General Information
LITTLE TOPAZ LLP is a limited liability partnership, registered in England and Wales, registration number OC446804, registration address 1 ALSTON TERRACE, CONSETT, COUNTY DURHAM, DH8 8JT.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members remuneration charged as an expense in the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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| 2. |
Average number of employees
Average number of employees during the year was 1 (2024 : 1).
|
| 3. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Other Debtors |
9,139 |
|
16,103 |
|
9,139 |
|
16,103 |
|
| 4. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
74,021 |
|
75,016 |
| Other Creditors |
700 |
|
0 |
|
74,721 |
|
75,016 |
|
| 5. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Other Creditors |
4,151 |
|
0 |
|
4,151 |
|
0 |
|
| 6. |
Members' Interests
|
Other reserves |
|
Loans and other debts due to members less any amounts due from members included in debtors |
|
Total |
|
| Balance at 01 May 2024 |
0 |
|
(75,827) |
|
(75,827) |
| Profit for the period available for discretionary division among members |
18,228 |
|
0 |
|
18,228 |
| Members' interests after profit for the period |
18,228 |
|
(75,827) |
|
(57,599) |
| Introduced by members |
0 |
|
0 |
|
0 |
| Repaid to members |
0 |
|
(22,769) |
|
(22,769) |
| Balance at 30 April 2025 |
18,228 |
|
(98,596) |
|
(80,368) |
| |
|
2
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