LAB 2021 LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC435217

LAB 2021 LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

5 April 2025

LAB 2021 LLP

STATEMENT OF FINANCIAL POSITION

5 April 2025

	2025		2024
Note	£	£	£	£

CURRENT ASSETS

Debtors	4	483,832		477,726

CREDITORS: amounts falling due within one year	5	900		825
		---------		---------
NET CURRENT ASSETS			482,932		476,901
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			482,932		476,901
			---------		---------
NET ASSETS			482,932		476,901
			---------		---------

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Other amounts	6	482,932	476,901
		---------	---------

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	---------	---------
	482,932	476,901
	---------	---------

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members	6	482,932	476,901
Members' other interests		–	–
		---------	---------
		482,932	476,901
		---------	---------

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 5 April 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 .

LAB 2021 LLP

STATEMENT OF FINANCIAL POSITION (continued)

5 April 2025

These financial statements were approved by the members and authorised for issue on 9 December 2025 , and are signed on their behalf by:

ZJET Limited

Designated Member

Registered number: OC435217

LAB 2021 LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2025

1.	GENERAL INFORMATION

The LLP is registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northants, NN15 6WJ.

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.

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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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'.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4.	DEBTORS

	2025	2024
	£	£
Other debtors	483,832	477,726
	---------	---------

5. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Other creditors	900	825
	----	----

6.	LOANS AND OTHER DEBTS DUE TO MEMBERS

	2025	2024
	£	£
Loans from members	430,525	429,625
Amounts owed to members in respect of profits	52,407	47,276
	---------	---------
	482,932	476,901
	---------	---------