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REGISTERED NUMBER: OC319348 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LINNELL VOLUME LLP

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LINNELL VOLUME LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: Linnell Investments S.A.
Ascari Energy Limited





REGISTERED OFFICE: Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW





REGISTERED NUMBER: OC319348 (England and Wales)





ACCOUNTANTS: GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment property 4 14,820,484 13,510,460

CURRENT ASSETS
Debtors 5 681,452 449,364
Cash at bank 623,730 332,431
1,305,182 781,795
CREDITORS
Amounts falling due within one year 6 1,569,961 1,437,708
NET CURRENT LIABILITIES (264,779 ) (655,913 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,555,705

12,854,547

CREDITORS
Amounts falling due after more than one
year

7

9,073,449

7,577,940
NET ASSETS ATTRIBUTABLE TO
MEMBERS

5,482,256

5,276,607

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £ £ £ £
LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,819,873

1,893,935

MEMBERS' OTHER INTERESTS
Other reserves (2,010,997 ) (2,290,708 )
Fair value reserve 9 5,673,380 5,673,380
5,482,256 5,276,607

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 1,819,873 1,893,935
Members' other interests 3,662,383 3,382,672
5,482,256 5,276,607

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 19 October 2023 and were signed by:





Linnell Investments S.A. - Designated member

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Linnell Volume LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income net of VAT.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Revenue recognition
Rental income represents rents due for the period, calculated on an accruals basis.

Allocation of profits and drawings
Proceeds from the sale of investment property are allocated to Linnell Investments S.A., as a Designated Member, and dealt with as described in the accounts of that company.

Taxation
The taxation payable on the LLP's profits is a personal liability of the members during the period.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2022 13,510,460
Additions 1,310,024
At 31 March 2023 14,820,484
NET BOOK VALUE
At 31 March 2023 14,820,484
At 31 March 2022 13,510,460

The investment properties were valued on an open market basis by a firm of Independent Chartered Surveyors as at 9th March 2022. The members consider the current market value to be £14,820,484 at year end.

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£
Valuation in 2016 1,106
Valuation in 2017 1,438,988
Valuation in 2020 983,285
Valuation in 2022 3,250,000
Cost 9,147,105
14,820,484

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 31,452 49,364
Other debtors 650,000 400,000
681,452 449,364

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 141,540 141,540
Trade creditors 11,314 272
Amounts owed to group undertakings 986,749 947,876
Taxation and social security 28,456 31,349
Other creditors 401,902 316,671
1,569,961 1,437,708

The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 6,104,610 4,246,150
Other creditors 2,968,839 3,331,790
9,073,449 7,577,940

The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Linnell Volume LLP's profits are allocated retrospectively to the Designated Member, Linnell Investments S.A. Accordingly, there is no automatic division of profits or losses among the members, and only certain fixed shares of profit are allocated at the balance sheet date. As a result, the balance of profits available for division among the members on the balance sheet date is included in members' other interests, and drawings by members on account of profits for the period are classified as amounts due from members.

Members' other interests rank after unsecured creditors, and loans and other debts due to members rank pari passu with unsecured creditors in the event of winding up. The amount of capital Linnell Investments S.A. is required to subscribe is determined by the requirements of the project of the partnership and will only be withdrawn on completion of the project.

9. RESERVES
Fair value
reserve
£
At 1 April 2022
and 31 March 2023 5,673,380