Insurastore.com LLP - Period Ending 2022-07-31
Insurastore.com LLP - Period Ending 2022-07-31
Registration number:
Insurastore.com LLP
for the Year Ended 31 July 2022
Insurastore.com LLP
Contents
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Limited liability partnership information |
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Balance Sheet |
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Notes to the Financial Statements |
Insurastore.com LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Principal place of |
Dainton Business Park |
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business |
Heathfield |
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Devon |
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TQ12 6RG |
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Accountants |
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Insurastore.com LLP
(Registration number: OC317854)
Balance Sheet as at 31 July 2022
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Note |
2022 |
2021 |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
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( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
360 |
1,035 |
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Members’ other interests |
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Members' capital classified as equity |
10,000 |
10,000 |
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10,360 |
11,035 |
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Total members' interests |
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Loans and other debts due to members |
360 |
1,035 |
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Equity |
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10,360 |
11,035 |
For the year ending 31 July 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
Insurastore.com LLP
(Registration number: OC317854)
Balance Sheet as at 31 July 2022 (continued)
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The financial statements of Insurastore.com LLP (registered number OC317854) were approved by the
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Insurastore.com LLP
Notes to the Financial Statements for the Year Ended 31 July 2022
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and the LLP SORP (2017).
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Insurastore.com LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
The partners have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.
In addition, the partners do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.
The partners have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cashflow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.
The partners have implemented a robust system of procedures and controls in order to deal with any associated risks.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Insurastore.com LLP
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
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Accounting policies (continued) |
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Tangible fixed assets
Individual fixed assets are initially recorded at cost and depreciated over their estimated useful life after factoring any residual value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Insurastore.com LLP
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
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Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Members' interests
Members capital is repayable on retirement of the member and is therefore classified as a liability. Members may retire with less than one year's notice and therefore members capital is shown being due within one year.
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Insurastore.com LLP
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
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Tangible fixed assets |
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Computer equipment |
Fixtures and fittings |
Total |
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Cost |
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At 1 August 2021 |
62,319 |
920 |
63,239 |
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At 31 July 2022 |
62,319 |
920 |
63,239 |
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Depreciation |
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At 1 August 2021 |
62,319 |
920 |
63,239 |
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At 31 July 2022 |
62,319 |
920 |
63,239 |
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Net book value |
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At 31 July 2022 |
- |
- |
- |
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At 31 July 2021 |
- |
- |
- |
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Debtors |
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2022 |
2021 |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
24,543 |
27,612 |
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Creditors: Amounts falling due within one year |
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2022 |
2021 |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Insurastore.com LLP
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
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Loans and other debts due to members |
Loans due to members
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As at 1 August 2021 |
Other movement |
As at 31 July 2022 |
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1,035 |
(675) |
360 |
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1,035 |
(675) |
360 |
Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.