John Yates & Partners LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC432152

John Yates & Partners LLP

Filleted Unaudited Financial Statements

25 March 2025

John Yates & Partners LLP

Statement of Financial Position

25 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	180,541	211,197

Current assets

Stocks		187,080	253,461
Debtors	6	92,921	112,048
Cash at bank and in hand		262,921	144,424
		---------	---------
		542,922	509,933

Creditors: amounts falling due within one year	7	310,483	317,604
		---------	---------
Net current assets		232,439	192,329
		---------	---------
Total assets less current liabilities		412,980	403,526
		---------	---------
Net assets		412,980	403,526
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	8	412,980	403,526
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	412,980	403,526
	---------	---------

Total members' interests

Loans and other debts due to members	8	412,980	403,526
Members' other interests		–	–
		---------	---------
		412,980	403,526
		---------	---------

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 comprehensive income has not been delivered.

For the year ending 25 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 .

John Yates & Partners LLP

Statement of Financial Position (continued)

25 March 2025

These financial statements were approved by the members and authorised for issue on 24 November 2025 , and are signed on their behalf by:

Mr F Yates

Designated Member

Registered number: OC432152

John Yates & Partners LLP

Notes to the Financial Statements

Year ended 25 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is The Wood, Codsall Wood, Wolverhampton, WV8 1QY.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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 comprehensive income 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 comprehensive income 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 comprehensive income 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'.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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:

Freehold property	-	4% Straight line and 10% Reducing balance
Plant and machinery	-	20% reducing balance
Motor vehicles	-	20% reducing balance
Equipment	-	20% 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from bank and other third parties.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2024: 1 ).

5.	Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 26 March 2024	35,779	288,627	3,981	588	328,975
Additions	188	1,500	–	–	1,688
Disposals	–	( 1,446)	( 1,280)	–	( 2,726)
	--------	---------	-------	----	---------
At 25 March 2025	35,967	288,681	2,701	588	327,937
	--------	---------	-------	----	---------
Depreciation
At 26 March 2024	8,721	106,904	1,942	211	117,778
Charge for the year	2,347	28,251	276	75	30,949
Disposals	–	( 706)	( 625)	–	( 1,331)
	--------	---------	-------	----	---------
At 25 March 2025	11,068	134,449	1,593	286	147,396
	--------	---------	-------	----	---------
Carrying amount
At 25 March 2025	24,899	154,232	1,108	302	180,541
	--------	---------	-------	----	---------
At 25 March 2024	27,058	181,723	2,039	377	211,197
	--------	---------	-------	----	---------

6.	Debtors

	2025	2024
	£	£
Trade debtors	26,190	46,758
Other debtors	66,731	65,290
	--------	---------
	92,921	112,048
	--------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	20,947	35,433
Other creditors	289,536	282,171
	---------	---------
	310,483	317,604
	---------	---------

8.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	412,980	403,526
	---------	---------