7.
Investments
31 Mar 24
30 Apr 23
£
£
Other investments
104,000
104,000
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts (secured)
51,747
28,649
Trade creditors
20,895
87,642
Hire purchase agreements (secured)
12,773
21,002
Social security and other taxes
14,995
48,323
Other creditors
202,477
229,989
---------
---------
302,887
415,605
---------
---------
SME Asset Finance Limited holds a fixed charge over specific assets owned by the limited liability partnership. National Westminster Bank PLC holds fixed and floating charges over the assets of the limited liability partnership.
9. Creditors: amounts falling due after more than one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts (secured)
13,015
22,324
Hire purchase agreements (secured)
38,012
49,793
--------
--------
51,027
72,117
--------
--------
10.
Loans and other debts due to members
31 Mar 24
30 Apr 23
£
£
Amounts owed to members in respect of profits
453,560
Other amounts
208
208
----
---------
208
453,768
----
---------