Premier Fixings & Construction Products LLP Filleted accounts for Companies House (small and micro)

Premier Fixings & Construction Products LLP Filleted accounts for Companies House (small and micro)

PREMIER FIXINGS & CONSTRUCTION PRODUCTS LLP - Company Information

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REGISTERED NUMBER: SO302406
Premier Fixings & Construction Products LLP
Filleted Unaudited Financial Statements
31 March 2022
Premier Fixings & Construction Products LLP
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
24,932
28,805
Current assets
Stocks
226,599
163,518
Debtors
6
733,465
776,251
Cash at bank and in hand
290,880
228,015
------------
------------
1,250,944
1,167,784
Creditors: amounts falling due within one year
7
( 884,366)
( 844,596)
------------
------------
Net current assets
366,578
323,188
---------
---------
Total assets less current liabilities
391,510
351,993
Creditors: amounts falling due after more than one year
8
( 143,939)
( 189,394)
---------
---------
Net assets
247,571
162,599
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
247,571
162,599
---------
---------
Members' other interests
Other reserves
–
–
---------
---------
247,571
162,599
---------
---------
Total members' interests
Loans and other debts due to members
9
247,571
162,599
Members' other interests
–
–
---------
---------
247,571
162,599
---------
---------
These 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 comprehensive income has not been delivered.
For the year ending 31 March 2022 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 financial statements .
Premier Fixings & Construction Products LLP
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the members and authorised for issue on 23 January 2023 , and are signed on their behalf by:
Mr K D Scott
Mr W J Young
Designated Member
Designated Member
Mr G J Reid
Designated Member
Registered number: SO302406
Premier Fixings & Construction Products LLP
Notes to the Financial Statements
Year ended 31 March 2022
1.
General information
The LLP is registered in Scotland. The address of the registered office is Suite 6, Braehead Way Shopping Centre, Braehead Way, Bridge of Don, Aberdeen, AB22 8RR. Premier Fixings & Construction Products LLP operates under the following divisions. Premier Fasteners & Bolting Solutions Premier Engineering & Industrial Supplies Premier PPE & Hygiene Products Premier Procurement & Sourcing Supplies
2.
Statement of compliance
These 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).
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover represents amounts invoiced during the year, exclusive of discounts and Value Added Tax.
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).
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
20% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2021: 4 ).
5.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
13,009
35,875
3,750
13,555
66,189
Additions
4,440
–
–
–
4,440
--------
--------
-------
--------
--------
At 31 March 2022
17,449
35,875
3,750
13,555
70,629
--------
--------
-------
--------
--------
Depreciation
At 1 April 2021
12,358
11,526
938
12,562
37,384
Charge for the year
1,293
6,088
703
229
8,313
--------
--------
-------
--------
--------
At 31 March 2022
13,651
17,614
1,641
12,791
45,697
--------
--------
-------
--------
--------
Carrying amount
At 31 March 2022
3,798
18,261
2,109
764
24,932
--------
--------
-------
--------
--------
At 31 March 2021
651
24,349
2,812
993
28,805
--------
--------
-------
--------
--------
6.
Debtors
2022
2021
£
£
Trade debtors
711,388
737,377
Other debtors
22,077
38,874
---------
---------
733,465
776,251
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
45,455
45,455
Trade creditors
359,831
462,718
Social security and other taxes
24,144
24,331
Other creditors
454,936
312,092
---------
---------
884,366
844,596
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
143,939
189,394
---------
---------
9.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
247,571
162,599
---------
---------