Registered number
OC419573
Linburn Properties and Homes LLP
Filleted Accounts
31 March 2023
Linburn Properties and Homes LLP
Registered number: OC419573
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,183 19,625
Current assets
Stocks 4,048,873 4,048,873
Debtors 4 30,248 30,225
Cash at bank and in hand 50,091 15,843
4,129,212 4,094,941
Creditors: amounts falling due within one year 5 (25,754) (25,959)
Net current assets 4,103,458 4,068,982
Total assets less current liabilities 4,114,641 4,088,607
Creditors: amounts falling due after more than one year 6 (2,169,878) (2,194,419)
Net assets attributable to members 1,944,763 1,894,188
Represented by:
Loans and other debts due to members 7 (406,645) (377,826)
Members' other interests
Members' capital classified as equity 1,279,060 1,279,060
Revaluation reserve 674,812 674,812
Other reserves 397,536 318,142
2,351,408 2,272,014
1,944,763 1,894,188
Total members' interests
Loans and other debts due to members 7 (406,645) (377,826)
Members' other interests 2,351,408 2,272,014
1,944,763 1,894,188
For the year ended 31 March 2023 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 10.05.23 and signed on their behalf by:
Mrs L Milburn
Designated member
Linburn Properties and Homes LLP
Notes to the Accounts
for the year ended 31 March 2023
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 represents the value of services provided to customers.
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.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Motor vehicles 25% reducing balance
Fixtures, fittings and equipment 15% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
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 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Fixtures fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 24,798 11,500 36,298
Disposals - (11,500) (11,500)
At 31 March 2023 24,798 - 24,798
Depreciation
At 1 April 2022 11,642 5,031 16,673
Charge for the year 1,973 - 1,973
On disposals - (5,031) (5,031)
At 31 March 2023 13,615 - 13,615
Net book value
At 31 March 2023 11,183 - 11,183
At 31 March 2022 13,156 6,469 19,625
4 Debtors 2023 2022
£ £
Other debtors 30,248 30,225
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 25,754 25,959
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,169,878 2,194,419
7 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits (406,645) (377,826)
Amounts falling due within one year (406,645) (377,826)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 674,812 674,812
At 31 March 2023 674,812 674,812
9 Other information
Linburn Properties and Homes LLP is a limited liability partnership incorporated in England. Its registered office is:
Britannia House
16 Hall Quay
Great Yarmouth
NR30 1HP
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