Howzat Junior LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC326772 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

HOWZAT JUNIOR LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

M Bulbrook

H Burge

REGISTERED OFFICE:

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

REGISTERED NUMBER:

OC326772 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Investments

4

4,054

4,054

CREDITORS

Amounts falling due within one year

5

(14,370

)

(11,970

)

NET CURRENT LIABILITIES

(14,370

)

(11,970

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

(10,316

)

(7,916

)

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

4,054

4,054

Other reserves

(14,370

)

(11,970

)

(10,316

)

(7,916

)

TOTAL MEMBERS' INTERESTS

Members' other interests

(10,316

)

(7,916

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2022.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27 February 2023 and were signed by:

H Burge - Designated member

1.	STATUTORY INFORMATION

Howzat Junior LLP is registered in England and Wales. Howzat Junior LLP (OC326772) is a Limited Liability Partnership. Its registered office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is sterling (£).

Going concern

At 31 March 2022 the LLP had net liabilities of £10,316 (2020: £7,916). The financial statements have been prepared on the going concern basis as the members have confirmed that they will continue to support the LLP financially for the foreseeable future.

Turnover

Turnover represents the share of profits from investments.

Taxation

Taxation payable on LLP profits is the liability of individual members.

Investments

Fixed asset investments are shown at cost less provision for permanent diminution in value.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by deposits held at call with financial institutions.

Creditors

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the member's agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

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.

Profits derived from dividend and interest income less any expense of the LLP are divided automatically in accordance to the members agreement and therefore such profits are classed as an expense through the profit and loss rather than an appropriation of equity.

Profits derived from capital profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, and therefore 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 profit and loss account and are equity appropriations in the balance sheet.

The losses of the LLP shall, with effect from commencement date, be borne by the LLP and not allocated to the members and the members shall procure that all losses of the LLP are debited to a retained loss account.

All amounts due to the members that are classified as liabilities are presented in the balance sheet within 'Loans and other debt due to members' and are charged to profit and loss account within 'Members' remuneration charged as an expense. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 7 (2021 - 7 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

4,054

NET BOOK VALUE

At 31 March 2022

4,054

At 31 March 2021

4,054

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

14,370

11,970

6.	RELATED PARTY DISCLOSURES

At the year end a balance of £11,970 (2020: £9,570) was owed to a LLP of which H Burge is a common designated member.