General Information
Stressless Property and Wills LLP is a limited liability partnership, registered in England and Wales, registration number OC422576, registration address 36 St Georges Drive, Toftwood, Dereham, Norfolk, NR19 1LQ.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
15% Reducing Balance
|
| Computer Equipment |
33% Reducing Balance
|
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
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.
|
| 2. |
Average number of employees
Average number of employees during the year was 3 (2024 : 3).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Investment properties |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 June 2024 |
477 |
|
1,511 |
|
278,100 |
|
280,088 |
| Additions |
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 May 2025 |
477 |
|
1,511 |
|
278,100 |
|
280,088 |
| Depreciation |
| At 01 June 2024 |
201 |
|
1,094 |
|
- |
|
1,295 |
| Charge for year |
41 |
|
138 |
|
- |
|
179 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 May 2025 |
242 |
|
1,232 |
|
- |
|
1,474 |
| Net book values |
| Closing balance as at 31 May 2025 |
235 |
|
279 |
|
278,100 |
|
278,614 |
| Opening balance as at 01 June 2024 |
276 |
|
417 |
|
278,100 |
|
278,793 |
|
| 4. |
Members' Interests
|
Revaluation reserve |
|
Other reserves |
|
Total |
|
Loans and other debts due to members less any amounts due from members included in debtors |
|
Total |
|
| Balance at 01 June 2024 |
8,100 |
|
0 |
|
8,100 |
|
70,155 |
|
78,255 |
| Profit for the period available for discretionary division among members |
0 |
|
26,836 |
|
26,836 |
|
0 |
|
26,836 |
| Members' interests after profit for the period |
8,100 |
|
26,836 |
|
34,936 |
|
70,155 |
|
105,091 |
| Surplus arising on revaluation of fixed assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
| Introduced by members |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
| Drawings |
0 |
|
0 |
|
0 |
|
(31,167) |
|
(31,167) |
| Balance at 31 May 2025 |
8,100 |
|
26,836 |
|
34,936 |
|
38,988 |
|
73,924 |
| |
|
| 5. |
Secured liabilities
All loans are interest only and secured against the properties.
|
3
|