Springthorpe Developments LLP Filleted accounts for Companies House (small and micro)
Springthorpe Developments LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC438022
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For the period ended |
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Statement of Financial Position |
30 Jun 22 |
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Note |
£ |
Current assets
Stocks |
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Creditors: amounts falling due within one year |
4 |
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Represented by:
Loans and other debts due to members
Other amounts |
– |
---- |
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Members' other interests
Other reserves |
– |
---- |
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– |
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---- |
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Total members' interests
Loans and other debts due to members |
– |
Members' other interests |
– |
---- |
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– |
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---- |
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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.
These financial statements were approved by the
members
and authorised for issue on
16 March 2023
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC438022
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Notes to the Financial Statements |
Period from 22 June 2021 to 30 June 2022
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Judgements and key sources of estimation uncertainty
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 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 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 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 statement of financial position within 'Members' other interests'.
Stocks
4.
Creditors:
amounts falling due within one year
30 Jun 22 |
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£ |
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Other creditors |
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