The LLP is registered in England and Wales. The address of the registered office is , , , , , United Kingdom.ACCOUNTING POLICIES Basis of preparing the financial statements These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.Financial instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Basic financial assets Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Other financial assets Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. Trade debtors, loans and other debtors are classified as 'loans and debtors' and are measured at amortised cost using the effective interest method, less any impairment.Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of financial liabilities Basic financial liabilities including trade and other creditors, bank loans, are recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised at transaction price. Classification of financial liabilities Financial liabilities and members capital are classified according to the substance of the contractual entitlement underlying the instrument. Members capital is any entitlement that evidences a residual interest in the assets of the business after deducting all of its liabilities. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.