Bilimoria & Bilimoria LLP - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: OC347343 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022

FOR

BILIMORIA & BILIMORIA LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Lord K F Bilimoria

Lady L H Bilimoria

REGISTERED OFFICE:

1 Doughty Street

London

WC1N 2PH

REGISTERED NUMBER:

OC347343 (England and Wales)

FIXED ASSETS

Tangible assets

4

49,575

75,652

CURRENT ASSETS

Debtors

5

680,342

143,529

Cash at bank

4,359

-

684,701

143,529

CREDITORS

Amounts falling due within one year

6

56,228

46,366

NET CURRENT ASSETS

628,473

97,163

TOTAL ASSETS LESS CURRENT LIABILITIES

678,048

172,815

CREDITORS

Amounts falling due after more than one year

7

608,048

110,593

NET ASSETS ATTRIBUTABLE TO MEMBERS

70,000

62,222

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

70,000

62,222

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

70,000

62,222

Amounts due from members

5

(509,526

)

(60,582

)

(439,526

)

1,640

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 31st July 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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21st July 2023 and were signed by:

Lord K F Bilimoria - Designated member

1.	STATUTORY INFORMATION

Bilimoria & Bilimoria LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Covid-19

COVID-19 has severely impacted many economies around the globe. Businesses are being forced to cease or limit operations for indeterminable periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have experienced great volatility and a significant weakening. The property market was effectively frozen during the period. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic conditions

Accordingly, these financial statements have not been adjusted to reflect their possible impact. The duration and impact of the COVID-19 pandemic remains unclear at this time. Therefore it is not possible to accurately estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company the short or long term.

Taking into account the support of our directors, shareholders and other factors, the Directors have taken a view that the Company will have sufficient financial resources to weather the impact of COVID-19 and continue as a going concern.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2021

and 31st July 2022

160,324

DEPRECIATION

At 1st August 2021

84,672

Charge for year

26,077

At 31st July 2022

110,749

NET BOOK VALUE

At 31st July 2022

49,575

At 31st July 2021

75,652

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st August 2021

and 31st July 2022

95,311

DEPRECIATION

At 1st August 2021

24,478

Charge for year

24,477

At 31st July 2022

48,955

NET BOOK VALUE

At 31st July 2022

46,356

At 31st July 2021

70,833

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

35,768

6,579

Other debtors

644,574

136,950

680,342

143,529

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,000

4,942

Hire purchase contracts

8,853

8,359

Trade creditors

6,750

5,038

Taxation and social security

15,565

25,027

Other creditors

16,060

3,000

56,228

46,366

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

32,308

45,000

Hire purchase contracts

56,740

65,593

Other creditors

519,000

-

608,048

110,593

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loans-North Bridge Funding Ltd

519,000

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

65,593

73,952

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2022

2021

£

£

Amounts owed to members in respect of profits

70,000

62,222

Falling due within one year

70,000

62,222

In the event of winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank pari passu with other unsecured creditors of the company.

There are no restrictions or limitations as such existing on the ability of the members to reduce the amount of 'Members' other interests'.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Lord & Lady K F Bilimoria.