361 Degrees LLP
361 Degrees LLP
Registered number: OC381951
Unaudited Financial Statements
For The Year Ended
31 December 2020
C&H Stedman
Noble House
Eaton Road
Hemel Hempstead
Hertfordshire
HP2 7UB
361 Degrees LLP
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
361 Degrees LLP
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
OC381951
For the year ending 31 December 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 applicable to LLP's subject to the small LLPs regime.)
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS ATTRIBUTABLE TO MEMBERS |
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| REPRESENTED BY: | |||||
| Loans and other debts due to members | |||||
| Other amounts | 1,187,493 | 931,631 | |||
| 1,187,493 | 931,631 | ||||
| 1,187,493 | 931,631 | ||||
| TOTAL MEMBERS' INTEREST | |||||
| Loans and other debts due to members | 1,187,493 | 931,631 | |||
| 1,187,493 | 931,631 | ||||
Page 1
361 Degrees LLP
Balance Sheet (continued)
As at
31 December 2020
Member's responsibilities:
-
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 accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. - The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
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Designated Member
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
361 Degrees LLP
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
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 and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Office Equipment |
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| Leasehold Improvements |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and leases are capitalised as tangible fixed assets. Assets acquired under operating and finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Obligations under operating and finance leases are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obselete and slow moving items.
2.
Average Number of Employees
The average number of employees during the year was 38 (2019: 42)
Page 3
361 Degrees LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Office Equipment | Leasehold Improvements | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at
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| Additions |
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| Disposals |
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||||
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Included above are assets held under hire purchase contracts or leases with a net book value as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Office Equipment |
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| Motor Vehicles |
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4.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 104,201 | 107,895 | |
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Page 4
361 Degrees LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Taxation and Social Security |
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| VAT Liability (Current liabilities - creditors < 1 year) |
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| OL Liabilities < 1 Year |
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| Other Creditors and Accruals (Current liabilities - creditors < 1 year) |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Other creditors | 29,304 | 39,605 | |
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7.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Other | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Within 1 year | 34,336 | 21,713 |
| Between 1 and 5 years | 29,304 | 39,605 |
| 63,640 | 61,318 | |
8.
Loans and other debts due to members
Loans and other debts due to members would rank equally in relation to other unsecured creditors.
9.
General Information
361 Degrees LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC381951
. The Registered Office is Unit 99, Oakley Road, Luton, LU4 9GE.
Page 5