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

REGISTERED NUMBER: OC309381

STREETS AUDIT LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2025

STREETS AUDIT LLP

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

Current assets

Debtors	4	1,524,743	1,416,192
Cash at bank and in hand		737,406	364,647
		-------------	-------------
		2,262,149	1,780,839

Creditors: amounts falling due within one year	5	( 1,997,646)		( 1,476,520)
		-------------		-------------
Net current assets			264,503	304,319
			----------	----------
Total assets less current liabilities			264,503	304,319
			----------	----------

Represented by:

Loans and other debts due to members

Other amounts	6	264,503	304,319
		----------	----------

Members' other interests

Other reserves	–	–
	----------	----------
	264,503	304,319
	----------	----------

Total members' interests

Loans and other debts due to members	6	264,503	304,319
Members' other interests		–	–
		----------	----------
		264,503	304,319
		----------	----------

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 AUDIT LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 23 December 2025 , and are signed on their behalf by:

Paul F Tutin Ltd

Designated member

Registered number: OC309381

STREETS AUDIT 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 for services rendered, stated net of discounts and of Value Added Tax.

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'.

4.	Debtors

	2025	2024
	£	£
Trade debtors	1,510,621	1,403,361
Other debtors	14,122	12,831
	-------------	-------------
	1,524,743	1,416,192
	-------------	-------------

5. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	1,840,355	1,334,152
Social security and other taxes	157,291	142,368
	-------------	-------------
	1,997,646	1,476,520
	-------------	-------------

6.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	264,503	304,319
	----------	----------

7.	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.

8.	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.