REGISTERED NUMBER:
NC000242
Forge Properties (NI) LLP |
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Filleted Unaudited Financial Statements |
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Forge Properties (NI) LLP |
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Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
Forge Properties (NI) LLP |
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Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships 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 Forge Properties (NI) LLP for the year ended 31 March 2023, which comprise the statement of financial position 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 Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the members of Forge Properties (NI) LLP, as a body, in accordance with the terms of our engagement letter dated 26 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Forge Properties (NI) LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forge Properties (NI) LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Forge Properties (NI) 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 Forge Properties (NI) LLP. You consider that Forge Properties (NI) 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 Forge Properties (NI) 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.
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
4 October 2023
Forge Properties (NI) LLP |
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Statement of Financial Position |
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31 March 2023
Current assets
Debtors |
4 |
13,560,267 |
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13,560,267 |
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Creditors: amounts falling due within one year |
5 |
11,051,292 |
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11,051,292 |
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Net current assets |
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2,508,975 |
2,508,975 |
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Total assets less current liabilities |
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2,508,975 |
2,508,975 |
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Net assets |
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2,508,975 |
2,508,975 |
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Represented by:
Loans and other debts due to members
Members' other interests
Members' capital classified as equity |
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1,458,748 |
1,458,748 |
Other reserves |
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1,050,227 |
1,050,227 |
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2,508,975 |
2,508,975 |
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Total members' interests
Amounts due from members |
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(13,560,267) |
(13,560,267) |
Loans and other debts due to members |
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– |
– |
Members' other interests |
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2,508,975 |
2,508,975 |
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(11,051,292) |
(11,051,292) |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
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Forge Properties (NI) LLP |
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Statement of Financial Position (continued) |
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31 March 2023
These financial statements were approved by the
members
and authorised for issue on
4 October 2023
, and are signed on their behalf by:
Mr K Mc Kay |
Designated Member |
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Registered number:
NC000242
Forge Properties (NI) LLP |
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Notes to the Financial Statements |
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Year ended 31 March 2023
The LLP is registered in Northern Ireland. The address of the registered office is Unit 1 Ground Floor, Adelaide Exchange, 24-26 Adelaide Street, Belfast, BT2 8GD, Northern Ireland.
2. |
Statement of compliance |
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These financial statements have been prepared in compliance with Section 1A 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' issued in December 2018 (SORP 2018).
Basis of preparation
Going Concern These financial statements have been prepared on a break up basis, as the members believe that the LLP is no longer trading as a going concern.
Taxation
The individual members of the LLP are liable to Tax on their share of trading results via self-assessment.
Members' participation rights
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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF Abstract 39 Members' Shares in Co-operative Entities and Similar Instruments. 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
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 Profit and Loss Account and are equity appropriations in the Balance Sheet.
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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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2023 |
2022 |
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£ |
£ |
Other debtors |
13,560,267 |
13,560,267 |
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5.
Creditors:
amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
Trade creditors |
2,586 |
2,586 |
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest |
168,442 |
168,442 |
Other creditors |
10,880,264 |
10,880,264 |
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11,051,292 |
11,051,292 |
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Other creditors are secured by charges over the property owned by the LLP together with Personal Guarantees from a member.
6. |
Related party transactions |
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Benmore Developments (NI) Limited
Mr K McKay is a director and shareholder of Benmore Developments (NI) Limited
. At 31 March 2023 the balance due to Benmore Developments (NI) Limited
was £105,052 (2022 - £105,052). Benmore Properties Limited Mr K McKay is a director and shareholder of Benmore Properties Limited. At 31 March 2023 the balance due to Benmore Properties Limited was £3,390 (2022 - £3,390).