AQUA ELECTRA LLP
AQUA ELECTRA LLP
Company No:
AQUA ELECTRA LLP
Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar
For the financial year ended 31 March 2023
Pages for filing with the registrar
Unaudited Financial Statements
Contents
LIMITED LIABILITY PARTNERSHIP INFORMATION
LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)
DESIGNATED MEMBERS | F M Garvey |
T G Lewis |
REGISTERED OFFICE | 41 Commercial Road |
Poole | |
BH14 0HU | |
United Kingdom |
REGISTERED NUMBER | OC346727 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Towngate House | |
2-8 Parkstone Road | |
Poole | |
Dorset BH15 2PW |
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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470,000 | 488,250 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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77,276 | 77,145 | |||
Creditors: amounts falling due within one year | 5 | (
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(
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Net current assets | 63,827 | 63,684 | ||
Total assets less current liabilities | 533,827 | 551,934 | ||
Net assets attributable to members |
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Represented by | ||||
Members' other interests | ||||
Members' capital classified as equity | 642,730 | 642,730 | ||
Revaluation reserve | (149,323) | (131,073) | ||
Other reserves | 40,420 | 40,277 | ||
533,827 | 551,934 | |||
533,827 | 551,934 | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | (60,167) | (61,879) | ||
Members' other interests | 533,827 | 551,934 | ||
473,660 | 490,055 |
Members' responsibilities:
-
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to Limited Liability Partnerships subject to the small Limited Liability Partnerships regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Aqua Electra LLP (registered number:
T G Lewis
Designated member |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
Aqua Electra LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 41 Commercial Road, Poole, BH14 0HU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
Turnover
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investment property
Financial instruments
Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Members' participation rights
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 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.
2. Employees
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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3. Investment property
Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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Fair value movement | (18,250) |
As at 31 March 2023 |
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Valuation
The investment property was revalued by the designated members at the balance sheet date at its market value with the benefit of the existing lease.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 619,323 | 619,323 |
4. Debtors
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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5. Creditors: amounts falling due within one year
2023 | 2022 | ||
£ | £ | ||
Accruals and deferred income |
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Other taxation and social security |
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