Registration number:
A&C Auctions of Pendle LLP
for the Year Ended 5 April 2021
A&C Auctions of Pendle LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
A&C Auctions of Pendle LLP
(Registration number: OC432138)
Balance Sheet as at 5 April 2021
Note |
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 liabilities |
( |
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Net liabilities attributable to members |
( |
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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 |
(20,570) |
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Members’ other interests |
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Other reserves |
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(4,474) |
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Total members' interests |
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Loans and other debts due to members |
(20,570) |
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Equity |
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(4,474) |
For the year ending 5 April 2021 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.
A&C Auctions of Pendle LLP
(Registration number: OC432138)
Balance Sheet as at 5 April 2021 (continued)
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
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 A&C Auctions of Pendle LLP (registered number OC432138) were approved by the
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A&C Auctions of Pendle LLP
Notes to the Financial Statements for the Year Ended 5 April 2021
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 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 A&C Auctions of Pendle 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.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
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.
A&C Auctions of Pendle LLP
Notes to the Financial Statements for the Year Ended 5 April 2021 (continued)
1 |
Accounting policies (continued) |
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at 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 |
Fixtures and fittings |
20% per annum straight line basis |
Office equipment |
30% per annum straight line basis |
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.
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.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
A&C Auctions of Pendle LLP
Notes to the Financial Statements for the Year Ended 5 April 2021 (continued)
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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Additions |
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At 5 April 2021 |
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Depreciation |
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Charge for the year |
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At 5 April 2021 |
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Net book value |
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At 5 April 2021 |
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Creditors |
2021 |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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