Company No: OC366715 (England and Wales)

Contents

• Statement of Financial Position
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	70,881		27,590
		70,881		27,590
Current assets
Stocks		1,164,153		1,130,425
Debtors	4	219,982		67,413
Cash at bank and in hand	5	342,358		469,737
		1,726,493		1,667,575
Creditors: amounts falling due within one year	6	( 219,955)		( 102,376)
Net current assets		1,506,538		1,565,199
Total assets less current liabilities		1,577,419		1,592,789
Creditors: amounts falling due after more than one year	7	( 10,869)		0
Net assets attributable to members		1,566,550		1,592,789
Represented by
Loans and other debts due to members within one year
Other amounts	8	181,690		932,739
		181,690		932,739
Members' other interests
Members' capital classified as equity		1,384,860		660,050
		1,384,860		660,050
		1,566,550		1,592,789
Total members' interests
Loans and other debts due to members		181,690		932,739
Members' other interests		1,384,860		660,050
		1,566,550		1,592,789

For the financial year ending 31 March 2023 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to Limited Liability Partnerships subject to the small Limited Liability Partnerships regime and a copy of the Income Statement has not been delivered.

The financial statements of Paul Bennett Antiques LLP (registered number: OC366715) were approved and authorised for issue by the Board of Directors on 17 April 2024. They were signed on its behalf by:

J Dubiner Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total
	£	£	£	£	£
Amounts due to members				957,150
Balance at 01 April 2021	460,050	0	460,050	957,150	1,417,200
Profit for the financial year available for discretionary division among members	0	104,658	104,658	0	104,658
Members' interest after profit for the financial year	460,050	104,658	564,708	957,150	1,521,858
Division of profit	0	(104,658)	(104,658)	104,658	0
Introduced by members	200,000	0	200,000	0	200,000
Drawings	0	0	0	(129,069)	(129,069)
Amounts due to members				932,739
Balance at 31 March 2022	660,050	0	660,050	932,739	1,592,789
Profit for the financial year available for discretionary division among members	0	95,363	95,363	0	95,363
Members' interest after profit for the financial year	660,050	95,363	755,413	932,739	1,688,152
Division of profit	0	(95,363)	(95,363)	95,363	0
Drawings	0	0	0	(145,056)	(145,056)
Transfers	724,810	0	724,810	(701,356)	23,454
Amounts due to members				181,690
Balance at 31 March 2023	1,384,860	0	1,384,860	181,690	1,566,550

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paul Bennet Antiques LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the entity and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the LLP has transferred the significant risks and rewards of ownership to the buyer;
- the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor
effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the LLP will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the LLP during the year	3		3

3. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2022	118,620		27,566		146,186
Additions	59,380		0		59,380
Disposals	( 24,325)		0		( 24,325)
At 31 March 2023	153,675		27,566		181,241
Accumulated depreciation
At 01 April 2022	99,268		19,328		118,596
Charge for the financial year	12,541		2,059		14,600
Disposals	( 22,836)		0		( 22,836)
At 31 March 2023	88,973		21,387		110,360
Net book value
At 31 March 2023	64,702		6,179		70,881
At 31 March 2022	19,352		8,238		27,590

4. Debtors

	2023		2022
	£		£
Trade debtors	221,675		66,826
Other debtors	( 1,693)		587
	219,982		67,413

5. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	342,358		469,737

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	149,377		49,429
Other taxation and social security	9,062		15,821
Obligations under finance leases and hire purchase contracts	9,047		0
Other creditors	52,469		37,126
	219,955		102,376

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

	2023		2022
	£		£
Obligations under finance leases and hire purchase contracts	10,869		0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Loans and other debts due to members

	2023		2022
	£		£
Other amounts due to members	(64,335)		932,739

Loans and other debts due to members may be further analysed as follows:

	2023		2022
	£		£
Falling due within one year	(64,335)		932,739

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

9. Ultimate controlling party

The ultimate controlling parties are Mr M J Dubiner and Mr J Dubiner.