Registration number:
Fishmour LLP
Annual Report and
Unaudited
Financial Statements
for the
Year Ended 31 March 2023
Fishmour LLP
(Registration number: OC430204)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
29,009 |
- |
|
Investment property |
9,070,000 |
8,595,000 |
|
9,099,009 |
8,595,000 |
||
Current assets |
|||
Debtors |
208,345 |
823,229 |
|
Cash and short-term deposits |
487,238 |
462,013 |
|
695,583 |
1,285,242 |
||
Creditors: Amounts falling due within one year |
(469,572) |
(189,130) |
|
Net current assets |
226,011 |
1,096,112 |
|
Total assets less current liabilities |
9,325,020 |
9,691,112 |
|
Creditors: Amounts falling due after more than one year |
(5,280,417) |
(6,069,417) |
|
Net assets attributable to members |
4,044,603 |
3,621,695 |
|
Represented by: |
|||
Members’ other interests |
|||
Members' capital classified as equity |
4,641,000 |
4,041,000 |
|
Other reserves |
(596,397) |
(419,305) |
|
4,044,603 |
3,621,695 |
||
Total members' interests |
|||
Members' capital classified as equity |
4,641,000 |
4,041,000 |
|
Other reserves |
(596,397) |
(419,305) |
|
4,044,603 |
3,621,695 |
For the period ending 31 March 2023 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.
The financial statements of Fishmour LLP (registered number OC430204) were approved by the
J Goymour on behalf of Bayshill Properties Limited
Designated member
Fishmour LLP
Notes to the Financial Statements for the Year Ended 31 March 2023
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
- 'Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
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. The
nature of the limited liability partnership's operations and its principal activities are given in the members' report.
These financial statements have been prepared using the historical cost convention, modified to include certain
items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A), the Companies
Act 2006 and the Statement of Recommended Practice Accounting by Limited Liability Partnerships.
The presentational currency of the financial statements is pounds sterling, being the functional currency of the
primary economic environment in which the LLP operates. Monetary amounts in these financial statements are
rounded to the nearest pound.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Revenue recognition
Turnover represents rents receivable from investment property net of VAT.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves".
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment loss.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Fishmour LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
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 econominc life as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Investment properties
Investment property is carried at fair value, based on the market value as estimated by the members. The members are highly experienced in the property industry and consider that they have the experience to provide such a valuation.
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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Fishmour LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Fishmour LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Particulars of employees |
The average number of employees during the period was
Tangible fixed assets |
Fixtures and fittings |
|
Cost |
|
Additions |
32,638 |
At 31 March 2023 |
32,638 |
Depreciation |
|
Charge for the year |
3,629 |
At 31 March 2023 |
3,629 |
Net book value |
|
At 31 March 2023 |
29,009 |
Investment property |
2023 |
|
At 1 April 2022 |
|
Additions |
|
Fair value adjustments |
( |
At 31 March 2023 |
|
The carrying value of the investment properties is based on the market value as estimated by the members. The members are highly experienced in the property industry and consider that they have the experience to provide such a valuation. The carrying amount at historical cost is £9,332,838 (2022: £8,857,433).
Debtors |
2023 |
2022 |
|
Other debtors |
|
|
Prepayments |
|
|
208,345 |
823,229 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
|
Trade creditors |
6,057 |
- |
Other creditors |
211,747 |
144,328 |
Accruals and deferred income |
228,740 |
44,802 |
Taxation and social security |
23,028 |
- |
469,572 |
189,130 |
Fishmour LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Creditors: Amounts falling due after more than one year |
2023 |
2022 |
|
Bank loan (secured) |
|
|
In addition to the bank loan, at 31 March 2023 the LLP has a commitment for further funding of £2,686,250 (2022: £1,881,250) for which they are paying a fee but have yet to draw any of the funds.