Streets Tax LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC309379

STREETS TAX LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 March 2025

STREETS TAX LLP

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		7,021	8,408

Current assets

Debtors	6	1,964,308	2,584,658
Cash at bank and in hand		143,419	39,946
		-------------	-------------
		2,107,727	2,624,604

Creditors: amounts falling due within one year	7	( 543,204)		( 1,104,541)
		-------------		-------------
Net current assets			1,564,523	1,520,063
			-------------	-------------
Total assets less current liabilities			1,571,544	1,528,471
			-------------	-------------
Net assets			1,571,544	1,528,471
			-------------	-------------

Represented by:

Loans and other debts due to members

Other amounts	8		1,368,548	1,326,775

Members' other interests

Members' capital classified as equity	202,996	201,696
Other reserves	–	–
	-------------	-------------
	1,571,544	1,528,471
	-------------	-------------

Total members' interests

Loans and other debts due to members	8	1,368,548	1,326,775
Members' other interests		202,996	201,696
		-------------	-------------
		1,571,544	1,528,471
		-------------	-------------

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 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 .

STREETS TAX LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 22 December 2025 , and are signed on their behalf by:

Paul F Tutin Ltd

Designated member

Registered number: OC309379

STREETS TAX 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 Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.

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. 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 services rendered, stated net of discounts and of Value Added Tax, and is inclusive of accrued income for any work done not invoiced. Give the nature of the services provided the billings plus any accrued income represent the fair value of the services provided.

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'.

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.

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:

	Office Equipment	-	20% straight line

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.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 23 (2024: 34 ).

5.	Tangible assets

	Office Equipment	Total
	£	£
Cost
At 1 April 2024	9,151	9,151
Additions	484	484
	-------	-------
At 31 March 2025	9,635	9,635
	-------	-------
Depreciation
At 1 April 2024	743	743
Charge for the year	1,871	1,871
	-------	-------
At 31 March 2025	2,614	2,614
	-------	-------
Carrying amount
At 31 March 2025	7,021	7,021
	-------	-------
At 31 March 2024	8,408	8,408
	-------	-------

6.	Debtors

	2025	2024
	£	£
Trade debtors	631,559	1,211,633
Other debtors	1,332,749	1,373,025
	-------------	-------------
	1,964,308	2,584,658
	-------------	-------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	42,453	236,168
Social security and other taxes	182,076	262,942
Other creditors	318,675	605,431
	----------	-------------
	543,204	1,104,541
	----------	-------------

8.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	1,368,548	1,326,775
	-------------	-------------

9.	Charges on assets

Natwest Bank hold a debenture which secures all amounts owing to the bank by any of the Streets entities. The debenture contains a fixed and floating charge over the assets of this LLP and other related Streets entities.

10.	Related party transactions

The partnership was under the control of Streets Management Services, a general commercial partnership, throughout the current and previous year. The partnership did not enter into any transactions during the current or previous year, such as would require disclosure in accordance with FRS 102 section 1A.