Statement of Consent to Prepare Abridged Financial Statements
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All of the members of Alphabet Developments LLP have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2020 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.
REGISTERED NUMBER:
OC355951
Alphabet Developments LLP
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Filleted Unaudited Abridged Financial Statements
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Alphabet Developments LLP
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Abridged Statement of Financial Position
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31 March 2020
Current assets
Stocks
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269,074
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269,074
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Debtors
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931
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946
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Cash at bank and in hand
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71
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114
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---------
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---------
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270,076
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270,134
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Creditors: amounts falling due within one year
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14,190
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12,049
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---------
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---------
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Net current assets
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255,886
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258,085
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---------
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---------
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Total assets less current liabilities
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255,886
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258,085
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---------
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Net assets
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255,886
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258,085
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---------
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---------
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Represented by:
Loans and other debts due to members
Other amounts
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4
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255,886
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258,085
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---------
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---------
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Members' other interests
Other reserves
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–
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–
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---------
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255,886
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258,085
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---------
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---------
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Total members' interests
Loans and other debts due to members
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4
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255,886
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258,085
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Members' other interests
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–
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–
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---------
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---------
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255,886
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258,085
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---------
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---------
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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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 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
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Alphabet Developments LLP
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Abridged Statement of Financial Position (continued)
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31 March 2020
These abridged financial statements were approved by the
members
and authorised for issue on
15 February 2021
, and are signed on their behalf by:
Rosegrade Limited
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Mr A Fuller
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Designated Member
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Designated Member
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Registered number:
OC355951
Alphabet Developments LLP
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Notes to the Abridged Financial Statements
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Year ended 31 March 2020
The LLP is registered in England. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA, England.
2.
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Statement of compliance
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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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
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 statement of income and retained earnings 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 statement of income and retained earnings 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 statement of income and retained earnings 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'.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4.
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Loans and other debts due to members
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2020
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2019
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£
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£
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Amounts owed to members in respect of profits
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255,886
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258,085
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---------
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5.
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Related party transactions
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No related party transactions took place during the year that the members consider require disclosure.