REGISTERED NUMBER:
NC001628
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 March 2026
Fixed assets
|
Tangible assets |
5 |
13,106 |
52,937 |
|
|
|
|
Current assets
|
Stocks |
27,500 |
27,500 |
|
Debtors |
243,273 |
274,193 |
|
Cash at bank and in hand |
103,672 |
108,812 |
|
--------- |
--------- |
|
374,445 |
410,505 |
|
|
|
|
Creditors: amounts falling due within one year |
255,824 |
239,767 |
|
--------- |
--------- |
|
Net current assets |
118,621 |
170,738 |
|
--------- |
--------- |
|
Total assets less current liabilities |
131,727 |
223,675 |
|
--------- |
--------- |
|
|
|
Represented by:
Loans and other debts due to members
|
Other amounts |
6 |
131,727 |
223,675 |
|
--------- |
--------- |
|
|
|
|
Members' other interests
|
Other reserves |
– |
– |
|
--------- |
--------- |
|
131,727 |
223,675 |
|
--------- |
--------- |
|
|
|
Total members' interests
|
Loans and other debts due to members |
6 |
131,727 |
223,675 |
|
Members' other interests |
– |
– |
|
--------- |
--------- |
|
131,727 |
223,675 |
|
--------- |
--------- |
|
|
|
|
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2026 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 abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2026
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2026 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
These abridged financial statements were approved by the
members
and authorised for issue on
10 April 2026
, and are signed on their behalf by:
|
Mr M Morrow |
Mr R Forsythe |
|
Designated Member |
Member |
|
|
Registered number:
NC001628
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2026
The LLP is registered in N Ireland. The address of the registered office is 50 Commercial Road, Banbridge.
|
2. |
Statement of compliance |
|
|
These abridged 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 2018 (SORP 2018).
Basis of preparation
The abridged 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 abridged 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.
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 abridged 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 abridged 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 abridged statement of comprehensive income and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
Fixtures and fittings |
- |
20% reducing balance |
|
Motor vehicles |
- |
20% reducing balance |
|
|
|
|
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
15
(2025:
14
).
|
£ |
|
Cost |
|
|
At 1 April 2025 |
297,359 |
|
Additions |
6,148 |
|
Disposals |
(
96,389) |
|
--------- |
|
At 31 March 2026 |
207,118 |
|
--------- |
|
Depreciation |
|
|
At 1 April 2025 |
244,422 |
|
Charge for the year |
10,177 |
|
Disposals |
(
60,587) |
|
--------- |
|
At 31 March 2026 |
194,012 |
|
--------- |
|
Carrying amount |
|
|
At 31 March 2026 |
13,106 |
|
--------- |
|
At 31 March 2025 |
52,937 |
|
--------- |
|
|
|
6. |
Loans and other debts due to members |
|
|
|
2026 |
2025 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
131,727 |
223,675 |
|
--------- |
--------- |
|
|
|