Olsam Crooks LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC417232 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Olsam Crooks LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DESIGNATED MEMBERS:

O W Crooks

S M Crooks

REGISTERED OFFICE:

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

REGISTERED NUMBER:

OC417232 (England and Wales)

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

4

131,893

175,857

CURRENT ASSETS

Stocks

32,000

28,000

Debtors

26,845

-

Cash at bank

15,381

55,115

74,226

83,115

CREDITORS

Amounts falling due within one year

5

(101,522

)

(100,068

)

NET CURRENT LIABILITIES

(27,296

)

(16,953

)

TOTAL ASSETS LESS CURRENT LIABILITIES

104,597

158,904

CREDITORS

Amounts falling due after more than one year

6

(104,597

)

(132,865

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

-

26,039

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

-

26,039

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

-

26,039

Amounts due from members

(26,845

)

-

(26,845

)

26,039

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 30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27 February 2024 and were signed by:

O W Crooks - Designated member

S M Crooks - Designated member

1.	STATUTORY INFORMATION

Olsam Crooks 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.	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.

Motor vehicles

-

25% on reducing balance

Stocks

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

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 July 2022

and 30 June 2023

189,380

DEPRECIATION

At 1 July 2022

13,523

Charge for year

43,964

At 30 June 2023

57,487

NET BOOK VALUE

At 30 June 2023

131,893

At 30 June 2022

175,857

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

Motor

vehicles

£

COST

At 1 July 2022

and 30 June 2023

189,380

DEPRECIATION

At 1 July 2022

and 30 June 2023

13,523

NET BOOK VALUE

At 30 June 2023

175,857

At 30 June 2022

175,857

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

28,269

26,815

Trade creditors

28,140

28,140

Amounts owed to participating interests

43,913

43,913

Other creditors

1,200

1,200

101,522

100,068

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

104,597

132,865

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of winding up the amounts included "Loans and other debts due to members" will rank equally with unsecured creditors.

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 Olsam Crooks LLP for the year ended 30 June 2023 which comprise the Profit and Loss Account, 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 Olsam Crooks 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 Olsam Crooks LLP and state those matters that we have agreed to state to the members of Olsam Crooks 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 Olsam Crooks LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Olsam Crooks 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 loss of Olsam Crooks LLP. You consider that Olsam Crooks 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 Olsam Crooks 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.

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

27 February 2024