Nineteen.57 LLP LLP accounts

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REGISTERED NUMBER: OC429667

Nineteen.57 LLP

Unaudited Financial Statements

30 November 2022

Nineteen.57 LLP

Financial Statements

Year ended 30 November 2022

Contents	Page

Members' report	1

Statement of income and retained earnings	3

Statement of financial position	4

Reconciliation of members' interests	6

Notes to the financial statements	8

Nineteen.57 LLP

Members' Report

Year ended 30 November 2022

The members present their report and the unaudited financial statements of the LLP for the year ended 30 November 2022 .

Principal activities

The principal activity of the company during the year was Bar & Restaurant

Designated members

The designated members who served the LLP during the year were as follows:

Mr C STATHAM
Mrs E STATHAM
Mr S A WELLINGS

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 1 March 2023 and signed on behalf of the members by:

Mr C STATHAM	Mrs E STATHAM
Designated Member	Designated Member

Mr S A WELLINGS
Designated Member

Registered office:

Nineteen.57 Bar & Restaurant

TALYBONT

Gwynedd

Wales

LL43 2AQ

Nineteen.57 LLP

Statement of Income and Retained Earnings

Year ended 30 November 2022

	2022	2021
Note	£	£
Turnover	830,403	1,045,879

Cost of sales	683,161	730,820
	---------	------------
Gross profit	147,242	315,059

Administrative expenses		154,225	194,526
		---------	---------
Operating (loss)/profit	5	( 6,983)	120,533

Interest payable and similar expenses	–	19
	---------	---------
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members	(6,983)	120,514
	---------	---------

All the activities of the LLP are from continuing operations.

Nineteen.57 LLP

Statement of Financial Position

30 November 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		73,028	67,774

Current assets

Stocks		35,275	15,000
Debtors	7	6,417	11,417
Cash at bank and in hand		37,702	107,563
		--------	---------
		79,394	133,980

Creditors: amounts falling due within one year	8	13,891		31,240
		--------		---------
Net current assets			65,503	102,740
			---------	---------
Total assets less current liabilities			138,531	170,514

Creditors: amounts falling due after more than one year	9	25,000	50,000
		---------	---------
Net assets		113,531	120,514
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	10	113,531	120,514
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	113,531	120,514
	---------	---------

Total members' interests

Loans and other debts due to members	10	113,531	120,514
Members' other interests		–	–
		---------	---------
		113,531	120,514
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 November 2022 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 Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Nineteen.57 LLP

Statement of Financial Position (continued)

30 November 2022

These financial statements were approved by the members and authorised for issue on 1 March 2023 , and are signed on their behalf by:

Mr C STATHAM	Mrs E STATHAM
Designated Member	Designated Member

Mr S A WELLINGS
Designated Member

Registered number: OC429667

Nineteen.57 LLP

Reconciliation of Members' Interests

Year ended 30 November 2022

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 2022
	£	£	£	£	£
Balance at 1 December 2021	–	–	120,514	120,514	120,514
Loss for the financial year available for discretionary division among members	(6,983)	(6,983)			(6,983)
	-------	-------	---------	---------	---------
Members' interests after loss for the year	(6,983)	(6,983)	120,514	120,514	113,531
Other division of profits	6,983	6,983	(6,983)	(6,983)	–
	-------	-------	---------	---------	---------
Balance at 30 November 2022	–	–	113,531	113,531	113,531
	-------	-------	---------	---------	---------

Nineteen.57 LLP

Reconciliation of Members' Interests (continued)

Year ended 30 November 2022

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 2021
	£	£	£	£	£
Balance at 1 December 2020	–	–	–	–	–
Profit for the financial year available for discretionary division among members	120,514	120,514			120,514
	---------	---------	----	----	---------
Members' interests after profit for the year	120,514	120,514	–	–	120,514
Other division of profits	(120,514)	(120,514)	120,514	120,514	–
	---------	---------	---------	---------	---------
Balance at 30 November 2021	–	–	120,514	120,514	120,514
	---------	---------	---------	---------	---------

Nineteen.57 LLP

Notes to the Financial Statements

Year ended 30 November 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Nineteen.57 Bar & Restaurant, TALYBONT, Gwynedd, LL43 2AQ, Wales.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

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

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

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.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, 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 statement of income and retained earnings and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	25% reducing balance
		-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil (2021: Nil).

5.	Operating (loss)/profit

Operating profit or loss is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	23,824	21,321
	--------	--------

6.	Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 December 2021	3,375	81,522	7,490	3,110	95,497
Additions	–	27,913	–	1,165	29,078
	-------	---------	-------	-------	---------
At 30 November 2022	3,375	109,435	7,490	4,275	124,575
	-------	---------	-------	-------	---------
Depreciation
At 1 December 2021	–	25,045	1,873	805	27,723
Charge for the year	–	21,097	1,872	855	23,824
	-------	---------	-------	-------	---------
At 30 November 2022	–	46,142	3,745	1,660	51,547
	-------	---------	-------	-------	---------
Carrying amount
At 30 November 2022	3,375	63,293	3,745	2,615	73,028
	-------	---------	-------	-------	---------
At 30 November 2021	3,375	56,477	5,617	2,305	67,774
	-------	---------	-------	-------	---------

7.	Debtors

	2022	2021
	£	£
Other debtors	6,417	11,417
	-------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	18,535	39,306
Social security and other taxes	15,438	13,016
Other creditors	( 20,082)	( 21,082)
	--------	--------
	13,891	31,240
	--------	--------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	25,000	50,000
	--------	--------

10.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	113,531	120,514
	---------	---------