S N Racing (Northern) LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC446343

S N Racing (Northern) LLP

Filleted Unaudited Financial Statements

31 March 2025

S N Racing (Northern) LLP

Financial Statements

Year ended 31 March 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

S N Racing (Northern) LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	4		46,169		61,316

Current assets

Debtors	5	504	804
Cash at bank and in hand		10,199	2,420
		--------	-------
		10,703	3,224

Creditors: amounts falling due within one year	6	8,484		18,448
		--------		--------
Net current assets/(liabilities)			2,219		( 15,224)
			--------		--------
Total assets less current liabilities			48,388		46,092
			--------		--------
Net assets			48,388		46,092
			--------		--------

Represented by:

Loans and other debts due to members

Other amounts	7	48,388	46,092
		--------	--------

Members' other interests

Other reserves	–	–
	--------	--------
	48,388	46,092
	--------	--------

Total members' interests

Loans and other debts due to members	7	48,388	46,092
Members' other interests		–	–
		--------	--------
		48,388	46,092
		--------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2025 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 .

S N Racing (Northern) LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 2 December 2025 , and are signed on their behalf by:

Mr S.G. Cunniffe	Mr N.M. Cunniffe
Designated Member	Designated Member

Registered number: OC446343

S N Racing (Northern) LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Alex House, 260/268 Chapel Street, Salford, Manchester, M3 5JZ, England.

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 2021 (SORP 2021).

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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).

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:

Motor vehicles	-	15% reducing balance
Equipment	-	15% reducing balance

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.

4.	Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	70,000	2,137	72,137
	--------	-------	--------
Depreciation
At 1 April 2024	10,500	321	10,821
Charge for the year	14,875	272	15,147
	--------	-------	--------
At 31 March 2025	25,375	593	25,968
	--------	-------	--------
Carrying amount
At 31 March 2025	44,625	1,544	46,169
	--------	-------	--------
At 31 March 2024	59,500	1,816	61,316
	--------	-------	--------

5.	Debtors

	2025	2024
	£	£
Other debtors	504	804
	----	----

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	63	3,633
Social security and other taxes	2,612	–
Other creditors	5,809	14,815
	-------	--------
	8,484	18,448
	-------	--------

7.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	48,388	46,092
	--------	--------