Belmont Trade and Commerce LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC327923 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Belmont Trade and Commerce LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

I R Williams

Mrs D Williams

REGISTERED OFFICE:

Harmile House

54 St Marys Lane

Upminster

Essex

RM14 2QT

REGISTERED NUMBER:

OC327923 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,720

4,169

CURRENT ASSETS

Stocks

43,014

-

Debtors

5

2,168,213

514,059

Cash at bank

249

25,863

2,211,476

539,922

CREDITORS

Amounts falling due within one year

6

2,027,359

390,387

NET CURRENT ASSETS

184,117

149,535

TOTAL ASSETS LESS CURRENT LIABILITIES

187,837

153,704

CREDITORS

Amounts falling due after more than one year

7

22,435

32,387

NET ASSETS ATTRIBUTABLE TO MEMBERS

165,402

121,317

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

74,519

74,519

MEMBERS' OTHER INTERESTS

Other reserves

90,883

46,798

165,402

121,317

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

74,519

74,519

Members' other interests

90,883

46,798

Amounts due from members

5

(182,767

)

(132,730

)

(17,365

)

(11,413

)

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 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 5 January 2024 and were signed by:

I R Williams - Designated member

1.	STATUTORY INFORMATION

Belmont Trade and Commerce 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.

The financial statements have been prepared on a going concern basis as the members believe that no material uncertainties exist. The members consider the budgeted income, expenditure and cash flows to be sufficient for the LLP to be able to continue as a going concern.

The members have assessed to the best of their abilities the current and potential future impact of the COVID-19 pandemic, to ensure that the LLP can maintain it's day to day activities. The members will take whatever measures they consider to be required during this time to enable the LLP to continue its operations

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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS

The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Cash and cash equivalents

These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

HIRE PURCHASE AND LEASING COMMITMENTS

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 NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

4,658

Additions

1,058

Disposals

(333

)

At 31 March 2023

5,383

DEPRECIATION

At 1 April 2022

489

Charge for year

1,341

Eliminated on disposal

(167

)

At 31 March 2023

1,663

NET BOOK VALUE

At 31 March 2023

3,720

At 31 March 2022

4,169

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,973,877

329,685

Other debtors

194,336

184,374

2,168,213

514,059

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

22,800

9,707

Trade creditors

1,968,966

301,114

Taxation and social security

-

41,339

Other creditors

35,593

38,227

2,027,359

390,387

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

22,435

32,387

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Debts due to members rank equally with other creditors in the event of a winding up.