REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 30 November 2022 |
for |
Sulphate Solutions LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 30 November 2022 |
for |
Sulphate Solutions LLP |
Sulphate Solutions LLP (Registered number: OC354062) |
Contents of the Financial Statements |
for the year ended 30 November 2022 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Statement of Financial Position | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
Sulphate Solutions LLP |
General Information |
for the year ended 30 November 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Emstrey House |
Shrewsbury Business Park |
Shrewsbury |
Shropshire |
SY2 6LG |
Sulphate Solutions LLP (Registered number: OC354062) |
Report of the Members |
for the year ended 30 November 2022 |
The members present their report with the financial statements of the LLP for the year ended 30 November 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of support services for crop production. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £52,084 (2021 - £32,889 loss). |
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 and in subsequent years members are invited to subscribe for further capital, the amounts of which are determined by the performance and seniority of these members. On retirement, capital is repaid to members. |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Sulphate Solutions LLP |
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 Sulphate Solutions LLP for the year ended 30 November 2022 which comprise the Income Statement, Statement of Financial Position, Reconciliation of Members' Interests 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 Sulphate Solutions LLP, as a body, in accordance with the terms of our engagement letter dated 16 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Sulphate Solutions LLP and state those matters that we have agreed to state to the members of Sulphate Solutions 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 Sulphate Solutions LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Sulphate Solutions 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 Sulphate Solutions LLP. You consider that Sulphate Solutions 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 Sulphate Solutions 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. |
Chartered Accountants |
Emstrey House |
Shrewsbury Business Park |
Shrewsbury |
Shropshire |
SY2 6LG |
Sulphate Solutions LLP (Registered number: OC354062) |
Income Statement |
for the year ended 30 November 2022 |
2022 | 2021 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest receivable and similar income |
(42,959 | ) | (25,641 | ) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
Sulphate Solutions LLP (Registered number: OC354062) |
Statement of Financial Position |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
229,505 |
291,116 |
Sulphate Solutions LLP (Registered number: OC354062) |
Statement of Financial Position - continued |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
229,505 |
291,116 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 229,505 | 291,116 |
Amounts due from members | 7 | (187,277 | ) | (177,049 | ) |
42,228 | 114,067 |
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 were approved by the members of the LLP and authorised for issue on |
Sulphate Solutions LLP (Registered number: OC354062) |
Reconciliation of Members' Interests |
for the year ended 30 November 2022 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 291,116 |
Amount due from members | (177,049 | ) |
Balance at 1 December 2021 | - | 114,067 | 114,067 |
Loss for the financial year available for discretionary division among members |
(52,084 |
) |
- |
(52,084 |
) |
Members' interests after loss for the year |
(52,084 |
) |
114,067 |
61,983 |
Other divisions of loss | 52,084 | (52,084 | ) | - |
Introduced by members | - | 22,805 | 22,805 |
Repayments of debt (including members' capital classified as a liability) |
- |
(7,200 |
) |
(7,200 |
) |
Drawings | - | (35,360 | ) | (35,360 | ) |
Amount due to members | 229,505 |
Amount due from members | (187,277 | ) |
Balance at 30 November 2022 | - | 42,228 | 42,228 |
Sulphate Solutions LLP (Registered number: OC354062) |
Reconciliation of Members' Interests |
for the year ended 30 November 2022 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 377,770 |
Amount due from members | (261,934 | ) |
Balance at 1 December 2020 | - | 115,836 | 115,836 |
Loss for the financial year available for discretionary division among members |
(32,889 |
) |
- |
(32,889 |
) |
Members' interests after loss for the year |
(32,889 |
) |
115,836 |
82,947 |
Other divisions of loss | 32,889 | (32,889 | ) | - |
Introduced by members | - | 105,967 | 105,967 |
Repayments of debt (including members' capital classified as a liability) |
- |
(13,774 |
) |
(13,774 |
) |
Drawings | - | (61,073 | ) | (61,073 | ) |
Amount due to members | 291,116 |
Amount due from members | (177,049 | ) |
Balance at 30 November 2021 | - | 114,067 | 114,067 |
Sulphate Solutions LLP (Registered number: OC354062) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Sulphate Solutions 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 |
Turnover |
Revenue 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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
5. | INFORMATION IN RELATION TO MEMBERS |
2022 | 2021 |
The average number of members during the year was | 5 | 5 |
Sulphate Solutions LLP (Registered number: OC354062) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2022 |
6. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2021 |
and 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts |
Sulphate Solutions LLP (Registered number: OC354062) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 12,431 | 22,512 |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. |
Sulphate Solutions LLP (Registered number: OC354062) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2022 |
11. | RELATED PARTY DISCLOSURES |
During the year Sulphate Solutions LLP made repayments of £7,200 (2021 - £9,400) and received monies of £Nil (2021 - £33,000) in respect of a loan to Mr G Barrow, a designated member of the LLP. Interest was payable on the loan (at a rate of 5% p.a) of £1,271 (2021 - £1,358). At the balance sheet date the amount owing to the LLP was £26,373 (2021 - £17,902). |
During the year Sulphate Solutions LLP made repayments of £Nil (2021 - £Nil) and received monies of £Nil (2021 - £Nil) in respect of a loan from Mr J S Hewett, a designated member of the LLP. Interest was due on the loan (at a rate of 5% p.a.) of £5,131 (2021 - £4,841). At the balance sheet date the amount owing from the LLP was £90,735 (2021 - £85,604). |
During the year Sulphate Solutions LLP made payments of £1,500 (2021 - £4,374) and received monies of £20,000 (2021 - £71,264) in respect of a loan to Mrs D Hewett, a designated member of the LLP. Interest was due on the loan (at a rate of 5% p.a.) of £444 (2021 payable interest - £1,782). At the balance sheet date the amount owing from the LLP was £16,796 (2021 Due to LLP - £2,149 ). |