Registration number:
Great Western Clearance LLP
for the Year Ended 31 March 2022
Great Western Clearance LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Great Western Clearance LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Great Western Clearance LLP
(Registration number: OC431724)
Balance Sheet as at 31 March 2022
Note |
31 March 2022 |
31 March 2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
12,257 |
7,851 |
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12,257 |
7,851 |
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Total members' interests |
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Equity |
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12,257 |
7,851 |
For the year ending 31 March 2022 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.
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.
Great Western Clearance LLP
(Registration number: OC431724)
Balance Sheet as at 31 March 2022 (continued)
The financial statements of Great Western Clearance LLP (registered number OC431724) were approved by the
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Great Western Clearance LLP
Statement of Changes in Members’ Interests
At 31 March 2022
Equity |
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Members' capital |
Total equity |
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Members' interest at 1 April 2021 |
(11,718) |
(3,867) |
Profit for the financial year available for discretionary division among members |
16,644 |
16,644 |
Members' interests after total comprehensive income |
4,926 |
12,777 |
Members’ capital introduced |
4,002 |
4,002 |
Drawings (including tax payments) |
(16,240) |
(16,240) |
At 31 March 2022 |
( |
539 |
Equity |
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Other reserves |
Total equity |
Total |
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Profit for the financial year available for discretionary division among members |
11,718 |
11,718 |
11,718 |
Great Western Clearance LLP
Notes to the Financial Statements for the Year Ended 31 March 2022
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 Great Western Clearance 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.
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% reducing balance |
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.
Great Western Clearance LLP
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
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Accounting policies (continued) |
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Great Western Clearance LLP
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Tangible fixed assets |
Motor vehicles |
Total |
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Cost |
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At 1 April 2021 |
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Additions |
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Disposals |
( |
( |
At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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Eliminated on disposals |
( |
( |
At 31 March 2022 |
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Net book value |
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At 31 March 2022 |
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At 31 March 2021 |
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Debtors |
31 March 2022 |
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Total current trade and other debtors |
- |
Creditors: Amounts falling due within one year |
31 March 2022 |
31 March 2021 |
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Trade creditors |
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Accruals and deferred income |
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