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Unaudited Financial Statements
Ripstop LLP
For the Year Ended 31 March 2026
Registered number: OC321731
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Information
Designated Members
Z Keshani
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LLP registered number
OC321731
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Registered office
Boi House Haig Road, Parkgate Industrial Estate, Knutsford, United Kingdom, WA16 8DX
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Accountants
Grant Thornton Advisors (NI) LLP, 12 - 15 Donegall Square West, Belfast, BT1 6JH
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Contents
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Statement of Changes in Equity
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Notes to the Financial Statements
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Ripstop LLP
Registered number:OC321731
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Balance Sheet
As at 31 March 2026
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Members' capital treated as equity
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Page 1
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Ripstop LLP
Registered number:OC321731
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Balance Sheet (continued)
As at 31 March 2026
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 27 August 2026.
The notes on pages 4 to 9 form part of these financial statements.
Page 2
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Statement of Changes in Equity
For the Year Ended 31 March 2026
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Members capital (classified as equity)
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Comprehensive income for the year
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Loss for year for discretionary division among members
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Contributions by and distributions to members
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Capital introduced by members
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Statement of Changes in Equity
For the Year Ended 31 March 2025
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Members capital (classified as equity)
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Comprehensive income for the year
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Loss for year for discretionary division among members
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Contributions by and distributions to members
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Capital introduced by members
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Capital amounts withdrawn by members
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The notes on pages 4 to 9 form part of these financial statements.
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Page 3
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Notes to the Financial Statements
For the Year Ended 31 March 2026
Ripstop LLP is a limited liability partnership incorporated in England. The registered office is Boi House Haig Road, Parkgate Industrial Estate, Knutsford, United Kingdom, WA16 8DX. The principal activity of the LLP during the year was the distribution of retail clothing. During the year the members made the decision to wind up the LLP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).
The financial statements have been prepared on a basis other than going concern, which is described as the break-up basis. The preparation of financial statements on a break-up basis is a departure from the requirement of FRS 102 and company law to prepare financial statements on a going concern basis. This departure is made in order to comply with the overriding requirement in the Companies Act 2006 for the financial statements to give a true and fair view. The break-up basis requires the carrying value of the assets to be at the amounts they are expected to realise and liabilities include any amounts which have crystallised as a result of the decision to wind up the LLP. The application of the break-up basis has had no impact on the results for the year. In all other respects the financial statements have been prepared in accordance with the accounting framework.
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
Page 4
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Notes to the Financial Statements
For the Year Ended 31 March 2026
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the LLP has transferred the significant risks and rewards of ownership to the buyer;
∙the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 5
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Notes to the Financial Statements
For the Year Ended 31 March 2026
2.Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 6
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Notes to the Financial Statements
For the Year Ended 31 March 2026
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
The average monthly number of employees, including members, during the year was 3 (2025 - 6).
Page 7
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Notes to the Financial Statements
For the Year Ended 31 March 2026
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Cash and cash equivalents
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Page 8
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Notes to the Financial Statements
For the Year Ended 31 March 2026
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Details of security provided:
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HSBC Bank Plc holds a charge that contains a negative pledge.
HSBC Invoice Finance (UK) Ltd holds a fixed and floating charge which covers all the property or undertaking of the company.
HSBC Bank Plc holds a fixed charge.
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Related party transactions
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The LLP had the following related party transactions during the year:
The LLP repaid funds of £NIL (2025: £NIL) during the year. At the balance sheet date the amount owed to the related party was £120,880 (2025: £120,880).
The loan is unsecured, interest free and repayable upon demand.
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Post balance sheet events
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During the period, the members decided to wind up the LLP. The formal process of liquidation has not yet commenced.
The limited liability partnership is controlled by the members.
Page 9
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