Shipton & Co. Direct LLP - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: OC372211 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Shipton & Co. Direct LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

The Lord May

J.P. Daly

REGISTERED OFFICE:

27 - 33 Spencer Street

Hockley

Birmingham

West Midlands

B18 6DL

REGISTERED NUMBER:

OC372211 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

CURRENT ASSETS

Debtors

7

369,067

334,059

Cash at bank

425,870

577,993

794,937

912,052

CREDITORS

Amounts falling due within one year

8

298,714

261,937

NET CURRENT ASSETS

496,223

650,115

TOTAL ASSETS LESS CURRENT LIABILITIES

496,223

650,115

CREDITORS

Amounts falling due after more than one year

9

299,675

320,810

NET ASSETS ATTRIBUTABLE TO MEMBERS

196,548

329,305

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

188,547

197,820

MEMBERS' OTHER INTERESTS

Other reserves

8,001

131,485

196,548

329,305

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

188,547

197,820

Members' other interests

8,001

131,485

Amounts due from members

7

(172,138

)

(126,519

)

24,410

202,786

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 31 December 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 28 September 2023 and were signed by:

The Lord May - Designated member

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

Intangible assets

Website costs are initially measured at cost. After initial recognition, website assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs had been fully amortised prior to their reclassification as intangible assets.

Tangible fixed assets

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

Website costs

-

33% on cost

Divisible profits and members' remuneration

Members' share of profits and losses 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 equity reserves or deficit.

The cash flow requirement of the LLP are taken into account when assessing the level of drawings taken by members

4.	EMPLOYEE INFORMATION

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

5.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

Reclassification/transfer

4,767

At 31 December 2022

4,767

AMORTISATION

Reclassification/transfer

4,767

At 31 December 2022

4,767

NET BOOK VALUE

At 31 December 2022

-

During the year under review, website development costs have been reclassified as an intangible asset.

6.	PROPERTY, PLANT AND EQUIPMENT

Website

costs

£

COST

At 1 January 2022

4,767

Reclassification/transfer

(4,767

)

At 31 December 2022

-

DEPRECIATION

At 1 January 2022

4,767

Reclassification/transfer

(4,767

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

17,750

21,231

Amounts owed by group undertakings

8,183

10,090

Amounts due from members

172,138

126,519

Other debtors

90

118

Prepayments and accrued income

170,906

176,101

369,067

334,059

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

19,430

18,625

Trade creditors

163,877

172,931

Amounts owed to group undertakings

59,397

-

Social security and other taxes

49,794

64,325

Accruals and deferred income

6,216

6,056

298,714

261,937

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 2-5 years

94,105

90,196

Bank loans more 5 yr by instal

205,570

230,614

299,675

320,810

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

205,570

230,614

10.	SECURED DEBTS

As security for the bank borrowings, TSB Bank plc hold fixed and floating mortgage charges dated 4 November 2019 against 21 Lake Road, Keswick and 47/49 Bank Street, Newquay, both properties being owned by a group undertaking.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in the appendix to the SORP 'Accounting for Limited Liability Partnerships' is that members' other interests rank after unsecured creditors.

12.	CAPITAL COMMITMENTS

31.12.22

31.12.21

£

£

Contracted but not provided for in the

financial statements

-

-

13.	RELATED PARTY DISCLOSURES

In the year under review Shipton & Co Direct LLP advanced loans to group undertakings. At 31 December 2021 the amount outstanding on these loans was £8,183 (2021 - £10,090). The loans are interest free with no specific repayment terms and is presented within debtors: amounts falling due within one year.

Included within debtors falling due within one year is an amount of £172,138 (2021 - £126,519) due from members of the limited liability partnership which is interest free.

In the year under review the Board passed a resolution to appropriate profits of £131,485 to members of the limited liability partnership.