Limited Liability Partnership Registration No. OC306926 (England and Wales)
CUTTING EDGE (PITSTONE) LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CUTTING EDGE (PITSTONE) LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CUTTING EDGE (PITSTONE) LLP
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
670,690
679,559
Current assets
Stocks
18,908
31,318
Debtors
4
34,037
87,412
Cash at bank and in hand
10,498
763
63,443
119,493
Creditors: amounts falling due within one year
5
(186,604)
(210,974)
Net current liabilities
(123,161)
(91,481)
Total assets less current liabilities
547,529
588,078
Creditors: amounts falling due after more than one year
6
(1,917)
(14,947)
Net assets attributable to members
545,612
573,131
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
460,000
460,000
Other amounts
85,612
113,131
545,612
573,131
Total members' interests
Loans and other debts due to members
545,612
573,131
T
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2020 the
limited liability partnership
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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
CUTTING EDGE (PITSTONE) LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the members and authorised for issue on 10 December 2020 and are signed on their behalf by:
10 December 2020
Mr K D Hoy
Designated member
Limited Liability Partnership Registration No. OC306926
CUTTING EDGE (PITSTONE) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Limited liability partnership information
Cutting Edge (Pitstone) LLP is a limited liability partnership incorporated in England and Wales. The registered office is Field Fares, Rocky Lane, Kings Ash, Great Missenden, Bucks., HP16 9NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the limited liability partnership.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Retirement benefits and post retirement payments to members
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to the profit and loss account in the period to which they relate.
CUTTING EDGE (PITSTONE) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss
so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2020
2019
Number
Number
Total
15
17
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
620,099
296,343
18,849
37,495
972,786
Additions
-
8,000
-
-
8,000
At 31 March 2020
620,099
304,343
18,849
37,495
980,786
Depreciation and impairment
At 1 April 2019
-
252,097
16,650
24,480
293,227
Depreciation charged in the year
-
13,064
551
3,254
16,869
At 31 March 2020
-
265,161
17,201
27,734
310,096
Carrying amount
At 31 March 2020
620,099
39,182
1,648
9,761
670,690
At 31 March 2019
620,099
44,246
2,199
13,015
679,559
CUTTING EDGE (PITSTONE) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
29,015
66,221
Other debtors
5,022
21,191
34,037
87,412
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
-
462
Trade creditors
127,229
119,618
Taxation and social security
23,614
29,225
Other creditors
35,761
61,669
186,604
210,974
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,917
14,947
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.