Bredbury Hire LLP - LLP accounts 23.2

REGISTERED NUMBER: OC315798 (England and Wales)

Report of the Members and

Unaudited Financial Statements

for the Year Ended 5 April 2024

for

Bredbury Hire LLP

Page

General Information

1

Report of the Members

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

S Hunter

P M Oldham

REGISTERED OFFICE:

Bredbury Park Way

Bredbury

Stockport

Cheshire

SK6 2SN

REGISTERED NUMBER:

OC315798 (England and Wales)

ACCOUNTANTS:

Thompson Wright Limited

Chartered Accountants

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

The members present their report with the financial statements of the LLP for the year ended 5 April 2024.

DESIGNATED MEMBERS

The designated members during the year under review were:

S Hunter

P M Oldham

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £4,233 (2023 - £18,970 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital. In subsequent years, members are invited to subscribe for further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

ON BEHALF OF THE MEMBERS:

P M Oldham - Designated member

22 May 2024

TURNOVER

66,218

103,385

Cost of sales

23,546

24,831

GROSS PROFIT

42,672

78,554

Administrative expenses

34,274

53,018

OPERATING PROFIT

4

8,398

25,536

Interest payable and similar expenses

4,165

6,566

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES

4,233

18,970

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES

4,233

18,970

Members' remuneration charged as an expense

5

(4,233

)

(18,970

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR
DISCRETIONARY DIVISION AMONG MEMBERS

-

FIXED ASSETS

Tangible assets

6

53,179

134,280

CURRENT ASSETS

Debtors

7

4,587

9,114

Cash at bank

17,368

936

21,955

10,050

CREDITORS

Amounts falling due within one year

8

22,268

50,258

NET CURRENT LIABILITIES

(313

)

(40,208

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,866

94,072

CREDITORS

Amounts falling due after more than one year

9

-

20,439

NET ASSETS ATTRIBUTABLE TO MEMBERS

52,866

73,633

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

52,866

73,633

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

52,866

73,633

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 5 April 2024.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22 May 2024 and were signed by:

P M Oldham - Designated member

S Hunter - Designated member

1.	STATUTORY INFORMATION

Bredbury Hire 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.

Revenue is recognised to the extent that the LLP obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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

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 (2023 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

Depreciation - assets on hire purchase contracts

29,021

41,786

5.	INFORMATION IN RELATION TO MEMBERS

2024

2023

£

Members' remuneration charged as an expense

Automatic division of profit

4,233

18,970

6.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 6 April 2023

281,131

Disposals

(123,709

)

At 5 April 2024

157,422

DEPRECIATION

At 6 April 2023

146,851

Charge for year

29,021

Eliminated on disposal

(71,629

)

At 5 April 2024

104,243

NET BOOK VALUE

At 5 April 2024

53,179

At 5 April 2023

134,280

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

Motor

vehicles

£

COST

At 6 April 2023

281,131

Disposals

(123,709

)

At 5 April 2024

157,422

DEPRECIATION

At 6 April 2023

146,851

Charge for year

29,021

Eliminated on disposal

(71,629

)

At 5 April 2024

104,243

NET BOOK VALUE

At 5 April 2024

53,179

At 5 April 2023

134,280

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

4,410

7,770

Other debtors

177

1,344

4,587

9,114

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Hire purchase contracts

20,439

30,166

Trade creditors

(200

)

9,853

Taxation and social security

-

6,210

Other creditors

2,029

4,029

22,268

50,258

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Hire purchase contracts

-

20,439

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Hire purchase contracts

20,439

50,605

Hire purchase liabilities are secured on the assets to which they relate.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2024

2023

£

Amounts owed to members in respect of profits

52,866

73,633

Falling due within one year

52,866

73,633

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