Registration number:
Stonegate Tooling LLP
for the Year Ended 31 December 2020
Stonegate Tooling LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Financial Statements |
Stonegate Tooling LLP
Limited liability partnership information
Designated members |
Mr Carl Hazell Mr Graham Hazell |
Members |
Mrs Rebecca Hazell Mrs Naomi Hazell Mr Garth Hazell |
Registered office |
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Accountants |
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Stonegate Tooling LLP
Profit and Loss Account for the Year Ended 31 December 2020
Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) for the year before members' remuneration and profit shares |
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( |
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Members' remuneration charged as an expense |
(8,075) |
- |
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Loss for the year available for discretionary division among members |
(3,226) |
(164) |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Stonegate Tooling LLP
(Registration number: OC371108)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
21,819 |
24,337 |
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Tangible assets |
23,190 |
7,737 |
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45,009 |
32,074 |
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Current assets |
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Stocks |
2,062 |
7,935 |
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Debtors |
259,151 |
251,917 |
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Cash and short-term deposits |
44,475 |
57,109 |
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305,688 |
316,961 |
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Creditors: Amounts falling due within one year |
(107,681) |
(18,649) |
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Net current assets |
198,007 |
298,312 |
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Total assets less current liabilities |
243,016 |
330,386 |
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Creditors: Amounts falling due after more than one year |
(217,584) |
(218,628) |
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Net assets attributable to members |
25,432 |
111,758 |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
21,832 |
107,758 |
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Equity |
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Members' capital classified as equity |
3,600 |
4,000 |
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25,432 |
111,758 |
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Total members' interests |
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Loans and other debts due to members |
21,832 |
107,758 |
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Equity |
3,600 |
4,000 |
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25,432 |
111,758 |
For the year ending 31 December 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
Stonegate Tooling LLP
(Registration number: OC371108)
Balance Sheet as at 31 December 2020 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Stonegate Tooling LLP (registered number OC371108) were approved by the
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Designated member
Stonegate Tooling LLP
Notes to the Financial Statements for the Year Ended 31 December 2020
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Stonegate Tooling LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership 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.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Individual fixed assets costing or more are initially recorded at cost.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Stonegate Tooling LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
1 |
Accounting policies (continued) |
Asset class |
Amortisation method and rate |
Website |
33⅓ % on cost |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% on cost |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Current versus non-current classification
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.
Stonegate Tooling LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
1 |
Accounting policies (continued) |
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Motor vehicles |
Total |
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Cost |
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At 1 January 2020 |
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Additions |
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Disposals |
( |
( |
At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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Eliminated on disposals |
( |
( |
At 31 December 2020 |
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Net book value |
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At 31 December 2020 |
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At 31 December 2019 |
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Stonegate Tooling LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Debtors |
2020 |
2019 |
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Stocks |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
259,151 |
251,917 |
Creditors: Amounts falling due within one year |
2020 |
2019 |
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Trade creditors |
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Accruals and deferred income |
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Taxation and social security |
- |
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Creditors: Amounts falling due after more than one year |
2020 |
2019 |
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Other creditors |
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