Limited Liability Partnership Registration No. OC313485 (England and Wales)
Amerdale Investments LLP
Annual report and unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Amerdale Investments LLP
Contents
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 8
Amerdale Investments LLP
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
-
974,408
Current assets
Debtors
5
-
90,125
Cash at bank and in hand
-
4,117,218
-
4,207,343
Creditors: amounts falling due within one year
6
-
(295,964)
Net current assets
-
3,911,379
Total assets less current liabilities and net assets attributable to members
-
4,885,787
Represented by:
Members' other interests
Other reserves classified as equity
-
4,885,787
-
4,885,787

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Amerdale Investments LLP
Statement of financial position (continued)
As at 31 March 2023
Page 2
The financial statements were approved by the members and authorised for issue on 27 October 2023 and are signed on their behalf by:
27 October 2023
Mr D R Hood
Designated member
Limited Liability Partnership Registration No. OC313485
Amerdale Investments LLP
Reconciliation of members' interests
For the year ended 31 March 2023
Page 3
Current financial year
Equity
Total
Members' other interests
Members' interests
Other reserves
Total
2023
£
£
Members' interests at 1 April 2022
4,885,787
4,885,787
Loss for the financial year available for discretionary division among members
(42,432)
(42,432)
Members' interests after loss for the year
4,843,355
4,843,355
Distributions
(4,843,355)
(4,843,355)
Members' interests at 31 March 2023
-
-
Prior financial year
Equity
Total
Members' other interests
Members' interests
Other reserves
Total
2022
£
£
Members' interests at 1 April 2021
4,462,320
4,462,320
Profit for the financial year available for discretionary division among members
423,467
423,467
Members' interests after profit for the year
4,885,787
4,885,787
Members' interests at 31 March 2022
4,885,787
4,885,787
Amerdale Investments LLP
Notes to the financial statements
For the year ended 31 March 2023
Page 4
1
Accounting policies
Limited liability partnership information

Amerdale Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Coach House, Arncliffe, Skipton, BD23 5QD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to LLPs subject to the small LLPs regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The members have made the decision to wind the partnership and these financial statements have therefore been prepared on a basis other than going concern. No adjustment has been made to the balances and transactions as a result of the partnership not being a going concern.

1.3
Turnover

The turnover shown in the profit and loss account represents rental income and service charge income earned during the year, exclusive of VAT.

1.4
Members' participating interests

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).

 

The capital requirements of the partnership are reviewed from time to time by the Board and further capital contributions may be made at the discretion of the members. No interest is charged on capital and, except pursuant to a dissolution, no capital can be withdrawn by a member unless agreed by all members.

1.5
Allocation of profits and drawings

The allocation of profits to those who were members during the financial year would occur following the finalisation of the financial statements.

The allocation of profits between members is determined by entitlements outlined in the Members' Agreement.

Amerdale Investments LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Amerdale Investments LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Amerdale Investments LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 7
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.10
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
Amerdale Investments LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 8
4
Investment property
2023
£
Fair value
At 1 April 2022
974,408
Disposals
(974,408)
At 31 March 2023
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
90,125
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
19,121
Accruals and deferred income
-
276,843
-
295,964
7
Parent company

David Hood is considered to be the controlling party by virtue of his member's rights.

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