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For the year ended 31 March 2025
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Registered number: OC357274
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Cork Gully LLP - Registered number: OC357274
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Statement of financial position
As at 31 March 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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Page 1
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Cork Gully LLP - Registered number: OC357274
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Statement of financial position (continued)
As at 31 March 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
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.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
................................................
S R L Cork
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Notes to the financial statements
For the year ended 31 March 2025
The LLP is a limited liability partnership and incorporated in England and Wales. Its LLP registration number is OC357274. The registered office and principal place of business is 40 Villiers Street, London, WC2N 6NJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the LLP in respect of services supplied during the period, exclusive of Value Added Tax.
Turnover in respect of professional services is recognised by reference to the fair value of the services provided at the balance sheet date as a proportion of the total value of engagement. Unbilled turnover is included within debtors as accrued income and income received prior to the services being performed is included within creditors as payments received on account.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The profits of the LLP shall be divided between the members in accordance with the LLP agreement, and shall be credited to the members' current accounts as soon as the profits have been allocated.
No member is entitled to receive interest on their capital contributions to the LLP unless determined by the founder.
Page 4
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
The LLP only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties.
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The average monthly number of employees during the year was 11 (2024 - 8).
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Information in relation to members
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The average number of members during the year was 3 (2022 - 3)
Page 5
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Notes to the financial statements
For the year ended 31 March 2025
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Amounts owed by group undertakings
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Amounts recoverable on contracts
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Page 6
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Notes to the financial statements
For the year ended 31 March 2025
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Creditors: amounts falling due within one year
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Payments received on account
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Other taxation and social security
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Commitments under operating leases
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At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 7
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