Taylor Cobby LLP Accounts






Taylor Cobby LLP

	Registered No. OC391286
	Information for Filing with the Registrar
		28 February 2023

at	28 February 2023

Registered No.			OC391286	Notes	2023	2022
					£	£
Fixed assets

	Tangible assets			5	18,459	21,996


					18,459	21,996
Current assets

	Debtors			6	-	-

	Cash at bank and in hand				1,922	4,077
					1,922	4,077
Creditors: Amounts falling due within one year				7	(3,972)	(3,857)
Net current (liabilities)/assets					(2,050)	220
Total assets less current liabilities					16,409	22,216
Creditors: Amounts falling due after more than one year				8	(8,164)	(11,512)

Net assets attributable to members					8,245	10,704

Represented by:

	Members' other interests


		Other reserves			8,245	10,704
					8,245	10,704

					8,245	10,704



These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

For the year ended 28 February 2023 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 02 May 2023

And signed on its behalf by designated member:
S. Cobby
Designated member
02 May 2023

for the year ended 28 February 2023

General information

Its registered number is: OC391286

Its registered office is:

Peveril House, Pilgrims Way

Westhumble

Dorking

Surrey

RH5 6AW

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold buildings

10% Straight line

Motor vehicles

20% reducing balance basis

Furniture, fittings and equipment

20% reducing balance basis

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

3	Information in relation to members
		2023	2022
		Number	Number
	The average number of members during the year :	2	2

4	Employees
		2023	2022
		Number	Number

	The average number of persons employed during the year was:	1	1

5	Tangible fixed assets
		Land and buildings	Motor vehicles	Fixtures, fittings and equipment	Total
		£	£	£	£
	Cost
	At 1 March 2022	14,355	29,584	1,200	45,139




	At 28 February 2023	14,355	29,584	1,200	45,139
	Depreciation
	At 1 March 2022	2,871	19,323	949	23,143
	Charge for the year	1,435	2,052	50	3,537



	At 28 February 2023	4,306	21,375	999	26,680
	Net book values
	At 28 February 2023	10,049	8,209	201	18,459
	At 28 February 2022	11,484	10,261	251	21,996

6	Debtors
		2023	2022
		£	£








	Amounts included within Other debtors that fall due after more than one year	2,023	2,022

7	Creditors:
	amounts falling due within one year
		2023	2022
		£	£
	Bank loans and overdrafts	3,348	3,257






	Accruals and deferred income	624	600
		3,972	3,857

8	Creditors:
	amounts falling due after more than one year
		2023	2022
		£	£
	Bank loans and overdrafts	8,164	11,512






		8,164	11,512