Darby TPS LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Darby TPS LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

As noted in the Members Report, the LLP disposed of the entirety of its trade in 2025, and in consequence the members are of the opinion that the going concern basis is no longer appropriate in preparing these financial statements. This has had no impact on the carrying value of assets and liabilities in the Company

Auditors report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 October 2025 was Neal Watford ACA, who signed for and on behalf of Forrester Boyd Robson Limited.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Darby TPS LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation. Costs include costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line method

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Related party transactions

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with any member of the Group where each party is 100% owned by the Group.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 21 (2023 - 21).

Darby TPS LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

3	Tangible fixed assets

	Plant and machinery  £	Total £
Cost
At 1 January 2024	120,699	120,699
Disposals	(22,372)	(22,372)
At 31 December 2024	98,327	98,327
Depreciation
At 1 January 2024	110,012	110,012
Charge for the year	1,719	1,719
Eliminated on disposals	(14,148)	(14,148)
At 31 December 2024	97,583	97,583
Net book value
At 31 December 2024	744	744
At 31 December 2023	10,686	10,686

4

Debtors

	2024 £	2023 £
Trade debtors	82,211	168,388
Other debtors	1,018,753	860,645
Prepayments and accrued income	7,616	6,383
Total current trade and other debtors	1,108,580	1,035,416

5	Creditors: Amounts falling due within one year

	2024 £	2023 £
Bank loans and overdrafts	-	10,000
Trade creditors	12,560	4,367
Other creditors	19,282	10,683
Accruals and deferred income	8,534	12,331
Taxation and social security	58,580	51,137
	98,956	88,518

Darby TPS LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2024 £	2023 £
Loans and borrowings	-	10,000

6	Creditors: Amounts falling due after more than one year

	2024 £	2023 £
Bank loans and overdrafts	-	14,167

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2024 £	2023 £
Loans and borrowings	-	14,167

7	Non adjusting events after the financial period

Post year end the LLP lost its contract as a trade parts specialist and reached an agreement for the sale of the trade and assets of the business. The LLP is therefore no longer a going concern and is likely to be wound up in the near future following the cessation of trade in 2025.

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is Read Motor Group Limited. As at the year end the only Parent Company preparing consolidated group accounts was Read Motor Group Limited. The consolidated financial statements are available from the registered office address listed in these accounts.