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Company No: OC335754 (England and Wales)

# KILLENS LIMITED LIABILITY PARTNERSHIP

### Unaudited Financial Statements
For the financial period from 07 April 2023 to 31 March 2024
Pages for filing with the registrar

KILLENS LIMITED LIABILITY PARTNERSHIP

## Unaudited Financial Statements

For the financial period from 07 April 2023 to 31 March 2024

Contents

KILLENS LIMITED LIABILITY PARTNERSHIP

## BALANCE SHEET

As at 31 March 2024
KILLENS LIMITED LIABILITY PARTNERSHIP

## BALANCE SHEET (continued)

As at 31 March 2024

| Note | 31.03.2024 |  | 06.04.2023
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 5 | 115,642 |  | 127,972
|  | 115,642 |  | 127,972
Current assets |  |  |  |
Stocks |  | 77,185 |  | 54,000
Debtors | 6 | 115,380 |  | 52,082
Cash at bank and in hand |  | 0 |  | 4
|  | 192,565 |  | 106,086
Creditors: amounts falling due within one year | 7 | ( 369,407) |  | ( 454,564)
Net current liabilities |  | (176,842) |  | (348,478)
Total assets less current liabilities |  | (61,200) |  | (220,506)
Creditors: amounts falling due after more than one year | 8 | ( 11,770) |  | ( 22,662)
Net liabilities attributable to members |  | ( 72,970) |  | ( 243,168)
Represented by |  |  |  |
Loans and other debts due to members within one year |  |  |  |
Other amounts | 9 | 170,198 |  | 0
|  | 170,198 |  | 0
Members' other interests |  |  |  |
Other reserves |  | (243,168) |  | (243,168)
|  | (243,168) |  | (243,168)
|  | (72,970) |  | (243,168)
Total members' interests |  |  |  |
Amounts due from members (included in debtors) |  | 0 |  | (32,037)
Loans and other debts due to members |  | 170,198 |  | 0
Members' other interests |  | (243,168) |  | (243,168)
|  | (72,970) |  | (275,205)

For the financial 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.

Members' responsibilities:

- The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Killens Limited Liability Partnership (registered number: OC335754) were approved and authorised for issue by the Board of Directors on 18 August 2025. They were signed on its behalf by:

Mr T E J Killen Designated member |

KILLENS LIMITED LIABILITY PARTNERSHIP

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 07 April 2023 to 31 March 2024
KILLENS LIMITED LIABILITY PARTNERSHIP

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 07 April 2023 to 31 March 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Killens Limited Liability Partnership is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Cake House Upper Lodge Farm, Ston Easton, Radstock, BA3 4DH, United Kingdom. The principal place of business is 10 Sadler Street, Wells, Somerset, BA5 2SE.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to limited liability partnerships subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

##### Reporting period length

The accounting period end date has been shortened to 31 March 2024.

##### Prior period adjustment

During the preparation of the financial statements, it was identified that the members' interests were misstated in the prior year. The prior year members' interests have been restated to correct the position. The effect of the restatement is shown in note 2 to the accounts.

##### Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

#####

##### Work in progress

Work in progress is recognised to the extent that no right to consideration exists for work at the balance sheet date. It is valued at the lower of professional time costs incurred and estimated fee chargeable less costs expected to be incurred to completion. Any non-recoverable work in progress is excluded.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, over its expected useful life, as follows:

Leasehold improvements | 50 years straight line
Plant and machinery | 25 % reducing balance
Vehicles | 25 % reducing balance
Office equipment | 8 years straight line

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.

##### Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the LLP’s contractual obligations expire or are discharged or cancelled.

##### 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. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
The profits are automatically divided as they arise, the LLP therefore has an unconditional right to distribute the profits for a particular year and following such a division, those profits are classed as expense. They are therefore shown as members’ remuneration charged as an expense in the Profit and Loss Account.
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 Profit and Loss Account 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'.
All amounts due by members that are classified as debt are presented in the Statement of Financial Position within ‘Other debtors’.

#### 2. Prior period adjustment

The figures for the year to 6 April 2023 have been restated to reflect the correct position in respect of the members' interests, as shown below.

|  | As previously reported |  | Adjustment |  | As restated
Period ended 06 April 2023 |  | £ |  | £ |  | £
Debtors |  | 643,607 |  | (591,525) |  | 52,082
Other reserves |  | 348,357 |  | (591,525) |  | (243,168)
Amounts due from members |  | 0 |  | (32,037) |  | (32,037)
Members' other interests |  | 348,357 |  | (591,525) |  | (243,168)
Members' remuneration charged as an expense |  | 0 |  | (168,496) |  | (168,496)

#### 3. Employees

| Period from 07.04.2023 to 31.03.2024 |  | Year ended 06.04.2023
| Number |  | Number
Monthly average number of persons employed by the LLP during the period | 19 |  | 20

#### 4. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

| 31.03.2024 |  | 06.04.2023
| Number |  | Number
Average number of members during the financial period | 2 |  | 2

#### 5. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 07 April 2023 | 71,742 |  | 52,077 |  | 59,450 |  | 35,197 |  | 218,466
Additions | 0 |  | 1,505 |  | 0 |  | 2,852 |  | 4,357
At 31 March 2024 | 71,742 |  | 53,582 |  | 59,450 |  | 38,049 |  | 222,823
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 07 April 2023 | 2,250 |  | 20,623 |  | 45,039 |  | 22,582 |  | 90,494
Charge for the financial period | 1,435 |  | 8,116 |  | 3,603 |  | 3,533 |  | 16,687
At 31 March 2024 | 3,685 |  | 28,739 |  | 48,642 |  | 26,115 |  | 107,181
Net book value |  |  |  |  |  |  |  |  |
At 31 March 2024 | 68,057 |  | 24,843 |  | 10,808 |  | 11,934 |  | 115,642
At 06 April 2023 | 69,492 |  | 31,454 |  | 14,411 |  | 12,615 |  | 127,972

#### 6. Debtors

| 31.03.2024 |  | 06.04.2023
| £ |  | £
Trade debtors | 14,062 |  | 20,045
Other debtors | 101,318 |  | 32,037
| 115,380 |  | 52,082

#### 7. Creditors: amounts falling due within one year

| 31.03.2024 |  | 06.04.2023
| £ |  | £
Bank loans and overdrafts | 28,124 |  | 39,687
Trade creditors | 47,910 |  | 44,895
Accruals | 10,890 |  | 18,952
Other taxation and social security | 236,619 |  | 164,953
Other creditors | 45,864 |  | 186,077
| 369,407 |  | 454,564

Included within bank loans and overdrafts is £10,648 (2023: £9,709) of loan which is secured by the UK government.

#### 8. Creditors: amounts falling due after more than one year

| 31.03.2024 |  | 06.04.2023
| £ |  | £
Bank loans (secured) | 11,770 |  | 22,662

Included within bank loans and overdrafts is £11,770 (2023: £22,662) of loan which is secured by the UK government.

#### 9. Loans and other debts due to members

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

#### 10. Operating lease commitments

Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

| 31.03.2024 |  | 06.04.2023
| £ |  | £
| 57,683 |  | 90,725

#### 11. Related party transactions

Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

| 31.03.2024 |  | 06.04.2023
| £ |  | £
Sales | 689,409 |  | 721,158
Purchases | 39,763 |  | 193,596

The related party is a company related through common control.
The following amounts were outstanding at the reporting end date:

Amounts due to/(by) related parties

| 31.03.2024 |  | 06.04.2023
| £ |  | £
| (101,318) |  | 155,317

#### 12. Members' transactions

Transactions with members

During the year an aggregate amount of £138,409 was withdrawn by members. The balance owed by members at the beginning of the year was £32,037 and at the end of the year was £nil. This loan was interest free, unsecured and had no repayment terms.