Gorringes LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC318535 (England and Wales)

GORRINGES LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DESIGNATED MEMBERS:

P E Taylor

Mrs S M A Taylor

Brookgrade Limited

C P Lansberry

REGISTERED OFFICE:

15 North Street

LEWES

East Sussex

BN7 2PD

REGISTERED NUMBER:

OC318535 (England and Wales)

ACCOUNTANTS:

Clark Brownscombe

Chartered Accountants

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

FIXED ASSETS

Intangible assets

4

18,750

25,000

Tangible assets

5

79,659

117,827

98,409

142,827

CURRENT ASSETS

Debtors

6

265,782

233,566

Cash at bank

1,832,950

1,834,005

2,098,732

2,067,571

CREDITORS

Amounts falling due within one year

7

961,823

710,667

NET CURRENT ASSETS

1,136,909

1,356,904

TOTAL ASSETS LESS CURRENT LIABILITIES

1,235,318

1,499,731

CREDITORS

Amounts falling due after more than one year

8

-

4,673

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,235,318

1,495,058

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

1,235,318

1,495,058

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,235,318

1,495,058

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 March 2023.

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 12th December 2023 and were signed by:

C P Lansberry - Designated member

1.	STATUTORY INFORMATION

Gorringes 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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, 25% on cost and over lease term

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 28 (2022 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2022

and 31st March 2023

125,000

AMORTISATION

At 1st April 2022

100,000

Charge for year

6,250

At 31st March 2023

106,250

NET BOOK VALUE

At 31st March 2023

18,750

At 31st March 2022

25,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2022

250,342

86,359

134,468

175,433

646,602

Additions

-

-

-

1,514

1,514

Disposals

-

-

(40,874

)

-

(40,874

)

At 31st March 2023

250,342

86,359

93,594

176,947

607,242

DEPRECIATION

At 1st April 2022

216,216

84,484

63,609

164,466

528,775

Charge for year

7,903

468

15,536

7,056

30,963

Eliminated on disposal

-

-

(32,155

)

-

(32,155

)

At 31st March 2023

224,119

84,952

46,990

171,522

527,583

NET BOOK VALUE

At 31st March 2023

26,223

1,407

46,604

5,425

79,659

At 31st March 2022

34,126

1,875

70,859

10,967

117,827

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

Motor

vehicles

£

COST

At 1st April 2022

77,191

Disposals

(15,592

)

At 31st March 2023

61,599

DEPRECIATION

At 1st April 2022

34,040

Charge for year

10,206

Eliminated on disposal

(7,918

)

At 31st March 2023

36,328

NET BOOK VALUE

At 31st March 2023

25,271

At 31st March 2022

43,151

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

158,805

219,998

Other debtors

106,977

13,568

265,782

233,566

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

4,505

10,949

Trade creditors

733,116

443,445

Social security and other taxes

25,411

23,180

VAT

129,438

145,761

Other creditors

4,407

25,512

Accrued expenses

64,946

61,820

961,823

710,667

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

-

4,673

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' capital ranks after other creditors on a winding up.

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Gorringes LLP for the year ended 31st March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Gorringes LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gorringes LLP and state those matters that we have agreed to state to the members of Gorringes LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gorringes LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Gorringes LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gorringes LLP. You consider that Gorringes LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gorringes LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Clark Brownscombe

Chartered Accountants

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

13th December 2023