Registered number
OC350018
CARNEGIE PROPERTY PARTNERS LLP
Filleted Accounts
31 December 2021
CARNEGIE PROPERTY PARTNERS LLP
Registered number: OC350018
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 1,411 1,881
Current assets
Debtors 4 - 17,689
Cash at bank and in hand 626 14,703
626 32,392
Creditors: amounts falling due within one year 5 (6,085) (37,873)
Net current liabilities (5,459) (5,481)
Total assets less current liabilities (4,048) (3,600)
Net liabilities attributable to members (4,048) (3,600)
Represented by:
Members' other interests
Members' capital classified as equity 300,000 300,000
Other reserves (304,048) (303,600)
(4,048) (3,600)
(4,048) (3,600)
Total members' interests
Members' other interests (4,048) (3,600)
(4,048) (3,600)
For the year ended 31 December 2021 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 15 July 2022 and signed on their behalf by:
Andrew James Carnegie
Designated member
CARNEGIE PROPERTY PARTNERS LLP
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% RB basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2021 2020
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 12,093
At 31 December 2021 12,093
Depreciation
At 1 January 2021 10,212
Charge for the year 470
At 31 December 2021 10,682
Net book value
At 31 December 2021 1,411
At 31 December 2020 1,881
4 Debtors 2021 2020
£ £
Trade debtors - 17,689
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 4,604 3,997
Other creditors 1,481 33,876
6,085 37,873
6 Other information
CARNEGIE PROPERTY PARTNERS LLP is a limited liability partnership incorporated in England. Its registered office is:
13 Chaldicot Barns Semley
Shaftesbury
England
SP7 9AW
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