Registered number
OC368597
Complete Racing Limited Liability Partnership
Filleted Accounts
31 October 2024
Complete Racing Limited Liability Partnership
Registered number: OC368597
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 108,643 181,082
Current assets
Stocks 20,000 20,000
Debtors 4 9,796 16,819
Cash at bank and in hand 2,453 19,743
32,249 56,562
Creditors: amounts falling due within one year 5 (4,440) (4,363)
Net current assets 27,809 52,199
Total assets less current liabilities 136,452 233,281
Net assets attributable to members 136,452 233,281
Represented by:
Loans and other debts due to members 6 626,459 865,958
Members' other interests
Members' capital classified as equity 344,137 344,137
Other reserves (834,144) (976,814)
(490,007) (632,677)
136,452 233,281
Total members' interests
Loans and other debts due to members 6 626,459 865,958
Members' other interests (490,007) (632,677)
136,452 233,281
For the year ended 31 October 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 22 July 2025 and signed on their behalf by:
Jonathan Wilson
Designated member
Complete Racing Limited Liability Partnership
Notes to the Accounts
for the year ended 31 October 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:
Plant and machinery over 4 years
Motor vehicles over 4 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 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 731 461,525 462,256
Disposals - (230,000) (230,000)
At 31 October 2024 731 231,525 232,256
Depreciation
At 1 November 2023 274 280,900 281,174
Charge for the year 183 72,256 72,439
On disposals - (230,000) (230,000)
At 31 October 2024 457 123,156 123,613
Net book value
At 31 October 2024 274 108,369 108,643
At 31 October 2023 457 180,625 181,082
4 Debtors 2024 2023
£ £
Trade debtors 7,080 7,560
Other debtors 2,716 9,259
9,796 16,819
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 90 13
Other creditors 4,350 4,350
4,440 4,363
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 626,459 865,958
Amounts falling due within one year 626,459 865,958
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Complete Racing Limited Liability Partnership is a limited liability partnership incorporated in England. Its registered office is:
Unit 8 Dodington Spring
Codrington
Chipping Sodbury
South Gloucestershire
BS37 6RX
Complete Racing Limited Liability Partnership OC368597 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts April 2025 Jonathan Wilson No description of principal activity OC368597 2022-11-01 2023-10-31 OC368597 core:WithinOneYear 2023-10-31 OC368597 1 2023-10-31 OC368597 core:ShareCapital 2023-10-31 OC368597 core:RetainedEarningsAccumulatedLosses 2023-10-31 OC368597 2023-11-01 2024-10-31 OC368597 bus:LimitedLiabilityPartnershipLLP 2023-11-01 2024-10-31 OC368597 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 OC368597 bus:PartnerLLP20 2023-11-01 2024-10-31 OC368597 3 2023-11-01 2024-10-31 OC368597 1 2023-11-01 2024-10-31 OC368597 2 2023-11-01 2024-10-31 OC368597 4 2023-11-01 2024-10-31 OC368597 core:PlantMachinery 2023-11-01 2024-10-31 OC368597 core:Vehicles 2023-11-01 2024-10-31 OC368597 countries:England 2023-11-01 2024-10-31 OC368597 bus:FRS102 2023-11-01 2024-10-31 OC368597 bus:FilletedAccounts 2023-11-01 2024-10-31 OC368597 2024-10-31 OC368597 core:WithinOneYear 2024-10-31 OC368597 1 2024-10-31 OC368597 core:ShareCapital 2024-10-31 OC368597 core:RetainedEarningsAccumulatedLosses 2024-10-31 OC368597 core:PlantMachinery 2024-10-31 OC368597 core:Vehicles 2024-10-31 OC368597 2023-10-31 OC368597 core:PlantMachinery 2023-10-31 OC368597 core:Vehicles 2023-10-31 iso4217:GBP xbrli:pure