Talbot Fashions LLP
Talbot Fashions LLP
Registered number: OC361894
Financial Statements
For The Year Ended
31 March 2021
Talbot Fashions LLP
Financial Statements
For The Year Ended
31 March 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Talbot Fashions LLP
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
OC361894
For the year ending 31 March 2021 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.)
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 4 |
|
|
||
| Debtors | 5 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
( |
|||
| Creditors: Amounts Falling Due After More Than One Year | 7 |
( |
|
||
| NET ASSETS/(LIABILITIES) ATTRIBUTABLE TO MEMBERS |
|
( |
|||
| REPRESENTED BY: | |||||
| Equity | |||||
| Members' other interests | |||||
| Members' capital | 31,291 | (70,293) | |||
| 31,291 | (70,293) | ||||
| TOTAL MEMBERS' INTEREST | |||||
| Members' other interests | 31,291 | (70,293) | |||
| 31,291 | (70,293) | ||||
Page 1
Talbot Fashions LLP
Balance Sheet (continued)
As at
31 March 2021
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
|
Designated Member
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Talbot Fashions LLP
Notes to the Financial Statements
For The Year Ended
31 March 2021
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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:
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including members, during the year was as follows: 7 (2020: 7)
Page 3
Talbot Fashions LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at
|
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
( |
|
|
( |
| As at
|
|
|
|
|
| Depreciation | ||||
| As at
|
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
( |
|
|
( |
| As at
|
|
|
|
|
| Net Book Value | ||||
| As at
|
|
|
|
|
| As at
|
|
|
|
|
4.
Stocks
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - finished goods |
|
|
|
|
|
|
||
5.
Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 30,876 | 28,888 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other creditors | 70,377 | 8,646 | |
| Taxation and social security | 1,748 | 7,539 | |
|
|
|
||
Page 4
Talbot Fashions LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
7.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
|
|
|
||
8.
Pension Commitments
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £2,248 (2020 - £5,920). At the balance sheet date unpaid contributions of £408 (2020 - £707) were due to the fund. They are included in Other Creditors.
9.
General Information
Talbot Fashions LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC361894
. The Registered Office is Unit 34 Bolney Grange Industrial Park, Stairbridge Lane, Bolney, Haywards Heath, RH17 5PB.
Page 5